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National Bureau Of Statistics: Quality And Benefits Of China's Industrial And Service Industry Continue To Improve
Apr 10, 2018

According to the information released by the Industry Department of the National Bureau of Statistics of China on the 9th, since the beginning of this year, the quality and efficiency of China's industrial and service industries have continued to increase.


The first is the continuous improvement of the quality and efficiency of industrial development. From the perspective of industrial production, the growth rate of industrial added value has been accelerated and the production structure has continued to be optimized. From January to February this year, the value-added of China's industrial enterprises above designated size increased by 7.2% year-on-year, and the growth rate was 1.0 percentage points higher than that in December of last year and 0.9 percentage points higher than the same period of last year. The added value of high-tech and equipment manufacturing increased by 11.9% and 8.4% year-on-year, respectively, and the growth rate was 4.7 and 1.2 percentage points faster than that of industries above designated size respectively.


From the perspective of the operation of industrial enterprises, the income of industrial enterprises started to improve and their profitability increased. In January-February, China's main business income of industrial enterprises above designated size increased by 10% year-on-year, an acceleration of 1.2 percentage points over the previous year. Profits of industrial enterprises increased by 16.1% year-on-year, an acceleration of 5.3 percentage points over December 2017, and the momentum of rapid growth maintained.


From the perspective of the financial situation of industrial enterprises, the efficiency of asset use in industrial enterprises has improved, and the effectiveness of deleveraging and cost reduction has continued to show. At the end of February, the asset-liability ratio of industrial enterprises above designated size was 56.3%, a year-on-year decrease of 0.8 percentage point. In the January-February period, the cost of main business income per 100 yuan for industrial enterprises above designated size was 92.4 yuan (RMB, the same below), a decrease of 0.27 yuan year-on-year.


Secondly, the service industry continued to maintain a steady and positive development trend. The economic benefits continued to increase, and new momentum accelerated.


From the perspective of service industry production, the service industry maintained rapid growth and the new momentum of the service industry accelerated growth. In January-February, the national service industry production index increased by 8% year-on-year. The leading role of modern service industries such as information transmission, software and information technology services, leasing and business services continues to increase.


From the perspective of the service industry enterprises, the scale of business operations of service companies has steadily increased, and the comprehensive operating conditions of small and micro enterprises in the service industry have achieved the best start in the past four years. According to a survey of 53,000 small and micro enterprises in the service industry, in the first quarter, 83.9% of the enterprises reported that their business conditions were good and stable, which was an increase of 1.6 percentage points from the same period of last year.

In addition, the residents' income and financial income increase with the economic development. In 2017, the per capita disposable income of the country’s residents increased by 7.3% in real terms. The growth rate accelerated by 1 percentage point from the previous year and continued to outpace GDP and per capita GDP growth. From the perspective of government revenue, the development of the real economy has accelerated the growth of fiscal revenue. In January-February, the general public budget revenue in the country increased by 15.8% year-on-year.

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