National Economy Continued to Rebound and Progress Well in April

National Bureau of Statistics of China

17 May 2024

In April， under the strong leadership of the Central Committee of the Communist Party of China （CPC） with Comrade Xi Jinping at its core， all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council， adhered to the general principle of pursuing progress while ensuring stability， and fully and faithfully applied the new development philosophy on all fronts. All regions and departments accelerated the efforts to foster a new development pattern， took solid steps to promote high-quality development and strengthened the implementation of macro policies. As a result， the production and demands saw a stable increase， employment and prices showed overall improvement， the public expectations continued to improve and high-quality development was solidly advanced. The national economy was generally stable and continued to rebound and progress well.

1. Industrial Production Accelerated with Fast Growth in Equipment Manufacturing and High-Tech Manufacturing.

In April， the total value added of the industrial enterprises above the designated size grew by 6.7 percent year on year， 2.2 percentage points faster than that of the previous month； or up by 0.97 percent month on month. In terms of sectors， the value added of mining went up by 2.0 percent year on year， manufacturing up by 7.5 percent and the production and supply of electricity， thermal power， gas and water up by 5.8 percent. The value added of equipment manufacturing increased by 9.9 percent， 3.9 percentage points faster than that of the previous month. The value added of high-tech manufacturing increased by 11.3 percent， 3.7 percentage points faster. An analysis by types of ownership showed that the value added of state holding enterprises was up by 5.4 percent； that of share-holding enterprises was up by 6.9 percent； that of enterprises funded by foreign investors or investors from Hong Kong， Macao and Taiwan was up by 6.2 percent； and that of private enterprises was up by 6.3 percent. In terms of products， the production of 3D printing devices， new-energy vehicles and integrated circuits grew by 55.0 percent， 39.2 percent and 31.9 percent year on year respectively. In the first four months， the total value added of the industrial enterprises above the designated size went up by 6.3 percent year on year， 0.2 percentage points faster than that of the first three months. In April， the Manufacturing Purchasing Managers’ Index stood at 50.4 percent， and the Production and Operation Expectation Index was 55.2 percent. In the first three months， the total profits made by industrial enterprises above the designated size were 1，505.5 billion yuan， up by 4.3 percent year on year.

2. Service Sector Continued to Recover and Modern Services Developed well.

In April， the Index of Services Production grew by 3.5 percent year on year. Specifically， that of information transmission， software and information technology services， leasing and business services， financial intermediation， transport， storage and postal services grew by 10.8 percent， 6.1 percent， 5.4 percent and 4.3 percent year on year respectively， 7.3 percentage points， 2.6 percentage points， 1.9 percentage points and 0.8 percentage points faster than that of the Index of Services Production. In the first four months， the Index of Services Production increased by 5.0 percent year on year. In the first three months， the business revenue of service enterprises above the designated size went up by 8.5 percent year on year. In April， the Business Activity Index for Services was 50.3 percent and the Business Activity Expectation Index for Services was 57.4 percent. Specifically， the Business Activity Index for railway transportation， road transportation， postal services， telecommunication， broadcast， television and satellite transmission services stayed within the high expansion range of 55.0 percent and above.

3. Market Sales Kept Increasing and Service Consumption Saw a Good Growing Momentum.

In April， the total retail sales of consumer goods reached 3，569.9 billion yuan， up by 2.3 percent year on year， or up by 0.03 percent month on month. Analyzed by different areas， the retail sales of consumer goods in urban areas reached 3，102.6 billion yuan， up by 2.1 percent year on year； and that in rural areas reached 467.3 billion yuan， up by 3.5 percent. Grouped by types of consumption， the retail sales of goods were 3，178.4 billion yuan， up by 2.0 percent； the income of catering was 391.5 billion yuan， up by 4.4 percent. The sales of goods for basic living and some upgraded goods grew fast. The retail sales of telecommunication equipment， sports and entertainment， grain， oil， food and beverage by enterprises above the designated size went up by 13.3 percent， 12.7 percent， 8.5 percent and 6.4 percent respectively. In the first four months， the total retail sales of consumer goods reached 15，602.6 billion yuan， up by 4.1 percent year on year. The online retail sales was 4，411.0 billion yuan， up by 11.5 percent year on year. Specifically， the online retail sales of physical goods were 3，735.6 billion yuan， up by 11.1 percent， accounting for 23.9 percent of the total retail sales of consumer goods. In the first four months， the retail sales of services grew by 8.4 percent year on year.

