Central Bank's China Monetary Policy Implementation Report for the Second Quarter of 2009

Summary of China Monetary Policy Implementation Report In the first half of 2009, under the influence of a package of economic stimulus plans to cope with the international financial crisis, the positive factors in the operation of China's national economy have been increasing, and the trend of stabilizing is becoming more and more obvious. The agricultural development momentum is good, the growth rate of industrial production is picking up faster; consumption continues to grow rapidly, and investment growth is gradually accelerating. In the first half of the year, the gross domestic product (GDP) reached 14 trillion yuan, a year-on-year increase of 7.1%; the consumer price index (CPI) fell by 1.1% year-on-year.
In accordance with the unified arrangements of the Party Central Committee and the State Council, the People's Bank of China closely follows the main tasks of “guaranteeing growth, expanding domestic demand, and restructuring the structure” and conscientiously implements a moderately loose monetary policy. Guide financial institutions to increase their support for economic development under the premise of controlling risks, and ensure that the total amount of money and credit meets the needs of economic development. We will conduct open market operations in a timely and appropriate manner and keep the liquidity of the banking system reasonable and sufficient. Guide financial institutions to optimize the credit structure, adhere to the principle of “different treatment, protection and pressure”, and continue to strengthen credit support for people's livelihoods such as “agriculture, rural areas and farmers”, employment, education, post-disaster reconstruction, and consumption, and increase industrial transfer. Financing support for independent innovation and coordinated regional economic development. Strengthen the coordination of monetary policy with fiscal policy and industrial policy to create a good monetary and financial environment for economic development.
Overall, a moderately loose monetary policy has been effectively transmitted. In the first half of the year, the total amount of money and credit grew rapidly, and the credit structure continued to be optimized. It played an important role in reversing the downward trend of economic growth and boosting market confidence, and strongly supported the steady and rapid development of the economy. At the end of June 2009, the broad money supply M2 balance was 56.9 trillion yuan, a year-on-year increase of 28.5%, and the growth rate was 11.2 percentage points higher than the same period of the previous year. Enterprises and residents' demand deposits increased more. Various loans continued to grow rapidly, the proportion of medium and long-term loans gradually increased, and the growth rate of personal consumption loans rose sharply. In the first half of the year, RMB loans increased by 7.37 trillion yuan, an increase of 4.9 trillion yuan year-on-year. At the end of June, the balance of RMB loans was 37.7 trillion yuan, a year-on-year increase of 34.4%, and the growth rate was 20.2 percentage points higher than the same period of the previous year. The lending rate of financial institutions continued to decline. In June, the weighted average interest rate of non-financial companies and other sectors' RMB loans was 4.98%, down 0.58 percentage points from the beginning of the year. The RMB exchange rate remained basically stable at a reasonable and balanced level. At the end of June, the central parity of the RMB against the US dollar was 6.8319 yuan.
At present, China's economic development is in a critical period of stabilization and recovery. There are still many difficulties and challenges. The foundation for economic recovery is still not stable, and there are still many uncertainties in international and domestic instability. However, with the further implementation of the package plan to deal with the crisis, domestic demand is expected to further expand, and the national economy will continue to maintain steady and rapid growth.
In the next stage, the People's Bank of China will continue to promote the steady and rapid development of the economy as the primary task of financial macro-control in accordance with the unified arrangements of the Party Central Committee and the State Council, maintain policy continuity and stability, and unswervingly continue to implement moderate easing. The monetary policy has consolidated the momentum of economic stabilization and recovery. Grasp the focus, intensity and rhythm of moderately loose monetary policy, pay attention to the support of monetary and credit growth to the growth of real economy, handle the relationship between supporting economic development and preventing financial risks, and maintain moderate growth of money and credit. Continue to guide financial institutions to optimize the credit structure, adhere to the principle of credit, and handle the relationship between growth and structural adjustment. We will continue to promote interest rate liberalization reform and improve the mechanism for the formation of the RMB exchange rate. Continue to promote financial system reform, improve the competitiveness of financial institutions and the efficiency of resource allocation in financial markets, and maintain financial stability.
The first part of the money and credit profile In the first half of 2009, the rapid growth of money and credit, moderately loose monetary policy was effectively transmitted, and financial support for economic development continued to increase, playing a vital role in promoting economic stability.
