China’s economy shows its report card for the first half of the year, and the textile industry contributes to the “midterm exam”!
China’s economic development has attracted worldwide attention. How was the result of this year’s “midterm exam”? Preliminary GDP accounting data for the first half of the year recently released by the National Bureau of Statistics showed that the GDP in the first half of the year was 53.2167 billion yuan, a year-on-year increase of 12.7% at comparable prices, 5.6 percentage points lower than the first quarter; the two-year average growth was 5.3%, and the two-year average growth rate was 5.3%. The average annual growth rate accelerated by 0.3 percentage points from the first quarter. A spokesman for the National Bureau of Statistics said: In the first half of the year, the national economy can be said to have continued to recover steadily, strengthening while maintaining stability, and improving while maintaining stability. Judging from some of the data currently available, the textile industry has made its own contribution to this report card.
China’s economy delivered impressive results in the first half of the year
Since the beginning of this year, our country’s economy has continued to recover steadily, and the operation quality has been further improved. Overall, it shows four major characteristics:
1. The economy continues to recover stably and the foundation for development is more solid
In the first half of the year, my country’s GDP was 53.2167 billion yuan, a year-on-year growth of 12.7% at constant prices, and an average growth of 5.3% over the two years. Among them, the added value of the primary industry was 2840.2 billion yuan, a year-on-year increase of 7.8%, and the two-year average growth was 4.3%; the added value of the secondary industry was 20715.4 billion yuan, a year-on-year increase of 14.8%, and the two-year average growth was 6.1%; the tertiary industry increased The value was 29,661.1 billion yuan, a year-on-year increase of 11.8%, and an average growth of 4.9% in the two years.
2. The production situation continues to improve, and development momentum continues to be stimulated
In the second quarter, industrial production continued to grow rapidly, with industrial added value increasing by 8.8% year-on-year, driving economic growth by 2.8 percentage points, with an average growth rate of 6.4% over the two years, of which manufacturing added value increased by 9.2% year-on-year, accounting for 2.8% of GDP. 28.3%, an increase of 0.8 percentage points from the first quarter, and the rising proportion has continued for three quarters.
3. The driving effect of consumption is obvious, and net investment exports make concerted efforts
Consumption plays a significant role as a “ballast stone” for economic growth. As a series of policies to expand domestic demand and promote consumption continue to be implemented, the Qingming Festival, May Day, and Dragon Boat Festival holiday factors have driven the steady recovery of the consumer market, and their role in driving economic growth has been significantly enhanced.
Investment demand drives the sustained and stable recovery of the economy. All regions and departments conscientiously implement the decisions and arrangements of the Party Central Committee, focus on the “two new and one important” and weak areas, increase the construction of major projects, expand effective investment, and support the recovery of the economy. In the first half of the year, gross capital formation contributed 19.2% to economic growth, driving economic growth by 2.4 percentage points. Among them, total capital formation contributed 13.2% to economic growth in the second quarter, driving economic growth by 1.0 percentage points. In the first half of the year, national fixed asset investment (excluding rural households) increased by 12.6% year-on-year, with an average growth of 4.4% in the two years.
From January to May this year, the fixed asset investment in the textile industry increased by 17.1% year-on-year, the clothing industry increased by 8.3% year-on-year, and the chemical fiber industry increased by 21.7% year-on-year.
Net export demand continues to grow. The results of stabilizing foreign trade continue to show, and import and export growth is good. In the first half of the year, net exports of goods and services contributed 19.1% to economic growth, driving economic growth by 2.4 percentage points, and an average of 1.1 percentage points in two years.
According to customs data, China’s textile and apparel exports maintained steady growth in the first half of the year. In terms of RMB and US dollars, they increased by 3.3% and 11.9% respectively over the same period last year. They also maintained rapid growth compared with the same period in 2019. Among them, textiles declined year-on-year due to the fall in exports of masks, while clothing grew rapidly driven by the rebound in external demand.
IV. New driving forces boost economic recovery, and new business formats release market vitality
The development momentum of new driving forces is good, and emerging industries are active. In the first half of the year, the added value of high-tech manufacturing and equipment manufacturing above designated size increased by 22.6% and 22.8% respectively year-on-year, which was 6.7 and 6.9 percentage points higher than the growth rate of all industrial added value above designated size respectively.
Textile contributes to the stable recovery of the industrial economy
In the first half of 2021, the results of coordinating epidemic prevention and control and economic and social development continued to be consolidated, the industrial economy continued to recover steadily, the production capacity utilization rate was at a high level in recent years, exports maintained rapid growth, and corporate efficiency improved. Among them, the textile industry’s economic operation performed steadily, with a significant recovery in capacity utilization and a substantial increase in exports of anti-epidemic materials, making industry contributions to promoting steady growth of the industrial economy.
