Latest Development
China’s GDP grew by 6.9% in the first quarter of 2017.
The added-value industrial output grew by 6.5% in April 2017, down from 6.8% in Jan-Mar 2017.
Fixed assets investment grew by 8.9% in Jan-Apr 2017, down from 9.2% in Jan-Mar 2017.
Retail sales increased by 10.7% in April 2017, up from 10% in Jan-Mar 2017.
Inflation stood at 1.2% in April 2017 with food prices dropped by 3.5%.
In April 2017, exports (in terms of US$) grew by 8.0%, while imports (in terms of US$) increased by 11.9%, resulting in a trade surplus of US$38.0 billion.
The Manufacturing Purchasing Managers’ Index dropped to 51.2 in April 2017 from 51.8 in March 2017.
Current Economic Development
The Chinese economy grew by 9.3% in 2011 and slowed to 7.7% in both 2012 and 2013. In 2014 and 2015, GDP grew by 7.3% and 6.9% respectively. Per capita GDP reached RMB49,351 in 2015. In the four quarters of 2016, GDP grew by 6.7% in the first three quarters and 6.8% in the last quarter, resulting in an average growth of 6.7% for 2016. In the first quarter of 2017, GDP grew by 6.9%.
After reducing the reserve requirement ratio five times in 2015, the People’s Bank of China (PBOC) cut the reserve requirement by 0.5 percentage points again on 1 March 2016. The base lending rates were cut by 0.25 percentage points each on 1 March 2015, 11 May 2015, 28 June 2015, 26 August 2015 and 24 October 2015.
Fixed assets investment is one of the major driving forces of the economy. In 2015, fixed assets investment grew by 10.2%. In 2016, it grew by 8.1%. In Jan-Apr 2017, fixed assets investment grew by 8.9%, down from 9.2% in Jan-Mar 2017.
Added-value of industrial output (by large enterprises with annual sales exceeding RMB20 million) grew by 6.1% and 6% respectively in 2015 and 2016. In Jan-Apr 2017, added-value of industrial output grew by 6.7% with foreign-invested enterprises grew by 6.5%.
In 2015, consumer price index (CPI) increased by 1.4% with food prices up by 2.3% and non-food prices up by 1%. In 2016, CPI went up by 2% with food prices up by 4.6% and non-food prices up by 1.4%. In Jan-Apr 2017, CPI went up by 1.4% with food prices dropped by 2.4% and non-food prices up by 2.3%.
In 2015, retail sales grew by 10.7% (real growth at 10.6%). In 2016, retail sales increased by 10.4% (real growth at 9.6%). In Jan-Apr 2017, retail sales increased by 10.2% with sales of household electrical appliances growing at 8.6%, garments & footwear at 7.1%, furniture at 12.9%, jewellery at 7.8% while automobiles at 3.4%.
China’s Manufacturing Purchasing Managers’ Index (PMI) (compiled by China Federation of Logistics & Purchasing and China Logistics Information Centre) dropped to 51.2 in April 2017 from 51.8 in March 2017.
Money supply - total loan grew at 12.8% in April 2017, went up from 12.4% in March 2017 and the growth rate of RMB loans went up from 12.4% in March 2017 to 12.9% in April 2017.
Foreign Trade and Investment
In 2015, China's total external trade reached US$3,956 billion, ranked the first in the world. In 2016, exports and imports dropped by 7.7% and 5.5% (in terms of US$) respectively, resulting in a trade surplus of US$509.9 billion.
The share of export-processing trade is declining in recent years. Export-processing trade accounted for 51% of China's total exports in 2007, but dropped to 34% in 2016. In 2016, exports of processing trade dropped by 10.3%.
In Jan-Dec 2016, exports of electrical and electronic products dropped by 7.7% (In US$ terms), exports of garment and footwear dropped by 9.6% and 12.1% respectively. In Jan-Apr 2017, exports of electrical and electronic products grew 7.6% (In US$ terms), exports of garment grew by 2.3% while footwear grew by 7.5%.
In 2016, China's top ten export markets were US, Hong Kong, Japan, South Korea, Germany, Vietnam, India, Netherlands, UK and Singapore. China's total exports with these ten economies together accounted for about 58.8% of China's total exports in 2016.
In 2016, exports of foreign-invested enterprises (FIEs) declined by 8.7%, accounting for 43.7% of China’s total exports, and imports dropped by 7%, representing 48.5% of China’s total imports.
By the end of 2016, China approved a cumulative of 864,304 foreign investment projects, with actual utilised overseas FDI amounting to US$1,765.5 billion. The leading sources of investment included Hong Kong, Taiwan, Japan, Singapore, the US, South Korea, UK and Germany.
In 2014, FDI made by Chinese enterprises in overseas markets stood at US$123.1 billion (+14.2%). In 2015, China’s outward FDI grew by 18.3% to US$145.7 billion, ranked as the second largest source after the US. As at end-2015, China’s stock of outward FDI reached US$1,097.9 billion, ranked the eighth in the world. Business services (mainly investment holdings), financial services, wholesale and retail, mining and manufacturing are the leading sectors of China's outward FDI.
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