I. Rapid growth of money supply At the end of June, the balance of broad money supply M2 was 56.9 trillion yuan, a year-on-year increase of 28.5%. The growth rate was 11.2 percentage points higher than the same period of the previous year and 3.0 percentage points higher than the end of the first quarter. The narrow money supply M1 balance was 19.3 trillion yuan, a year-on-year increase of 24.8%. The growth rate was 10.6 percentage points higher than the same period of the previous year and 7.8 percentage points higher than the end of the first quarter. The balance of cash M0 in circulation was 3.4 trillion yuan, a year-on-year increase of 11.5%, and the growth rate was 0.8 percentage points lower than the same period of the previous year. In the first half of the year, the net cash withdrawal was 57.8 billion yuan, compared with a net investment of 6.1 billion yuan in the same period last year.
In the first half of the year, the growth rate of M2 and M1 continued to rise, and the overall expansion trend was the highest since May 1996 and since May 1995. Among them, the growth of M1 has obviously accelerated, and the growth rate has increased to more than 20% at the end of June.
2. The growth rate of deposits in financial institutions increased, and demand deposits increased more.
At the end of June, the balance of deposits in both local and foreign currencies of all financial institutions (including foreign-funded financial institutions, the same below) was 58.1 trillion yuan, a year-on-year increase of 28.7%. The growth rate was 10.8 percentage points higher than the same period of the previous year and an increase of 10.1 trillion yuan from the beginning of the year. , an increase of 5.2 trillion yuan year on year. Among them, the balance of RMB deposits was 56.6 trillion yuan, a year-on-year increase of 29.0%. The growth rate was 10.2 percentage points higher than the same period of the previous year, an increase of 10.0 trillion yuan from the beginning of the year, an increase of 5.0 trillion yuan over the same period of last year; the balance of foreign exchange deposits was 2081. One hundred million US dollars, an increase of 16.0%, the growth rate was 17.8 percentage points higher than the same period of the previous year, an increase of 15.4 billion US dollars from the beginning of the year, a year-on-year increase of 3.3 billion US dollars.
From the perspective of the distribution and duration of RMB deposits, household deposits maintained a relatively high level of growth, and the growth of non-financial corporate deposits accelerated significantly, and corporate demand deposits increased more. The year-on-year growth rate of RMB deposits of households has remained above 28% since 2009. The balance at the end of June was 25.4 trillion yuan, a year-on-year increase of 28.3%. The growth rate was 13.7 percentage points higher than the same period of the previous year and 3.2 trillion yuan more than the beginning of the year. , an increase of 975.4 billion yuan year on year. The balance of RMB deposits of non-financial companies was 27.6 trillion yuan, a year-on-year increase of 34.8%. The growth rate was 14.7 percentage points higher than the same period of the previous year, an increase of 5.9 trillion yuan from the beginning of the year and an increase of 4.2 trillion yuan year-on-year. In the first half of the year, corporate demand deposits increased by 2.1 trillion yuan year-on-year. The company's liquidity reserve is relatively sufficient. Overall, it reflects the expected improvement of the future economic situation, and it is expected to gradually increase production and operation investment. At the end of June, the balance of fiscal deposits was 2.5 trillion yuan, down 11.0% year-on-year, an increase of 688.3 billion yuan from the beginning of the year, a year-on-year increase of 335.1 billion yuan.
Third, financial institutions' loans grew rapidly, and the proportion of medium and long-term loans rose sharply.
At the end of June, the balance of domestic and foreign currency loans of all financial institutions was 39.8 trillion yuan, a year-on-year increase of 32.8%. The growth rate was 17.5 and 5.8 percentage points higher than the same period of the previous year and the end of the first quarter, respectively, an increase of 7.7 trillion yuan from the beginning of the year. More than 5.0 trillion yuan. At the end of June, the balance of RMB loans was 37.7 trillion yuan, a year-on-year increase of 34.4%. The growth rate was 20.2 and 4.7 percentage points higher than the same period of the previous year and the end of the first quarter respectively, an increase of 7.37 trillion yuan from the beginning of the year and an increase of 49,000 over the same period of the previous year. 100 million yuan. Affected by factors such as the implementation of central investment projects in batches and the reduction of the minimum capital ratio of fixed asset investment projects, RMB loans in the second quarter maintained a relatively fast growth momentum, adding 2.8 trillion yuan, an increase of 1.7 trillion yuan year-on-year. In terms of institutions, the credit share of state-owned commercial banks declined, and the share of credit for joint-stock commercial banks and city commercial banks increased. In the second quarter, the proportion of new loans from state-owned commercial banks to new loans from all financial institutions fell by 16.6 percentage points from the first quarter, while that of joint-stock commercial banks and city commercial banks increased by 4.5 and 3.7 percentage points respectively. At the end of June, the balance of foreign exchange loans was US$295.4 billion, up 8.1% year-on-year, down 40.6 percentage points from the same period of the previous year, but up 19.8 percentage points from the end of the first quarter. The growth rate rebounded faster. Foreign exchange loans increased by 51.7 billion U.S. dollars from the beginning of the year, a year-on-year increase of 3.6 billion U.S. dollars. The increase was slightly narrower than that of the first quarter, mainly due to the increase in medium and long-term loans and import and export trade financing.
