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Macro Economy

Monthly Review on Macro-Economic Performance (No.6, 2018)


Issue No.6, 2018 (Total 102)


In July, China’s economic development was relatively smooth. The supply-side performance remained stable, and the growth of market-oriented investment such as real estate investment, manufacturing investment and private investment continued to increase. Industrial added value increased by 6.0% year on year and the growth rate broke even with the previous month. Profits of industrial enterprises continue to increase, and the credit risk remained generally stable. At the same time, we need to pay attention to the short-term downward performance from the demand side. In July, the cumulative growth rate of fixed assets investment dropped sharply by 0.5 percentage points compared with the previous month, and the growth of infrastructure investment continued to decline; the growth of total retail sales of social consumer goods decreased by 0.2 percentage points month on month and the export growth remained stable. The price performance was moderate, the CPI growth inched up, and the PPI growth dropped slightly. In light of the projected targets, the economy development was stable with improvement, but the downward trend caused by multiple factors needs to be resolved in time. We need to adhere to the general principle of seeking progress while maintaining stability, and strive to improve the coordination of macro policies. We need to take fiscal, monetary, financial and relevant measures to ensure a stable economic performance in terms of employment, finance, foreign trade, foreign and domestic investment and market sentiments. We need to pay more attention to the role of fiscal policies in expanding domestic demand and cultivating new growth drivers; we need to fully consider the time-lag effect of monetary policies and the pro-cyclical behavior of the financial sector and control the intensity in the implementation of monetary policies; we need to formulate real estate control policies based on the different situation of various cities, focus on the combination of stabilizing demand and increasing supply and give full play to the respective functions of government and market. The macro control should become more targeted and effective so as to create a good macro-environment for promoting high-quality development and increasing support for fighting three critical battles against potential risks, poverty and pollution.