This archive report was first published on 26 October 2021.
China's economic resilience has continued to impress, with the country's economy maintaining its recovery momentum in the first three quarters of 2021. According to the National Bureau of Statistics of China (NBSC), the country's GDP grew by 9.8 percent year-on-year in the first three quarters, with an average two-year growth of 5.2 percent.
Despite facing a complicated and severe environment both at home and abroad, China's regions and departments have strictly implemented the government's decisions and arrangements, coordinating epidemic prevention and control with economic and social development. This has led to a steady recovery and development of the national economy, with all major macro-economic indicators falling within the reasonable range.
The overall social situation has been harmonious and stable, with generally stable employment, increased residents' income, balanced international payments, and an adjusted and optimized economic structure. Industrial production has continued to grow, with business efficiency improving steadily. The total value added of industrial enterprises above the designated size grew by 11.8 percent year-on-year, or an average two-year growth of 6.4 percent.
The service sector has also recovered steadily, with modern service industries growing significantly. The value added of information transmission, software, and information technology services increased by 19.3 percent year-on-year, while transportation, storage, and postal services grew by 15.3 percent year-on-year.
Market sales have continued to grow, with sales of upgraded goods and basic living goods increasing fast. The total retail sales of consumer goods reached 31,805.7 billion yuan, up by 16.4 percent year-on-year, with an average two-year growth of 3.9 percent.
Investment in fixed assets has scaled up, with investment in high-tech industries and the social sector recording growth. The investment in fixed assets (excluding rural households) reached 39,782.7 billion yuan, up by 7.3 percent over that of last year, with an average two-year growth of 3.8 percent.
Imports and exports of goods have increased, while the trade structure has continued to improve. The total value of imports and exports of goods was 28,326.4 billion yuan, up by 22.7 percent year-on-year.
Consumer prices have risen mildly, while the increase of producer prices for industrial products has expanded. The consumer price index went up by 0.6 percent year-on-year, 0.1 percentage point higher than that in the first half of this year. The producer prices for industrial products went up by 6.7 percent, an increase expanded by 1.6 percentage points than that of the first half of this year.
Employment has been basically stable, with the urban surveyed unemployment rate stable with a moderate decline. The newly increased employed people in urban areas totaled 10.45 million, achieving 95 percent of the annual target.
Residents' income has grown in tandem with the economy, with the urban-rural per capita income ratio narrowing. The nationwide per capita disposable income of residents was 26,265 yuan, a nominal increase of 10.4 percent year-on-year, with an average two-year growth of 7.1 percent.
However, the NBSC notes that returning to the high levels of growth will require adherence to the general working guidelines of making progress while maintaining stability. This includes carrying out routine epidemic prevention and control measures, strengthening cross-cyclical adjustment of macro policies, deepening reform and opening-up, and continuously stimulating market vitality.