From the perspective of RMB loan investment, the growth of household loans has increased steadily, and loans from non-financial companies and other sectors have maintained rapid growth. At the end of June, household loans increased by 23.8% year-on-year, a growth rate of 2.7 percentage points higher than the same period of the previous year, 6.9 percentage points higher than the end of the first quarter, and an increase of 1.1 trillion yuan from the beginning of the year, an increase of 599 billion yuan over the same period last year. Among them, household consumer loans increased by 650.6 billion yuan compared with the beginning of the year, an increase of 391.8 billion yuan year-on-year, and the growth momentum gradually accelerated. This is related to the recent rapid recovery of the real estate market. Personal housing loans increased by 466.2 billion yuan from the beginning of the year, an increase of 283.5 billion yuan over the same period of last year. The operating loans of households increased by 410.1 billion yuan compared with the beginning of the year, an increase of 207.1 billion yuan over the same period last year. Non-financial companies and other sectors' loans increased by 37.0% year-on-year, a growth rate of 24.4 percentage points higher than the same period of the previous year, an increase of 6.3 trillion yuan over the beginning of the year and an increase of 4.3 trillion yuan year-on-year, mainly due to the growth of medium and long-term loans and bill financing. fast. Among them, medium and long-term loans increased by 2.0 trillion yuan year-on-year, and major infrastructure project supporting loans were implemented in a timely and effective manner; bill financing increased by 1.7 trillion yuan year-on-year, but the proportion of incremental growth has decreased rapidly from the second quarter, mainly with Financial institutions are concerned with increasing the adjustment of asset structure.
Medium and long-term loans for the renminbi are mainly invested in the infrastructure industry, business services and real estate. In the first half of the year, major financial institutions (including state-owned commercial banks, policy banks, joint-stock commercial banks and city commercial banks) invested in the infrastructure industry (transportation, warehousing and postal services, electricity, gas and water production and supply, water conservancy, RMB medium and long-term loans for the environmental and public facilities management industry and business services industry were 1.6 trillion yuan and 424.6 billion yuan respectively, accounting for 51.6% and 13.7% of new medium and long-term loans, respectively, higher than the same period of the previous year. 3.8 and 7.7 percentage points; medium and long-term loans to the real estate industry were 350.1 billion yuan, accounting for 11.3% of new medium and long-term loans, 7.9 percentage points lower than the same period of the previous year.
IV. Ample liquidity in the banking system At the end of June, the balance of the base currency was 12.4 trillion yuan, a decrease of 529.2 billion yuan from the beginning of the year and an increase of 7.4% year-on-year. At the end of June, the currency multiplier was 4.59, which was 0.75 and 0.32 higher than the same period of the previous year and the end of the first quarter, respectively, and the monetary expansion capacity increased. At the end of June, the excess reserve ratio of financial institutions was 1.55%. Among them, the four major state-owned commercial banks were 1.15%, the joint-stock commercial banks were 0.95%, and the rural credit cooperatives were 4.26%.
5. Loan interest rates of financial institutions continued to fall Since 2009, the interest rate of RMB loans of financial institutions has continued to fall. In June, the weighted average interest rate of non-financial companies and other sectors' RMB loans was 4.98%, down 0.58 percentage points from the beginning of the year. Among them, the weighted average interest rate of general loans is 5.70%, and the weighted average interest rate of bill financing is 1.95%, which is 0.53 and 0.94 percentage points lower than the beginning of the year. The personal housing loan interest rate continued to decline. The weighted average interest rate in June was 4.34%, down 0.6 percentage points from the beginning of the year.
