China's economy: An engine of global growth

Despite the easing of growth from 2018's 6.6 percent, China remains the strongest engine of global growth in 2019.

The Chinese economy not only remained stable last year, it expanded 6.1 percent despite external turbulence. That suggests resilience backed by a vast domestic market, data released by the National Bureau of Statistics indicated.

"The economy was generally stable last year, with a steady rise in the quality of development," said Ning Jizhe, head of the NBS.

China's annual GDP came in at 99.09 trillion yuan ($14.4 trillion) last year, while per-capita GDP topped $10,000 for the first time at $10,276, Ning said.

1GDP expands 6.1%

China registered annual growth of 6.1 percent year-on-year, which is within the country's target range of 6 percent to 6.5 percent set for 2019, according to the National Bureau of Statistics.

China remains the strongest engine of global growth in 2019, said Ning Jizhe, head of the NBS.

There was 6 percent year-on-year GDP growth in the last quarter, which was unchanged from Q3 of 2019.

2CPI rises 2.9%

China's consumer price index, a main gauge of inflation, rose 2.9 percent year-on-year in 2019, within government targets of 3 percent, official data showed on Jan 9.

The growth picked up from 2.8 percent in the first 11 months, and was above the 2.1percent annual increase in 2018, according to the National Bureau of Statistics.

In December, CPI climbed 4.5 percent year-on-year, unchanged from November.

3PPI drops 0.3%

China's producer price index, which measures costs for goods at the factory gate, dropped 0.3 percent year-on-year in 2019, the National Bureau of Statistics said on Jan 9.

It was down from a growth of 3.5 percent recorded in 2018.

In December, PPI dropped 0.5 percent year-on-year, shrinking from a 1.4-percent decline in November.

4PMI at 49.7%

The purchasing managers' index, an indicator of manufacturing sector health, stood at 49.7 percent on average for 2019, compared with 50.9 percent the previous year.

For the second month in a row, China's official PMI for manufacturing stood at 50.2 in December 2019.

A reading above 50 percent indicates expansion, while a reading below reflects contraction.

5Fiscal revenue up 3.8%

China's fiscal revenue rose 3.8 percent year-on-year to 19.04 trillion yuan in 2019, according to the Ministry of Finance.

The central government collected more than 8.93 trillion yuan in fiscal revenue, up 4.5 percent year-on-year, while local governments saw fiscal revenue expand 3.2 percent to top 10.11 trillion yuan.

6Industrial output up 5.7%

The country registered a 5.7 percent industrial output growth last year, compared with 6.2 percent in 2018.

Value-added industrial output rose 6.9 percent in December from a year earlier, 0.7 percentage points faster than the previous month.

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan.

7FAI increases 5.4%

Fixed-asset investments expanded 5.4 percent year-on-year in 2019, versus 5.9 percent for the previous year.

Month-on-month, December saw a 0.44 percent increase in FAI, while private investment expanded 4.7 percent compared with the previous year.

8Retail sales up 8.0%

China's retail sales of consumer goods rose 8.0 percent to more than 41.16 trillion yuan in 2019, with the number in December increasing 8.0 percent year-on-year to 3.88 trillion yuan, according to the NBS.

Online retail sales reached 10.6 trillion yuan, a year-on-year growth of 16.5 percent.

9Imports, exports continue to rise

China's foreign trade volume rose 3.4 percent year-on-year to surpass 31.54 trillion yuan, the NBS said.

Among the figures, exports climbed 5.0 percent to total 17.23 trillion yuan, while imports surged 1.6 percent to 14.31 trillion yuan. Thus, the trade surplus was 2.92 trillion yuan, expanding 25.5 percent.

10FDI rises 5.8%

Foreign direct investment rose 5.8 percent in 2019 to reach 941.5 billion yuan in 2019, the Ministry of Commerce said.

According to the MOC, more than 40,000 foreign-funded companies were set up in China during the whole year, with China retaining its status as second-largest FDI recipient country.

China's non-financial outbound direct investment dropped 6 percent year-on-year to 807.95 billion yuan in 2019, the MOC announced.

11New yuan loans improve

In 2019, new yuan-denominated lending totaled 16.81 trillion yuan, 643.9 billion more than the previous year according to the People's Bank of China.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, reached 198.65 trillion yuan at the end of December, up 8.7 percent from a year earlier, the central bank said, adding the growth rate was 0.6 percentage points higher than the same period last year.

The narrower measure of money supply, or M1, which covers cash in circulation plus demand deposits, rose 4.4 percent year-on-year to 57.6 trillion yuan at the end of December. M0, the amount of cash in circulation, was up 5.4 percent year-on-year to 7.72 trillion yuan.

12Property investment climbs 9.9%

China's real estate investment went up 9.9 percent year-on-year to reach 13.22 trillion yuan, the NBS said.

Newly released data showed that growth figure was lower by 0.3 percentage points from the first 11 months, while rising 0.4 percentage points from a year earlier.

13Growth of disposable income keeps pace with GDP

China's per-capita disposable income stood at 30,733 yuan in 2019, up 5.8 percent year-on-year in real terms, NBS figures showed, compared with GDP growth of 6.1 percent in the year.

Separately, urban and rural per capita disposable income reached 42,359 yuan and 16,021 yuan respectively in 2019, up 5.0 percent and 6.2 percent in real terms after deducting price factors.

14Job market remains stable

A total of 13.52 million new urban jobs were created last year, exceeding the target of over 11 million urban jobs, NBS data showed.

The surveyed urban unemployment rate nationwide stood at 5.2 percent in December. The monthly indicator was between 5 percent and 5.3 percent throughout 2019, also below the official ceiling.

15Power consumption sees slower growth

China's power consumption saw slower growth in 2019, according to the National Energy Administration.

Electricity use increased 4.5 percent year-on-year to 7.23 trillion kilowatt hours over the year, 4.5 percent lower than a year before.

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