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Macro Economy

Monthly Review on Macro-economic Performance(No.8, 2017)


Issue No.8, 2017 (Total 94)


In September, China’s economic operation maintained a steady growth. The year-on-year industrial added value increased by 6.6%, up by 0.6 percentage points over August. The growth rate of industrial electricity consumption grew faster than that of August. Consumption and export growth both increased. Although investment growth continued to fall, the decline became eased and the market demand generally kept stable. PPI inflation was enhanced to some extent and enterprises’ profits continued to improve. The number of unsold homes kept on falling and real estate investment grew steadily. The growth of credit and the stock of social financing stayed at a relatively high level. The growth rate of M2 increased, and foreign exchange reserves rebounded for 8 consecutive months. In view of the overall smooth economic performance, it should be noted that the growth of manufacturing investment and private investment continued to decline; the leverage ratio of the residential sector rose rapidly; and external uncertainties still remained. China's economy still faces some downward pressure in the fourth quarter of this year and in next year. The potential financial and economic risks should not be underestimated. Against this backdrop, we must fully implement the arrangements made at the 19th CPC National Congress, maintain the continuity and stability of the macro policy, properly deal with the management of liquidity issues in the process of de-leveraging, and keep a balance between de-leveraging and maintaining liquidity in a reasonable and moderate manner. We need to take the supply-side structural reform as the main line, put into effect the major reform measures, rely more on market-based and law-based measures to cut overcapacity and improve the efficiency of resource allocation and give first priority to quality and efficiency. The domestic structural upgrading and innovation have become accelerated, the international economic recovery is picking up speed, and the division of labor is reshaping. We need to take these opportunities to improve the quality, promote the efficiency, replace the old drivers with the new ones and strive to press ahead with economic development with a high quality.