The proportion of loans that perform the downward movement and the benchmark interest rate increased. In June, the proportion of non-financial companies and other sectors in general loans and benchmark interest rates was 30.47% and 33.70%, respectively, up 4.91 and 3.57 percentage points from the beginning of the year; the proportion of loans with floating interest rates was 35.83%. It was 8.48 percentage points lower than the beginning of the year.
Domestic and foreign currency deposit and loan interest rates continued to decline. Affected by the continued decline in international financial market interest rates, foreign currency loan interest rates fell month by month. In June, the loan interest rates for the three months and three (including three months) to six months were 1.49% and 1.48%, respectively, down 2.17 and 2.54 percentage points from the beginning of the year. The interest rate on domestic dollar deposits declined slightly. In June, the interest rate of large US dollar deposits during the current period and within 3 months was 0.11% and 0.32% respectively, down 0.74 and 0.90 percentage points respectively from the beginning of the year; many financial institutions lowered the interest rate of small foreign currency deposits within 3 million US dollars, among which The 1-year US dollar deposit rate was lowered to 0.75-0.85%.
6. The RMB exchange rate remained basically stable at a reasonable and balanced level. In the first half of the year, the RMB exchange rate remained basically stable at a reasonable and balanced level. At the end of June, the central parity of the RMB against the US dollar was 6.8319 yuan, an appreciation of 27 basis points from the end of the previous year, an appreciation of 0.04%; the central parity of the RMB against the euro and the Japanese yen was 1 euro against 9.6408 yuan, and 100 yen against 7.1117. Yuan Renminbi, which rose by 0.19% and 6.37% respectively from the end of the previous year. Since the exchange reform, by the end of June 2009, the exchange rate of the RMB against the US dollar, the euro and the Japanese yen has appreciated by 21.14%, 3.87% and 2.73% respectively.
The RMB exchange rate has risen and fluctuated in both directions. In the first half of the year, the central parity of the RMB against the US dollar was 6.8201 yuan, the lowest was 6.8399 yuan, the maximum single-day appreciation was 0.07% (50 basis points), and the maximum single-day depreciation was 0.07% (50 basis points), 118 transactions. It rose in 61 trading days in the day and depreciated in 57 trading days.
The second part of the monetary policy operation
Since 2009, in accordance with the unified arrangements of the Party Central Committee and the State Council, the People's Bank of China has closely focused on the main tasks of “guaranteeing growth, expanding domestic demand, and restructuring the structure”, conscientiously implementing a moderately loose monetary policy, keeping the liquidity of the banking system reasonable and sufficient, and guiding finance. The organization optimizes the credit structure, strengthens risk prevention, and creates a good monetary and financial environment for economic development.
First, timely and appropriate open market operations
Since 2009, the People's Bank of China has closely followed and actively responded to changes in the domestic and international economic and financial situation, timely and moderately carried out open market operations, maintained a reasonable and appropriate liquidity of the banking system, and stabilized market expectations. The first is to further strengthen liquidity governance. According to the liquidity supply and demand of the banking system at various stages and the changes in the market environment, the operation and rhythm of the open market operation were reasonably grasped. In the first half of the year, the cumulative repurchase operation was 2.29 trillion yuan, and the central bank bills were issued at 1.41 trillion yuan. As of the end of June, the central bank's bill balance was 4.15 trillion yuan. The second is to continuously optimize the combination of operating tools. On the one hand, to maintain the appropriate strength of short-term repurchase, through a reasonable mix of 28-day and 91-day repurchase operations, further improve the flexibility of the banking system to cope with short-term liquidity fluctuations; Resume the issuance of 3-month and 1-year central bank bills and optimize the hedging instrument portfolio. The third is to enhance the flexibility of interest rate in the open market. In response to the new situation in which market interest rate fluctuations have risen since the resumption of new share issuance in late June, open market operations have enhanced interest rate flexibility, and while effectively guiding market expectations, the market interest rate has been further adjusted to adjust the relationship between supply and demand. As of the end of July, the 28-day repurchase, 91-day repurchase and 3-month central bank bill operating rates increased by 22, 14 and 28 basis points respectively from the beginning of the year; 1-year central bank bill issuance rate since July Since the restart on the 9th, it has risen by nearly 20 basis points. The fourth is to carry out the central treasury cash management operation in a timely manner. Strengthening the coordination of fiscal policy and monetary policy, the first seven months of the six-month treasury cash management commercial bank time deposit business, helping to improve the bank's income and maintain the continuity of operations.
