According to the National Development and Reform Commission on December 6, the responsible comrade of the National Development and Reform Commission's National Economic Comprehensive Department answered reporters' questions on the current macroeconomic situation. It is mentioned that since the beginning of this year, in the face of the complex and severe international environment and the arduous and arduous tasks of domestic reform, development and stability, we have adhered to the general tone of seeking progress while maintaining stability, comprehensively deepened reform and opening up, intensified the implementation of macroeconomic regulation and control policies, and focused on expanding domestic demand, boosting confidence, and preventing risks.
Macro indicators performed better. The economic aggregate grew rapidly, and the gross domestic product (GDP) in the first three quarters increased by 5 percent year-on-year2%, the growth rate remains leading among the world's major economies. The price level was basically stable, and the consumer consumption (CPI) in the first 10 months was 04%, in stark contrast to high inflation in major economies. The employment situation has generally improved, and the surveyed urban unemployment rate in October was 5%, down 06 percentage points. The balance of payments remained basically balanced. Production and supply have picked up steadily. The situation in agricultural production is good, and it is expected that another bumper grain harvest is expected throughout the year. Industrial production has accelerated, and the added value of industrial enterprises above designated size increased by 4 percent year-on-year in the first 10 months1%。The service sector grew well, with the service sector production index increasing by 79%, and the service sector contributed 63% to economic growth in the first three quarters. Market demand recovered quickly. In the first 10 months, the total retail sales of consumer goods increased by 6 percent year-on-year9%, and the contribution rate of final consumption expenditure to economic growth in the first three quarters reached 832%。The investment structure continued to be optimized, and manufacturing investment increased by 6 in the first 10 months2%, of which investment in high-tech manufacturing increased by 113%。Quality and efficiency continue to improve. The growth of new kinetic energy accelerated, and the output of solar cells and new energy vehicles increased in the first 10 months7%。In the third quarter, the profits of industrial enterprises above designated size turned from decline to increase for the first time after declining year-on-year for five consecutive quarters. In the first three quarters, the per capita disposable income of residents nationwide increased by 5 percent year-on-year9%, 01 percentage point. Market confidence continues to improve. In the manufacturing purchasing managers' index (PMI) in November, the expected index of production and business activities was 558%, up for 2 consecutive months. The international mainstream voice is optimistic about China's economic prospects, and the International Monetary Fund (IMF) has recently changed China's GDP growth rate in 2023 and 2024 from2% to6%；The Organisation for Economic Co-operation and Development (OECD) recently increased China's GDP growth rate from 5 in 20231% to 52%。
Looking ahead, China's economic development still has many favorable conditions and supporting factors. First, it has the advantages of the socialist system with Chinese characteristics. Second, it has the demand advantage of a super-large-scale market. Third, it has the supply advantage of a complete industrial system. Fourth, it has the power advantage brought about by the continuous deepening of reform and opening up. Fifth, it has a relatively large space for macroeconomic regulation and control policies.
On the whole, since the beginning of this year, China's economy has overcome difficulties and challenges, withstood downward pressure, and its economic recovery has shown the characteristics of wave-like development and zigzag progress, and the overall economic operation has picked up for the better, and its contribution to global economic growth will reach one-third this year, which is still the largest engine of global growth. China's economy is resilient, has sufficient potential, has wide room for maneuver, and its long-term positive fundamentals have not changed and will not change, and it is confident and more capable of achieving long-term stable development, and will continue to bring new impetus and new opportunities to the world with China's new development.