Events
On April 18, the National Bureau of statistics released data that China's GDP in the first quarter was 27.02 trillion yuan, a year-on-year increase of 4.8% at constant prices; In the first quarter, the added value of industries above designated size increased by 6.5 year-on-year; In the first quarter, the national fixed asset investment (excluding farmers) was 104872 billion yuan, a year-on-year increase of 9.3%. In the first quarter, the total retail sales of social consumer goods was 108659 billion yuan, a year-on-year increase of 3.3%.
Comments
Industrial production achieved rapid growth. In the first quarter, the added value of industries above designated size increased by 6.5% year-on-year, of which the added value of high-tech manufacturing and equipment manufacturing increased by 14.2% and 8.1% respectively, 7.7 and 1.6 percentage points faster than that of industries above designated size. Although the current epidemic situation is severe, especially in the eastern coastal areas, the epidemic has not been effectively controlled, the traffic and logistics are not smooth, the capacity utilization rate has been reduced, the commencement of some industrial enterprises has been affected, and some unexpected factors exceeded expectations, China's industrial production still achieved rapid growth in the first quarter. Under the innovation driven development strategy, China's scientific and technological innovation ability has been continuously improved, and the industrial technology intensity has been steadily increased. Looking forward to the follow-up, the steady growth strategy will continue to work, and the RRR reduction in April can further increase the financial support to the real economy, especially the industries seriously affected by the epidemic, small, medium-sized and micro enterprises and individual industrial and commercial households, which can significantly help enterprises rescue, create a more suitable financing environment, stabilize the business expectations of small, medium-sized and micro enterprises, and finally help enterprises tide over the difficulties.
Investment in fixed assets increased steadily, and investment in high-tech industries increased rapidly. In the first quarter, the national fixed asset investment (excluding farmers) was 104872 billion yuan, a year-on-year increase of 9.3%, including infrastructure investment, which increased by 8.5% year-on-year. At present, the downward pressure on China's economy has increased. China's economic work is dominated by steady growth. A large number of infrastructure projects will be implemented in succession in the follow-up, and it is expected to work on infrastructure throughout the year. In the high-tech manufacturing industry, the investment in electronic and communication equipment manufacturing, medical equipment and instrument manufacturing increased by 37.5% and 35.4% respectively; In the high-tech service industry, the investment in information service industry and scientific and technological achievement transformation service industry increased by 21.3% and 19.0% respectively. With the help of manufacturing industry, the growth rate of fixed asset investment in 2022 has a strong repair power.
China's consumption growth has slowed down. In the first quarter, the total retail sales of social consumer goods was 108659 billion yuan, a year-on-year increase of 3.3%, of which the catering revenue was 1065.3 billion yuan, an increase of only 0.5%. The main factor affecting the low growth rate was the epidemic situation, the consumption scene was limited, and the consumption growth slowed down. If the follow-up epidemic is effectively controlled, consumption in the second quarter is expected to gradually return to the trend of steady recovery.
Risk tips: the overseas epidemic fluctuates more than expected, the downstream demand is less than expected, and the monetary policy changes.