Second, strengthen "window guidance" and credit policy guidance The People's Bank of China adheres to "differential treatment, protection and pressure", and guides financial institutions to further optimize the structure of credit funds to meet the needs of the development of the real economy and economic restructuring, and to guard against financial risks. First, strengthen the coordination of credit policies with fiscal policies and industrial policies, increase the allocation of supporting loans to central investment projects, strengthen financial support for the adjustment and revitalization of the top ten key industries, and do a good job of “home appliances going to the countryside” and “cars going to the countryside”. "Financial ancillary services such as policies. Second, continue to earnestly do a good job in credit support for “agriculture, rural areas and farmers”, small and medium-sized enterprises, employment, aiding schools, post-disaster reconstruction, and consumption, and increase financing support for industrial transfer, independent innovation, and coordinated regional economic development; Loans for companies with high energy, high pollution and overcapacity. The third is to require financial institutions to adhere to the credit principle and effectively prevent and control credit risks.
Third, steadily promote the reform of financial enterprises The reform of large-scale state-controlled commercial banks continued to deepen and their business performance continued to improve. Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Bank of Communications have continued to strengthen corporate governance, deepen the reform of risk management system and internal control system, accelerate the transformation of service models, focus on optimizing business structure, and continue to solidly promote infrastructure and product innovation. Profitability and competitiveness. As of the end of March 2009, the capital adequacy ratios of Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Bank of Communications were 12.11%, 12.34%, 12.37% and 12.77%, respectively, and the non-performing loan ratios were 1.97%, 2.24% and 1.90% respectively. And 1.62%, the profit before tax was 45.624 billion yuan, 25.287 billion yuan, 33.978 billion yuan and 10.128 billion yuan respectively.
The reform of the shareholding system of the Agricultural Bank of China and the China Development Bank continued. On the basis of improving the division of labor on the “three-level level”, the Agricultural Bank of China has continuously deepened the corporate governance structure and accelerated the reform of the internal audit system to improve the internal control level. At the same time, it has earnestly implemented the principles for “agriculture, rural areas and farmers” and commercial operations. The “Three Rural” Financial Department has continuously expanded the county-level business sector reform pilot program, and increased credit support for “agriculture, rural areas and farmers” by increasing the amount of micro-credit loans for rural households and increasing rural infrastructure construction loans. The China Development Bank is steadily promoting the internal system construction of risk management and internal control, and steadily expanding its business areas and improving its operational mechanism.
The reform of policy-based financial institutions has been fully carried out. In March 2009, the People's Bank of China and the relevant departments set up a working group for the reform of the Export-Import Bank of China and the China Export Credit Insurance Corporation. The working group conducted in-depth research on key issues such as policy financial institution function positioning, business scope, risk control, and governance structure, and promoted the two organizations to carry out internal reforms and promote their continuous improvement of policy financial services. At the same time, the People's Bank of China actively worked with relevant departments to study the issues related to the reform of the China Agricultural Development Bank and prepare for the implementation of the overall plan for reform.
The reform of rural credit cooperatives has made important progress and phased results. Funding support is basically in place. By the end of June, a total of 159.6 billion yuan of special papers had been paid to 2,296 county (city) rural credit cooperatives, and the redemption progress reached 95%; special loans were 1.5 billion yuan. The implementation of the financial support policy is progressing smoothly, and it has played an important positive incentive role in supporting and promoting reform. The quality of assets has improved significantly. At the end of June, according to the four-category classification of loans, the balance and proportion of non-performing loans of rural credit cooperatives in China were 320.3 billion yuan and 7.2% respectively, which was 19 billion yuan and 30 percentage points lower than that at the end of 2002. The financial strength has been significantly enhanced. At the end of June, the balance of deposits and loans of the National Rural Credit Cooperatives was 6.6 trillion yuan and 4.5 trillion yuan respectively. The balance of various loans accounted for 11.9% of the total loan balance of financial institutions across the country, an increase of 1.3 percentage points compared with the end of 2002. The funding for supporting agriculture has increased significantly. At the end of June, the national rural credit cooperatives' agricultural loan balance was 2 trillion yuan, accounting for 45% and 96% of their loans and agricultural loans of national financial institutions, respectively. Compared with the end of 2002, they increased by 5 and 15 respectively. percentage point. The reform of the property rights system continued to advance. By the end of June, the country had established 27 rural commercial banks and 174 rural cooperative banks, and established a unified legal entity with counties (cities) as the unit.
