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Chemical Industry Economic Performance Improves in the First Three Quarters!
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According to China Chemical News, economic performance data for the first three quarters were released on October 18. At a press conference held by the State Council Information Office, Sheng Laiyun, spokesperson for the National Bureau of Statistics and Director-General of the Department of Comprehensive Statistics of the National Economy, stated that despite the complex and volatile international environment and new developments and challenges in the domestic economy, China’s national economy has maintained an overall healthy performance and continues to move in line with the objectives of macroeconomic regulation. Preliminary estimates indicate that GDP for the first three quarters reached RMB 32.0692 trillion, up 9.4 percent year on year. By quarter, growth was 9.7 percent in the first quarter, 9.5 percent in the second quarter, and 9.1 percent in the third quarter.
According to China Chemical News, data on the performance of the national economy for the first three quarters were released on October 18. At a press conference held by the State Council Information Office, Sheng Laiyun, Spokesperson of the National Bureau of Statistics and Director-General of the Department of Comprehensive Statistics of the National Economy, stated that despite the complex and ever-changing international environment and the emergence of new developments and challenges in the domestic economy, the overall performance of China’s national economy remains sound and continues to move in line with the objectives of macroeconomic regulation. Preliminary estimates indicate that GDP for the first three quarters totaled RMB 32.0692 trillion, representing a year-on-year increase of 9.4%. By quarter, growth was 9.7% in the first quarter, 9.5% in the second quarter, and 9.1% in the third quarter.
Statistical data show that in the first three quarters, the value added of industries above designated size nationwide increased by 14.2 percent year on year. By sector, all 39 major industrial categories recorded year-on-year growth in value added. In September, the value added of the chemical raw materials and chemical products manufacturing sector rose by 14.8 percent year on year, with a cumulative increase of 15 percent for the period January–September. From January to August, profits of industrial enterprises above designated size nationwide totaled RMB 3.2281 trillion, up 28.2 percent year on year. In the first three quarters, crude oil processing reached 333.52 million tonnes, an increase of 6 percent year on year; ethylene output amounted to 11.40 million tonnes, up 10.1 percent year on year.
According to Sheng Laiyun, fixed-asset investment maintained relatively rapid growth. In the first three quarters, fixed-asset investment totaled RMB 21.2274 trillion, up 24.9% year on year. Among them, investment in the secondary sector increased by 26.9% year on year, with investment in the oil and natural gas extraction industry reaching RMB 162.8 billion, a year-on-year increase of 1.5%.
In response to widespread public concern about whether the Chinese economy will experience a double-dip recession, Sheng Laiyun analyzes that since the start of the third quarter, the global economy has undergone several new developments, with financial markets becoming increasingly volatile. These developments have inevitably exerted an impact on China’s economy. Moreover, globally, rising prices and mounting inflationary pressures are intensifying, while trade protectionism is on the rise. “However, from the perspective of the drivers of economic growth, it remains highly likely that China’s macroeconomy will continue to maintain steady and relatively rapid growth in the next phase. The probability of the economy entering a double-dip recession in the period ahead is very low.”
In addition, the recently released China Economic Industry Prosperity Index shows that, in the first three quarters, among ten industries—including petroleum, chemicals, nonferrous metals, steel, and coal—prosperity improved in coal, chemicals, and nonferrous metals, while it declined in cement; the remaining industries maintained stable performance. Chemicals and cement are currently in the moderately warm “yellow-light” zone, whereas the other eight industries remain in the “green-light” zone of normal operation. Pan Jiancheng, Deputy Director of the China Economic Prosperity Monitoring Center of the National Bureau of Statistics, pointed out that overall industrial performance in the third quarter was stable, and there is no cause for concern about a “hard landing” for the Chinese economy.
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