On a national bureau of statistics press conference on Wednesday morning, bureau spokesman and national economy statistics division director Sheng Laiyun (盛来运) described the economy’s development of the first half year of 2011, and answered reporters’ questions. During the first half year, facing a complicated and volatile situation internationally, and new situations and new problems domestically, the party center and state council actively implemented financial policies and moderating (稳健) monetary policies, and continuously strengthened macro-economic control. The general economic situation was fine, and generally moving into the desired direction.
According to preliminary estimates, GDP grew by 20,446 bn Yuan RMB, which would be 9.6 per cent at comparable prices, with growth at 9.7 per cent during the first quarter, and 9.5 per cent during the second quarter. By sectors, the primary sector grew by 1,570 bn Yuan RMB or 3.2 per cent; the secondary sector grew by 10,217 bn Yuan or 11 per cent; the service sector grew by 8,658 bn Yuan or 2.2 per cent.
People’s Daily, July 13, 2011, 2.08 GMT
On Wednesday morning, bureau spokesman and national economy statistics division director Sheng Laiyun (盛来运) described the economy’s development of the first half year of 2011, and answered reporters’ questions. He said that during the first half year, the consumer price index (CPI, 居民消费价格总水平) rose by 5.4 per cent; and the producer price index (PPP, 工业生产出厂价格) rose by 7.0 per cent.
According to national bureau of statistics numbers, food prices rose by 11.8 per cent during the first half of the year, while non-food prices rose by 2.7 per cent. The consumer price index rose by 5.2 per cent in the urban, and by 5.9 per cent in rural areas.
By categories, housing prices rose by 6.3 per cent; healthcare costs and convenience goods by 3.2 per cent, alcoholic beverages and tobacco products by 2.3 per cent, household appliances and products and repair services costs by 2.0 per cent, clothing by 1 per cent, pasttime and educational products and services by 0.6 per cent, and transport and communication costs by 0.3 per cent.
People’s Daily, July 13, 3.16 GMT
[...] The growth figures underlined the resilience of the world’s second-largest economy, thanks to the country’s rapid urbanization, and could soothe investor concerns about an abrupt slowdown that would dent demand for global commodities. [...]
Reuters, July 13, 2011, 4.37 GMT
[...] Sheng Laiyun said that during the first half of this year, real estate investment grew rather fast, with investment at 2,625 bn Yuan RMB, or an increase by 32,9 per cent. [...]
People’s Daily, July 13, 2.08 GMT
[...] Raising the interest rates is conducive to correcting the state of negative interest rates. China’s economy entered a sustained state of negative interest rates along with the rising CPI since February 2010. Household savings have withdrawn from the banking system because it is difficult for household savings to keep value and rise in value. This has further increased inflationary pressures. [...]
People’s Daily (English), July 9, 2011 (referring to interest rates raised by the central bank, earlier that week)
» Land Use Supervision, July 12, 2011
» Quarterly GDP Growth Rates (Explanation), ECB