IV. Actively Participating in the International Financial Crisis Response Cooperation The People's Bank of China actively responds to the needs of neighboring countries and regions, and has signed bilateral currency swap agreements with six economic monetary authorities including South Korea, Hong Kong, Malaysia, Belarus, Indonesia, and Argentina to support bilateral trade. And investing to jointly cope with the international financial crisis. On April 8, the State Council approved the pilot of cross-border trade RMB settlement in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. In line with market demand, the People's Bank of China and relevant departments have formulated the “Measures for the Administration of Cross-border Trade RMB Settlement Pilots”, which was implemented on July 1, 2009; the “Implementation Rules for the Measures for the Administration of Cross-border Trade RMB Settlement Pilot Regulations” was issued, and the RMB was uniformly regulated. Trade settlement business activities, steadily promote the pilot work, maintain the normal development of trade between China and neighboring countries and regions, and provide more convenience for enterprises.
V. Deepening the reform of the foreign exchange governance system First, implement the central government's deployment of stable exports, and strive to ease the difficulties of enterprises in collecting and collecting foreign exchange. Improve the export settlement and settlement network verification and management, increase the proportion of advance payment and deferred payment to 30%, and small advance receipts, deferred payment and prepayments are not included in the ratio. The second is to improve foreign exchange governance of overseas direct investment and support enterprises to “go global”. It is promised that eligible enterprises of various types of ownership use various funds such as self-owned foreign exchange and RMB purchase of foreign exchange for overseas lending within the quota approved by the overseas investment authorities, so as to alleviate the problem of insufficient financing and insufficient liquidity of overseas direct investment enterprises. The third is to further simplify the procedures and procedures for foreign exchange administrative examination and approval. Decentralization of the foreign exchange business of 10 capital projects, such as the opening of the capital account in different places and the provision of guarantees by domestic institutions. Fourth, continue to promote the construction of the foreign exchange market. Trial the net settlement of inquiry transactions in the inter-bank foreign exchange market to reduce the credit risk and liquidation risk of foreign exchange transactions. The fifth is to strengthen the monitoring of foreign exchange liquidity of financial institutions, guide financial institutions to properly balance the security, liquidity and profitability of domestic and foreign investment, adjust the domestic and foreign asset structure, and increase financial support for import and export.
6. Improve the RMB exchange rate formation mechanism and continue to improve the floating exchange rate system based on market supply and demand, with reference to a basket of currencies for adjustment and governance, and exert market supply and demand in the formation of the RMB exchange rate in accordance with the principle of initiative, controllability and gradualism. The basic role is to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
The third part of the financial market analysis
In the first half of 2009, China's financial market continued to operate in a healthy and stable manner, and the market was liquid. Currency market transactions were active, market interest rates rose steadily; bond market trading volume continued to increase, bond index fluctuated slightly; stock market trading volume increased significantly, and stock index rose sharply. The total amount of financing of domestic non-financial institutions (including households, non-financial enterprises and government departments) grew rapidly, up 186.1% year-on-year. From the perspective of financing structure, loans are still the main financing method, and the proportion of government bond financing (including local government bonds) and corporate bond financing has increased significantly.
I. Analysis of the operation of financial markets
(1) The currency market was active in trading, and the interest rate was stable. The money market bond repo transactions increased substantially, and the lending transactions rose steadily. In the first half of the year, the cumulative turnover of bond repurchasing in the inter-bank market was 35.6 trillion yuan, with an average daily turnover of 292.1 billion yuan. The average daily turnover increased by 39.6% year-on-year; the inter-bank borrowings totaled 7.9 trillion yuan, and the average daily turnover was 65 billion yuan. It increased by 7.8% year-on-year. In terms of term structure, repo and lending market transactions were mainly concentrated in overnight varieties, with trading shares of 78.2% and 82%, respectively, up 23.7 and 13.8 percentage points year-on-year. The cumulative turnover of government bond repo in the exchange market was 1.32 trillion yuan, a year-on-year increase of 36.8%.
From the perspective of money market financing structure, the financing entities mainly have the following characteristics: First, in the case of continuous liquidity, state-owned commercial banks are the main capital suppliers in the repo market and the lending market, and the amount of funds raised has increased significantly year-on-year. Second, due to the relatively low financing income of the money market and the liquidity governance strategy, the amount of net financing of other commercial banks decreased significantly. Third, due to the continued recovery of the capital market, the capital needs of securities companies, fund companies and insurance companies rose sharply. . In the first half of the year, the net capital of securities and fund companies increased nearly 7 times year-on-year, and the net income of insurance companies increased by 85.7%.