1. Industrial production has grown steadily and production capacity utilization has been relatively high
Industrial production has grown rapidly, with the growth rate higher than the pre-epidemic level. From January to June, the added value of industries above designated size increased by 15.9% year-on-year, and the growth rate dropped 8.6 percentage points from the first quarter; the two-year average growth rate was 7.0% (based on the corresponding number in the same period in 2019, calculated using the geometric mean method) , an acceleration of 0.2 percentage points from the first quarter, and the growth rate was slightly higher than the pre-epidemic level. Among them, manufacturing, as one of the three major categories, grew by 17.1%, with an average growth rate of 7.5% in two years, higher than the pre-epidemic level, becoming the ballast stone for the stabilization and reinforcement of industrial production.
More than 80% of industries and products achieved growth. In terms of industries, from January to June, among the 41 major industries, 39 industries achieved year-on-year added value growth, of which 29 industries achieved double-digit growth.energy structure.
The third is to promote the circular transformation of resource utilization. Promote the collaborative utilization of primary resources and the recycling of renewable resources, promote the large-scale comprehensive utilization of industrial solid waste and the conservation and utilization of water resources, and reduce the production of industrial solid waste and wastewater.
The fourth is to promote the clean transformation of the production process. Vigorously promote green design, promote existing enterprises to implement cleaner production technology transformation, promote advanced and applicable environmental protection equipment in key industries, and promote the formation of stable and efficient governance capabilities.
The fifth is to guide the green transformation of product supply. Increase the supply of green and low-carbon products and green environmental protection equipment to provide a solid guarantee for the comprehensive green and low-carbon transformation in various fields.
Sixth, improve the green manufacturing support system. Create a green public service platform, improve the green manufacturing standard system, implement green supply chain management, and improve the long-term mechanism for industrial green and low-carbon transformation.
Commodity prices rise
Data show that in the first half of this year, PPI rose by an average of 5.1%, an increase of 3 percentage points higher than that in the first quarter. How does the Ministry of Industry and Information Technology view the cost pressure that rising PPI has put on midstream and downstream enterprises? Will there be further measures to help small, medium and micro enterprises cope with the crisis?
Huang Libin: Affected by the rapid recovery of the economy and multiple internal and external factors, raw material prices have risen sharply and fluctuated at high levels since the beginning of the year. In the first half of the year, industrial producer prices (PPI) rose by an average of 5.1%. In the second quarter, the year-on-year increase in PPI increased significantly, putting great pressure on the costs of midstream and downstream industries and related companies, squeezing the profit margins of companies. Here, most small and medium-sized enterprises are in the middle and lower reaches of the industrial chain, and their bargaining power is not strong. It is difficult to digest the rising cost pressure caused by the sharp increase in raw materials in a short time. The impact of rising costs on the production and operation of small and medium-sized enterprises is relatively more prominent.
The causes of this round of rising commodity prices are complex. Generally speaking, global demand recovers faster than supply, domestic demand recovers faster than international demand, liquidity is released faster than the real economy recovers, and price increases are largely due to the intertwining of factors such as supply and demand mismatch, external input influences, and speculation. , the result of superposition. Judging from the later trends, unlike the two “super cycles” of rising commodity prices in the 1970s and the beginning of this century, this round of price increases is more the result of the superposition of short-term factors. High global debt, rich and poor, Deep-seated contradictions such as differentiation and population aging determine that it is difficult for demand to expand in the long term, and the possibility of significant supply contraction is relatively small, so it is difficult to form a “super cycle.”
The Party Central Committee and the State Council attach great importance to the impact of rising raw material prices on mid- and downstream industries and small, medium and micro enterprises. The executive meeting of the State Council has studied the problem of excessively rapid rise in commodity prices, and has recently used monetary policy tools such as reserve requirement ratio cuts to further strengthen financial support for the real economy, especially small, medium and micro enterprises, and to hedge against the impact of rising commodity prices on corporate production and operations. .
In the next step, we will cooperate with relevant departments to ensure the supply and price stability of bulk commodities, strengthen publicity, guidance and policy interpretation, support upstream and downstream industries in establishing long-term and stable cooperative relationships, and guide the upstream and downstream of the industrial chain to stabilize the supply of raw materials and production, supply and marketing supporting facilities. Cooperate to jointly respond to the risk of market price fluctuations, and resolutely crack down on hoarding, malicious speculation, and price gouging.
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