CCTV News:Fangfei is in full bloom, lush vegetation, flowers bloom in May and forge ahead in China. Labor writes the chapter of the times and strives to create a better future. Since 2024, all localities and departments have made full efforts to grasp the economy, consolidate and enhance the positive trend of economic recovery, increase positive factors in economic operation, continuously enhance kinetic energy, improve social expectations, solidly promote high-quality development, and show the characteristics of rapid growth, structural optimization and good quality and efficiency, and the economy has achieved a good start.
A number of measures have been taken to consolidate and strengthen the economic recovery.
On May 1st, the head of the National Development and Reform Commission said that China’s economy started well, positive factors increased, kinetic energy continued to increase, social expectations improved, and high-quality development made solid progress, which laid a solid foundation for achieving the annual target. In the next step, the state will, in view of the outstanding contradictions in economic operation, accelerate the implementation of various established arrangements and see practical results, and earnestly consolidate and enhance the economic recovery.
According to the latest data from the National Development and Reform Commission, in the first quarter of 2024, the economies of Beijing-Tianjin-Hebei, Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area grew rapidly; Accelerate the transformation and upgrading of industries in the central and western regions; A number of major projects in Northeast China were accelerated, and investment in fixed assets increased by 9.6%, 5.1 percentage points faster than the national average growth rate.
Employment income continued to improve. In the first quarter, 3.03 million new jobs were created in cities and towns nationwide, an increase of 60,000 over the same period last year.
The person in charge of the National Development and Reform Commission said that in the next step, the state will pay close attention to improving the system and formulate guidelines for building a unified national market standard. At the same time, we will promptly remove obstacles, build a long-term mechanism for problem reporting, verification, rectification and notification, carry out in-depth special rectification of outstanding issues such as market segmentation and local protection in key areas, and promote the construction of a unified national market.
In addition, it will also promote the optimization and upgrading of the new energy vehicle industry, and continue to expand the market scale through actions such as trade-in of new vehicles and new energy vehicles going to the countryside, accelerate the construction of a high-quality charging infrastructure system, meet people’s consumption demand for new energy vehicles, and share development results with global enterprises.
The central bank announced that loans were invested in industrial infrastructure-related industries in the first quarter, and medium and long-term loans maintained a relatively high growth rate.
On April 30th, the central bank announced the loan investment data of financial institutions in the first quarter. The balance of RMB loans was 247.05 trillion yuan, up 9.6% year-on-year, among which several sub-items showed bright spots.
According to central bank data, at the end of the first quarter, the balance of medium and long-term loans in local and foreign currency industries was 23.43 trillion yuan, up 23.6% year-on-year, and the growth rate was 14.4 percentage points higher than that of various loans. Among them, the balance of medium and long-term loans in infrastructure-related industries increased by 13.4% year-on-year, the growth rate was 4.2 percentage points higher than that of various loans, and it increased by 1.97 trillion yuan in the first quarter.
Wang Yifeng, deputy director of Everbright Securities Research Institute, said that in the first quarter of 2024, the growth rate of infrastructure investment continued to improve, and the medium and long-term loans related to infrastructure in the financial system maintained a high growth rate. In the future, the issuance of government bonds will be further accelerated, and government investment is expected to form an effective force to stimulate infrastructure investment.
Central Bank: At the end of the first quarter, the balance of real estate development loans was 13.76 trillion yuan, up 1.7% year-on-year.
Real estate loans are also showing signs of recovery. At the end of the first quarter, the balance of RMB real estate development loans was 13.76 trillion yuan, a year-on-year increase of 1.7%, and the growth rate was 0.2 percentage points higher than that at the end of last year.
According to industry insiders, this is mainly due to the increase in credit supply in the areas of affordable housing construction, "flat and emergency" public infrastructure construction and "three major projects" of urban village reconstruction, and the efficient operation of the "white list" coordination mechanism for real estate projects, corresponding to the accelerated landing of project financing.
Ministry of Commerce: China’s service trade grew rapidly in the first quarter
According to the data released by the Ministry of Commerce on April 30, in the first quarter of 2024, China’s service import and export totaled 1,816.74 billion yuan, a year-on-year increase of 14.7%.
Trade in knowledge-intensive services continued to grow. In the first quarter of 2024, the import and export of knowledge-intensive services reached 733.26 billion yuan, an increase of 5.6%. Among them, the export of knowledge-intensive services grew rapidly in the fields of intellectual property royalties, personal culture and entertainment services, with growth rates of 34.4% and 19% respectively; The areas where the import of knowledge-intensive services grew rapidly were personal cultural and entertainment services and other commercial services, with the growth rates of 66% and 15.2% respectively.
Travel services have grown rapidly. In the first quarter of 2024, travel services continued to maintain rapid growth, with the import and export of travel services reaching 480.08 billion yuan, an increase of 42.2%, making it the largest field of service trade.
In April, China Purchasing Managers Index kept expanding.
On April 30th, April, China Purchasing Managers Index was released. The data shows that the overall level of China’s economic prosperity continues to expand.
In April, the purchasing managers’ index of China’s manufacturing industry was 50.4%, which was in the expansion range for two consecutive months, and the manufacturing industry continued to recover.
From the sub-index, the production index in April was 52.9%, up 0.7 percentage points from the previous month, the highest since April 2023, and the production expansion of manufacturing enterprises accelerated.
From the demand point of view, the manufacturing market demand continues to recover, the new order index and the new export order index are both above the critical point, and the overall export business of enterprises continues to improve.
The new kinetic energy continues to expand rapidly. In April, the purchasing managers’ index of equipment manufacturing industry and high-tech manufacturing industry was 51.3% and 53.0% respectively, both higher than the overall level of manufacturing industry.
In April, the business activity index of non-manufacturing industry was 51.2%, which remained above the critical point of 50%, and the non-manufacturing industry continued to expand.
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