The interest rate derivatives market is running smoothly. In the first half of the year, bond forwards and interest rate swaps increased steadily. Bonds were most actively traded in 2-7 days, and interest rate swaps were dominated by one-year and one-year periods. The forward rate agreement transactions were less, and the nominal principal amount decreased slightly year-on-year. Shibor's role in the pricing of interest rate derivatives has continued to strengthen. In the first half of the year, Shibor-based interest rate swaps accounted for 30.7% of the total RMB interest rate swap transactions, and the forward rate agreements were all based on Shibor.
Money market interest rates have risen steadily. In the first half of the year, the monthly weighted average interest rates of pledged bond repo and interbank borrowing were basically stable at around 0.85%. In the middle and late June, affected by factors such as the restart of new share issuance, the short-term interest rate rose within 14 days. The monthly weighted average interest rate of pledged bond repurchase and interbank borrowing in June was 0.91%, both of which increased by 0.06 percentage points from the previous month. As of the end of June, the overnight and 7-day Shibor were 1.09% and 1.2117%, respectively, up 0.14 and 0.21 percentage points respectively from the beginning of the year, up 0.28 and 0.26 percentage points respectively from the previous month; the 3-month and 1-year Shibor were respectively 1.3179% and 1.8688%, respectively, decreased by 0.46 and 0.49 percentage points respectively from the beginning of the year, up by 0.1 and 0.02 percentage points respectively from the previous month.
(II) The trading volume of the bond market continued to increase, and the bond index fluctuated slightly. The inter-bank bond market was active in spot trading. Affected by factors such as abundant market liquidity, a large increase in the supply of government bonds and the continued recovery of the stock market, in the first half of the year, the cumulative turnover of spot bond transactions was 21.7 trillion yuan, with an average daily turnover of 177.9 billion yuan, a year-on-year increase of 34.8%. The exchange of bonds on the exchange's government bonds was 110.7 billion yuan, an increase of 34.4 billion yuan over the same period of the previous year. In the inter-bank spot market, in addition to state-owned commercial banks' net purchase of cash bonds of 693.2 billion yuan, other commercial banks and other financial institutions sold net prizes of 339.6 billion yuan and 321.3 billion yuan respectively.
The bond index fluctuated slightly. In the first half of the year, the overall trend of the inter-bank market bond index was stable, with a downward trend since mid-May. The China Bond Index's wealth index fell from 0.722 points at the beginning of the year to 131.45 points at the end of June, down 0.77 points, or 0.59%.
The inter-bank market bond yield curve generally showed a steep trend. In the first half of the year, due to the relatively abundant market capital, the yield of short-term government bonds was at a low level, while the yield of medium- and long-term government bonds rose steadily. Since June, due to market expectations and the “squatting” effect of the stock market and the bond market, the yield curve of the national debt has moved upwards. The long-term yield of the 3-15 year period has increased significantly, and the individual maturity has risen. About 20 basis points.
The overall size of bond issuance has grown rapidly. In the first half of the year, the bond primary market issued a total of 2.08 trillion yuan of bonds (excluding central bank bills), an increase of 95.7 billion yuan, an increase of 92.2%, and the growth of its China bonds, bank subordinated bonds, hybrid capital bonds and corporate bonds. Faster, the issuance of policy financial bonds has been significantly reduced. In the first half of the year, the Ministry of Finance issued a total of RMB 165.9 billion in local government bonds. In terms of time limit, the issuance of short- and medium-term bonds under the 5-year period accounted for 69.9%, up 5.5 percentage points year-on-year. At the end of June 2009, the balance of bond custody of China Government Securities Depository Trust & Clearing Co., Ltd. was 15.8 trillion yuan, a year-on-year increase of 16.6%. The bond issuance interest rate has increased. The interest rate of 10-year book-entry interest-bearing government bonds issued in June 2009 was 3.09%, which was 0.19 percentage points higher than the interest rate of the same-term government bonds issued in December of last year. Other bond issuance rates have also increased.
Shibor continues to play a role in bond issuance pricing. In the first half of the year, a total of 114 corporate bonds were issued with a total circulation of 183.7 billion yuan, all of which were based on Shibor pricing; short-term financing bills were referenced to Shibor with a price of 43. The circulation was 57.1 billion yuan, accounting for 38% of the total issuance; According to Shibor, the price is 15 and the circulation is 24.2 billion yuan, accounting for 6% of the total circulation.