4. Investment in Fixed Assets Scaled up and Investment in High-Tech Industries Grew Fast.

In the first four months， the investment in fixed assets （excluding rural households） reached 14，340.1 billion yuan， up by 4.2 percent year on year； the investment in fixed assets was up by 8.9 percent with the investment in real estate development deducted. Specifically， the investment in infrastructure grew by 6.0 percent year on year， that in manufacturing grew by 9.7 percent， and that in real estate development declined by 9.8 percent. The floor space of new commercial buildings sold was 292.52 million square meters， down by 20.2 percent year on year； the total sales of new commercial buildings were 2，806.7 billion yuan， down by 28.3 percent. By industry， the investment in the primary industry went up by 1.9 percent year on year， that in the secondary industry up by 13.0 percent， and that in the tertiary industry up by 0.3 percent. The private investment went up by 0.3 percent， and increased by 7.2 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 11.1 percent year on year， of which the investment in high-tech manufacturing and high-tech services grew by 9.7 percent and 14.5 percent respectively. In terms of high-tech manufacturing， the investment in manufacturing of aerospace vehicle and equipment and in manufacturing of computers and office devices grew by 49.6 percent and 10.2 percent respectively. In terms of high-tech services， the investment in e-commerce services and in information services grew by 27.6 percent and 19.9 percent respectively. In April， the investment in fixed assets （excluding rural households） declined by 0.03 percent month on month.

5. Imports and Exports of Goods Grew Fast and Trade Structure Continued to Optimize.

In April， the total value of imports and exports of goods was 3，638.9 billion yuan， up by 8.0 percent year on year. The value of exports was 2，076.2 billion yuan， up by 5.1 percent， and the value of imports was 1，562.7 billion yuan， up by 12.2 percent. The trade balance was 513.5 billion yuan in surplus. In the first four months， the total value of imports and exports of goods was 13，805.3 billion yuan， up by 5.7 percent. The total value of exports was 7，811.3 billion yuan， up by 4.9 percent. The total value of imports was 5，994.0 billion yuan， up by 6.8 percent. In the first four months， the imports and exports of general trade went up by 5.3 percent， accounting for 65.1 percent of the total value of imports and exports. The imports and exports by private enterprises went up by 10.7 percent， accounting for 54.6 percent of the total value of imports and exports， 2.5 percentage points higher than the same period last year. The exports of mechanical and electrical products went up by 6.9 percent， accounting for 59.2 percent of the total value of exports.

6. Employment was Generally Stable and Urban Surveyed Unemployment Rate Went Down.

In the first four months， the urban surveyed unemployment rate averaged 5.2 percent， 0.2 percentage points lower than that of the same period last year. In April， the urban surveyed unemployment rate was 5.0 percent， 0.2 percentage points lower than that of the previous month and that of last April. The surveyed unemployment rate of population with local household registration was 5.1 percent and that of population with non-local household registration was 4.9 percent， among which， the rate of the population with non-local agricultural household registration was 4.5 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent. The employees of enterprises worked 48.5 hours per week on average.

7. Year-on-Year Growth of Consumer Price Maintained Stable and Saw an Increase and Year-on-Year Decline of Producer Prices for Industrial Products Narrowed.

In April， the consumer price index （CPI） went up by 0.3 percent year on year， 0.2 percentage points faster than last month； or up by 0.1 percent month on month， while that of the previous month was down by 1.0 percent. Grouped by commodity categories， prices for food， tobacco and alcohol went down by 1.4 percent year on year； clothing up by 1.6 percent； housing up by 0.2 percent； articles and services for daily use up by 1.4 percent； transportation and communication up by 0.1 percent； education， culture and entertainment up by 1.8 percent； medical services and health care up by 1.6 percent； and other articles and services up by 3.8 percent. Among the prices for food， tobacco and alcohol， the price for fresh fruits went down by 9.7 percent， grain up by 0.5 percent， fresh vegetables up by 1.3 percent and pork up by 1.4 percent. The core CPI excluding the prices of food and energy went up by 0.7 percent year on year， 0.1 percentage points faster than that of last month. In the first four months， the CPI went up by 0.1 percent year on year.

