Overview of the core data of China's economy in 2022

The latest data released by the National Bureau of Statistics on January 17 shows that China's economy will withstand the pressure in 2022, make steady progress, and the total economic volume of the whole year will reach a new level. It fully shows that the fundamentals of China's strong economic development resilience, outstanding advantages in ultra-large-scale markets, complete supply chain industry chain system, and long-term economic development have not changed.

▷ Gross Domestic Product (GDP): Continued steady recovery

According to preliminary calculations, the GDP for the whole year of 2022 will 1210207 billion yuan, an increase of 3.0% over the previous year at constant prices. By industry, the added value of the primary industry was 8,834.5 billion yuan, an increase of 4.1% over the previous year; the added value of the secondary industry was 483164 billion yuan, an increase of 3.8%; The added value of the tertiary industry was 638698 billion yuan, an increase of 2.3%.

In terms of quarters, GDP in the first quarter increased by 4.8% year-on-year, 0.4% in the second quarter, 3.9% in the third quarter, and 2.9% in the fourth quarter. From a month-on-month perspective, GDP in the fourth quarter was unchanged from the third quarter.

▷ Consumer Price (CPI): operates within a reasonable range

For the full year of 2022, consumer prices (CPI) increased by 2.0% compared to the previous year. In terms of categories, the price of food, tobacco and alcohol rose by 2.4%, clothing by 0.5%, residential goods and services by 1.2%, transportation and communication by 5.2%, education, culture and entertainment by 1.8%, health care by 0.6%, and other supplies and services by 1.6%. Core CPI, which excludes food and energy prices, rose 0.9 percent.

In the context of sharp increases in global food and energy prices and strong imported inflationary pressures, the price situation on the mainland has remained stable, in sharp contrast to the high inflation in major economies such as Europe and the United States.

▷ Industrial Producer Prices (PPI): The rate of increase continues to fall

For the full year of 2022, industrial producer ex-factory prices increased by 4.1% compared to the previous year, lower than the 8.1% increase for the whole of 2021. Purchasing prices for industrial producers rose by 6.1 per cent.

Among them, the PPI fell 0.7% year-on-year and 0.5% month-on-month in December. The price of means of production fell by 1.4% year-on-year, a decrease of 0.9 percentage points; the price of living materials increased by 1.8% year-on-year, an increase of 0.2 percentage points. Mainly affected by the decline in prices of oil and related industries, the price of oil and gas extraction industry fell by 8.3%, and the price of petroleum, coal and other fuel processing industry fell by 3.5% in the month.

▷ Industrial added value: high-tech manufacturing industry grew rapidly

In 2022, the added value of industries above designated size in the country increased by 3.6% year-on-year. Divided into three categories, the added value of mining increased by 7.3%, manufacturing increased by 3.0%, and electricity, heat, gas and water production and supply increased by 5.0%. The added value of high-tech manufacturing and equipment manufacturing increased by 7.4% and 5.6% respectively. In terms of products, the output of new energy vehicles, mobile communication base station equipment, industrial control computers and systems increased by 97.5%, 16.3% and 15.0% respectively.

In terms of economic type, the added value of state-controlled enterprises increased by 3.3%; Joint-stock enterprises increased by 4.8%, while foreign-invested enterprises and Hong Kong, Macao and Taiwan investment enterprises decreased by 1.0%; The private sector grew by 2.9 percent.

