Chinese economy grows steadily in first 9 months

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Chinese economy grows steadily in first 9 months

By People’s Daily

China’s economy grew steadily in the first three quarters of the year. The growth rate stayed in a reasonable scope thanks to the country’s efforts to deepen reform and opening up and actively cope with risks and challenges.

In the first three quarters, China’s employment, energy consumption, and steel market maintained stability, according to statistics from the Ministry of Human Resources and Social Security, National Energy Administration, and the China Iron and Steel Industry Association (CISA).

11.07 million urban jobs were created in the first nine months, an increase of 100,000 over the same period last year. The registered unemployment rate in urban areas in the first three quarters was 3.82 percent, the lowest over the years.

From January to September, electricity consumption in China grew by 8.9 percent year-on-year, 2 percentage points higher than that from a year ago, which also registered a record high in six years.

Coal consumption in electricity, steel, chemicals and construction material industries all increased, according to statistics. Apparent consumption of oil in the first nine months rose 3.4 percent year-on-year, the same figure as that of last year. The apparent consumption of natural gas in the first three quarters increased 16.7 percent year on year.

The steel industry achieved a supply-demand balance and an unprecedented steady momentum. In the first 9 months, the China Iron and Steel Association member enterprises reported combined sales revenue of 3.06 trillion yuan, a year-on-year increase of 14.47 percent.

The total profits of these enterprises stood at 229.96 billion yuan, up 86.01 percent year on year. The profitability approached that of industrial enterprises above designated size. The industry finally turned meager margins and even losses into profits.

In its latest report released on Oct 31, the World Bank elevated China’s ranking on business environment up by 32 spots, saying the country’s reforms in relevant sectors are remarkable, fast and effective.

According to the World Bank Group’s Doing Business 2019: Training for Reform report, China carried out a record number of reforms to improve business environment for medium and small-sized enterprises, and has made remarkable progress in 7 areas including starting businesses, dealing with construction permits, getting electricity and trading cross borders. The report raised China’s global ranking from the 78th to the 46th.

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