In April， the producer prices for industrial products went down by 2.5 percent year on year， with the decline narrowed by 0.3 percentage points compared with that of the previous month， or down by 0.2 percent month on month. The purchasing prices for industrial producers went down by 3.0 percent year on year， or down by 0.3 percent month on month. In the first four months， the producer price and the purchasing price for industrial products dropped by 2.7 percent and 3.3 percent year on year respectively.

Generally speaking， the national economy remained stable in April. Although some indicators recorded a moderate growth rate as affected by the factors such as staggered holiday arrangement and a relatively high base in the same period last year， major indicators of industry， exports， employment and prices improved overall， with new driving forces maintained rapid growth. The national economy continued to rebound and progress well with positive factors accumulated. However， we should be aware that the external environment is obviously becoming more complex， severe and uncertain， and the continuity to rebound and progress well of the national economy is still confronted with multiple difficulties and challenges. At the next stage， we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era， fully implement the spirits of the meetings of the Political Bureau of the CPC Central Committee， and adhere to the principles of pursuing progress while ensuring stability. We should fully and faithfully apply the new development philosophy on all fronts， accelerate the efforts to create a new pattern of development， strive to promote high-quality development， and make efforts to frontload and effectively implement the introduced macro policies. We must effectively consolidate and build the momentum of economic recovery and growth and continue to effectively pursue higher-quality economic growth and appropriately increase economic output.

Notes：

1. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

2. Industrial enterprises above designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

As industrial enterprises above the designated size change every year， to ensure the data comparability between years， the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output， are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows： First， the statistical units change. Every year， some enterprises are included in the survey as they meet the threshold， while some enterprises are removed from the survey because of downsizing. Besides， enterprises that have newly gone into operation， been bankrupted， canceled their registrations or had their business licenses revoked also cause impact. Second， duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

3. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

4. The scope of the total retail sales of consumer goods include all legal entities， establishments and self-employed individuals involved in retail trades or providing catering services. Specifically， businesses above the designated size include wholesale enterprises （businesses， self-employed individuals）， retail enterprises （businesses， self-employed individuals） and lodging and catering enterprises （businesses， self-employed individuals） with annual revenue from principal business over 20 million yuan， 5 million yuan and 2 million yuan respectively.

As the wholesale， retail， and lodging and catering enterprises （businesses， self-employed individuals） above the designated size change every year， to ensure the data comparability between years， the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are： some enterprises （businesses， self-employed individuals） are included in the survey as they meet the threshold， while some enterprises （businesses， self-employed individuals） are removed from the survey because of downsizing every year. Besides， enterprises （businesses， self-employed individuals） that have newly gone into operation， been bankrupted， canceled their registrations or had their business licenses revoked also cause impact.

Online retail sales refer to the retail sales of goods and services realized through internet trading platforms （including self-built websites and third-party platforms）. Goods and services include physical goods and non-physical goods （e.g. virtual goods and services）.

The total retail sales of consumer goods include the online retail sales of physical goods， but not the non-physical goods.

5. The retail sales of services refer to the total value of services directly provided by enterprises （establishments， self-employed units） to individuals and other units for non-production and non-operating purposes in the form of transactions. It aims to reflect the value of services with the nature of consumption sold by service providers in monetary terms， including the retail sales of services in transportation， accommodation， catering， education， health， sports， entertainment， and other fields.

6. The growth rates of investment in fixed assets are calculated on a comparable basis.

7. Data of imports and exports are from the General Administration of Customs.

8. Employed people refer to people aged 16 and above who have the ability to work and engage in gainful employment for remuneration payment or business income.

9. Due to the rounding-off reasons， the subentries may not add up to the aggregate totals.

In case of any differences between English translation and the original Chinese text， the Chinese edition shall prevail.