▷ Industrial capacity utilization rate: slightly lower year-on-year, the national industrial capacity utilization rate in 2022 will be 75.6%, down 1.9 percentage points from the previous year. Among them, in the fourth quarter, the national industrial capacity utilization rate was 75.7%, down 1.7 percentage points from the same period last year. In the fourth quarter, the capacity utilization rate of the mining industry was 76.5%, down 0.5 percentage points from the same period last year; the capacity utilization rate of the manufacturing industry was 75.8%, down 1.8 percentage points; and the capacity utilization rate of the electricity, heat, gas and water production and supply industry was 74.0%, down 1.4 percentage points. ▷ Investment in fixed assets: Investment in high-tech industries continued to increase rapidly, and in 2022, the national fixed asset investment (excluding rural households) 572138 billion yuan, an increase of 5.1% over the previous year. In terms of sectors, infrastructure investment increased by 9.4%, manufacturing investment increased by 9.1%, and real estate development investment fell by 10.0%. By industry, investment in the primary industry increased by 0.2%, investment in the secondary industry increased by 10.3%, and investment in the tertiary industry increased by 3.0%. Private investment increased by 0.9%. Investment in high-tech industries increased by 18.9%. Among them, investment in high-tech manufacturing and high-tech services increased by 22.2% and 12.1% respectively. In the high-tech manufacturing industry, the investment in medical equipment and instrumentation manufacturing, electronic and communication equipment manufacturing increased by 27.6% and 27.2% respectively. Investment in the social sector increased by 10.9%, of which investment in health and education increased by 27.3% and 5.4% respectively. ▷ Total retail sales of consumer goods: Online retail sales grew rapidly, and the total retail sales of consumer goods in 2022 reached 439733 billion yuan, down 0.2% from the previous year. Among them, retail sales of urban consumer goods 380448 billion yuan, down by 0.3%; Retail sales of rural consumer goods amounted to 5,928.5 billion yuan, unchanged from the previous year. By type of consumption, retail sales of goods 395792 billion yuan, an increase of 0.5%; Food and beverage revenue was RMB4,394.1 billion, down 6.3%. Basic living consumption grew steadily, and the retail sales of grain, oil, food and beverage commodities above designated size increased by 8.7% and 5.3% respectively over the previous year. The national online retail sales reached 137853 billion yuan, an increase of 4.0% over the previous year. Among them, the online retail sales of physical goods 119642 billion yuan, an increase of 6.2%, accounting for 27.2% of the total retail sales of consumer goods. ▷ Disposable income of residents: The growth of rural income is faster than that of 36,883 yuan per capita disposable income of urban residents in 2022, a nominal increase of 5.0% over the previous year, and an actual increase of 2.9% after deducting price factors. Among them, the per capita disposable income of urban residents was 49,283 yuan, a year-on-year nominal increase of 3.9%, and an actual increase of 1.9%; The per capita disposable income of rural residents was 20,133 yuan, a year-on-year nominal increase of 6.3% and a real increase of 4.2%. The per capita disposable income of the low-income group was 8601 yuan, the lower middle income group was 19303 yuan, the middle income group was 30598 yuan, the upper middle income group was 47397 yuan, and the high-income group was 90116 yuan. The annual per capita consumption expenditure of residents was 24,538 yuan, a nominal increase of 1.8% over the previous year, and a real decrease of 0.2% after deducting price factors. ▷ Population size: Negative growth does not mean that the dividend disappears, and the national population will 141175 million at the end of 2022, 850,000 less than at the end of the previous year, which is the first negative population growth in China in nearly 61 years. A number of economists pointed out that this does not mean that the demographic dividend disappears, and negative population growth and economic growth can coexist. Since the 90s of the 20th century, 13 countries in the world have maintained economic growth despite experiencing varying degrees of negative population growth. China is still in the inertia of huge population size, with sustained economic development, rising income levels, and strong consumption power, resulting in an immeasurable mega market. ▷ Foreign trade: the scale grew rapidly, the structure continued to optimize, and the total import and export of goods in 2022 was 420678 billion yuan, an increase of 7.7% over the previous year. Among them, exports 239654 billion yuan, an increase of 10.5%; Imports 181024 billion yuan, an increase of 4.3%. Imports and exports offset each other, with a trade surplus of 5,863 billion yuan. General trade imports and exports increased by 11.5%, accounting for 63.7% of total imports and exports, an increase of 2.2 percentage points over the previous year. The import and export of private enterprises increased by 12.9%, accounting for 50.9% of the total import and export, an increase of 2.3 percentage points over the previous year. The import and export of mechanical and electrical products increased by 2.5%, accounting for 49.1% of the total import and export. ▷ Real estate development and operation: the main indicators fell across the board, and the national real estate development investment in 2022 was 132895 billion yuan, down 10.0% from the previous year; Among them, residential investment was 100646 billion yuan, down 9.5%. The area of new housing starts was 120587 million square meters, down 39.4%. Among them, the newly started residential area was 881.35 million square meters, down 39.8%. The annual sales area of commercial housing was 135837 million square meters, down 24.3% from the previous year, of which the residential sales area fell by 26.8%. The sales volume of commercial housing 133308 billion yuan, down 26.7%, of which residential sales fell by 28.3%. At the end of 2022, the area for sale of commercial housing was 563.66 million square meters, an increase of 10.5% over the previous year. Among them, the area for sale of residential buildings increased by 18.4%. ▷ Manufacturing Purchasing Managers' Index (PMI): The average annual manufacturing PMI in 2022 was 49.1%, of which 49.5% in the first half of the year and 48.8% in the second half of the year. The manufacturing PMI came in at 47.0% in December, down 1.0% from the previous month. The production index and new orders index were 44.6% and 43.9% respectively, and the purchase price index of major raw materials was 51.6%. In terms of enterprise scale, large enterprises PMI 48.3, medium-sized enterprises PMI 46.4%, small enterprises PMI 44.7%. Note: This article is based on publicly available information

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