Mao Shengyong:

5. Investment in fixed assets secured stable growth as those in private and manufacturing sectors started to rebound.

In the first half of this year, investment in fixed assets (rural households are not included) hit 29.73 trillion yuan (US$4.45 trillion), up 6.0 percent year on year and with the growth ratio falling 1.5 percentage points compared to that in the first quarter this year.

The private investment among others aggregated to more than 18.45 trillion yuan, securing a year-on-year growth of 8.4 percent, with the growth ratio up 1.2 percentage points from the same period last year.

In view of different sectors, the investment grew by 13.5 percent in the primary sector and 3.8 percent in the second industry, of which the investment in manufacturing industry increased by 6.8 percent, marking three consecutive months of growth, totaling 3.0 percentage points higher than that in the first quarter this year and 1.3 percentage points higher year on year. The investment in the tertiary industry had an increase of 6.8 percent, with the investment in infrastructure going up by 7.3 percent.

Investment in high-tech manufacturing soared by 13.1 percent year on year, with a growth rate of 7.1 percentage points higher than the growth rate of the overall investment.

During the same period, investment in the real estate sector amounted to over 5.55 trillion yuan, up 9.7 percent year on year. Commercial housing that is available to be purchased across the country climbed up to more than 771.43 million square meters, up 3.3 percent year on year, and generated nearly 6.69 trillion yuan in sales, up 13.2 percent year on year.

6. The surplus of import and export of goods has narrowed, and the trade structure has continued to improve.

In the first half of this year, the volume of exports and imports in goods totaled 14.12 trillion yuan, up 7.9 percent year-on-year. The export volume totaled 7.51 trillion and import 6.61 trillion yuan, up by 4.9 percent and 11.5 percent respectively. The trade surplus was 901.3 billion yuan, a fall of 26.7 percent year-on-year. The trade structure was optimized during the same period. The general trade import and export grew by 12.2 percent, accounting for 59 percent of the total volume and up by 2.3 percentage points compared to the same period of the previous year. The export of mechanical and electrical products increased by 7 percent, accounting for 58.6 percent of the total export volume. Imports and exports with China's top three largest trading partners, namely the EU, U.S., and ASEAN, continued to grow, with the growth rates reaching 5.3 percent, 5.2 percent and 11 percent respectively and accounting for 41 percent of China's total foreign trade volume. Over the same period, the foreign trade with 16 Central and Eastern European Countries grew by 14.7 percent, 6.8 percentage points higher than the growth rate of the foreign trade in goods. In June, the foreign trade volume totaled 2.49 trillion yuan, up 4.3 percent year-on-year. The export volume totaled 1.38 trillion and import 1.12 trillion yuan, up by 3.1 percent and 6.0 percent respectively. In the first half of this year, the export delivery value of industrial enterprises above designated size reached 5.72 trillion yuan, up by 5.7 percent year-on-year. The figure for June was 1.05 trillion yuan, up 2.8 percent.

7. Residents' income has been growing steadily and employment situation remains stable.

In the first half of the year, personal per capita disposable income was 14,063 yuan, an increase of 8.7 percent in nominal terms, and a 6.6 percent increase in real terms after deducting for price factors. Factoring for permanent residence, the urban and rural per capita disposable income totaled 19,770 and 7,142 yuan respectively, with the nominal growth rate reaching 7.9 percent and 8.8 percent respectively. The real growth rates were 5.8 percent and 6.8 percent respectively after deducting for price factors. The ratio of urban to rural per capita disposable income was 2.77, a reduction of 0.02 compared to the same period of the previous year. The median of the national per capita disposable income was 12,186 yuan, an increase of 8.4 percent in nominal terms. In June, the surveyed national urban unemployment rate was 4.8 percent, the same as the previous month and dropping by 0.1 percentage points compared to the same period of the previous year. The figure of 31 large cities was 4.7 percent, the same as the previous month and 0.2 percentage points lower compared to the same period of the previous year. By the end of the second quarter, the migrant rural labor force totaled 180.22 million, 1.49 million more than that of the same period of the previous year, in other words, up by 0.8 percent year-on-year. The average income of the migrant rural labor force per month was 3,661 yuan, up 7.5 percent year-on-year. 

8. The Consumer Price Index (CPI) and the Producer Price Index (PPI) registered moderate growth.

In the first half of the year, China's national CPI rose 2.0 percent year-on-year, 0.1 percentage point lower than the growth rate of the first quarter. By category, food, tobacco and liquor prices rose 1.4 percent, clothing prices 1.1 percent, housing 2.3 percent, daily necessities and services 1.6 percent, transport and communications 1.2 percent, education, culture and entertainment 2.1 percent, health care 5.5 percent, and other goods and services 1.1 percent year-on-year. In June, the national CPI rose 1.9 percent year-on-year, 0.1 percentage point higher than the growth rate in May. The gauge fell 0.1 percent on a month-on-month basis.

In the first half of the year, China's national PPI rose 3.9 percent year-on-year, 0.2 percentage point higher the growth rate of the first quarter. The national purchasing price index grew 4.4 percent year-on-year. In June, the PPI rose 4.7 percent year-on-year, 0.6 percentage point higher than the growth rate of the previous month. The figure grew by 0.3 percent month-on-month. The purchasing price index rose 5.1 percent year-on-year, up 0.4 percent from one month ago.

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