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Macro Economy

Monthly Review on Macro-economic Performance(No.9, 2017)


Issue No.9, 2017 (Total 95)


In October, China’s macro-economic climate index fell back and the growth rate of main economic indicators all slowed down. The industrial added value increased by 6.2% year on year, 0.4 percentage points lower than the previous month. The growth rate of industrial electricity consumption decreased by 2.1 percentage points. The cumulative growth rate of investment declined by 0.2 percentage points. The growth rate of exports (in US dollar) fell by 1.2 percentage points. And the growth rate of consumption reduced by 0.3 percentage points. However, the enterprises’ profits continued to improve, price performance kept stable, the number of unsold homes reduced obviously, the growth rate of credit and social financing stayed at a relatively high level, RMB exchange rate remained stable, and foreign exchange reserves pick up for nine consecutive months. On the whole, the growth of macro-economy fell back by a narrow margin in the short term whereas China’s economy still maintained the good momentum for growth. It needs to be noted that there are still many thorny issues to be addressed: the growth of manufacturing investment and private investment continued to fall; the economic growth in some provinces and cities dropped sharply; migrant workers felt difficult to get employed; the debt of some local state-owned enterprises expanded fast; and many external uncertainties still remained. In the fourth quarter, we need to fully implement the arrangements made at the 19th CPC National Congress, strive to manage well the macro-economic regulation work at the turn of the year, maintain the continuity and stability of the macro policy, focus on precisely implementing the prudent monetary policy, and keep balance between de-leveraging, strong regulation and liquidity in a reasonable and moderate manner. The major goal of the positive fiscal policy is to reduce taxes and fees so as to actively respond to the international tax reduction drive. The relationship between strengthening environmental law enforcement and promoting the transformation and upgrading of enterprises, especially small and medium-sized enterprises, should be properly coordinated. Supply-side structural reform should be taken as the main line. We need to put into effect the major reform measures, rely more on market-based and law-based measures to cut overcapacity, and activate the vitality of the micro entities, and create more favorable conditions for China’s economic development to embark on a high-quality track.