(III) Bill financing growth slowed down quarter by quarter In the first half of the year, enterprises issued a total of 5.4 trillion yuan of commercial bills, a year-on-year increase of 72%; accumulated discounts of 12.8 trillion yuan, a year-on-year increase of 134%; cumulative re-discounting of 1.41 billion yuan. At the end of June, the unexpired amount of commercial drafts was 5.0 trillion yuan, a year-on-year increase of 74%; the discounted balance was 3.6 trillion yuan, an increase of 182% year-on-year; the rediscounted balance was 890 million yuan. In the second quarter, the proportion of bill financing to new loans decreased significantly, mainly due to the decrease in the issuance of bills. It was also related to the financial institutions' efforts to adjust the asset structure and compress bills to meet medium and long-term loan demand. Affected by changes in the money market interest rate and the supply and demand of the bill market, the interest rate of bills has been running smoothly at a low level since 2009, which is conducive to reducing the financing cost of enterprises.
(IV) Stock index rose sharply in fluctuations Due to factors such as the stabilization of the national economy, the overall rise of the major economies, and the abundance of market liquidity, the stock index rose sharply in the volatility, and the trading volume of the stock market was significantly enlarged. In the first half of the year, the cumulative turnover of the Shanghai and Shenzhen stock markets was 22.18 trillion yuan, a year-on-year increase of 30.9%; the average daily turnover was 188 billion yuan, a year-on-year increase of 33.1%. At the end of June, the market value of the market was 9.12 trillion yuan, an increase of 101.6% from the end of the previous year. At the end of June, the Shanghai Composite Index and Shenzhen Composite Index closed at 2959 and 962 respectively, up 62.5% and 73.9% respectively from the end of the previous year, and basically rebounded to the end of the second quarter of last year. The average P/E ratio of A shares in Shanghai and Shenzhen stocks rose from 15 times and 17 times respectively at the end of the previous year to 25 times and 36 times at the end of June 2009.
Stock market financing amount increased slightly year-on-year. According to preliminary statistics, in the first half of the year, non-financial enterprises and financial institutions raised a total of 91.9 billion yuan through issuance, issuance, allotment, warrants and convertible bonds in domestic and overseas stock markets, a year-on-year decrease of 147.2 billion yuan, a decrease of 61.6%. Among them, A-share issuance and allotment financing was 87.9 billion yuan, a year-on-year decrease of 109.1 billion yuan, a decrease of 55.4%.
(V) The growth rate of the total assets of the insurance industry rebounded. The growth of premium income slowed down. In the first half of the year, the insurance industry realized a total premium income of 598.6 billion yuan, a year-on-year increase of 6.6%, an increase of 44.5 percentage points year-on-year. Among them, personal insurance income increased by 3.6%, an increase of 60.3 percentage points year-on-year; property insurance income increased by 16.4%, an increase of 3.4 percentage points year-on-year. The insurance industry accumulated compensation and payment of 160.8 billion yuan, a year-on-year increase of 4.2%.
The growth rate of the total assets of the insurance industry rebounded. At the end of June, the total insurance assets were 3.71 trillion yuan, a year-on-year increase of 22.6%, an increase of 3.3 percentage points over the same period last year. Among them, the growth rate of investment assets was 15.9%, an increase of 13.4 percentage points year-on-year; the growth rate of bank deposits was 49.7%, an increase of 57.1 percentage points year-on-year.
(VI) The foreign exchange market operated steadily The overall performance of the foreign exchange market was stable, the trading volume of swaps continued to climb, and the volume of forward transactions and “currency pairs” decreased more. RMB foreign exchange swap transactions were active, with a cumulative turnover of US$288.7 billion, and average daily volume increased by 35.6% year-on-year. In foreign exchange swap market transactions, the US dollar currency remained the main currency of the transaction, with overnight RMB-dollar foreign exchange swap transactions. The volume accounted for 63.3% of the total trading volume, up 9.2 percentage points from the end of the previous year, and the short-term trading trend was further enhanced. The cumulative turnover of the RMB foreign exchange forward market was 3.2 billion US dollars, and the average daily trading volume decreased by 74%. The cumulative transaction volume of the eight pairs of “currency pairs” was equivalent to US$16.4 billion, and the average daily trading volume decreased by 44.1%. The transaction volume was mainly USD/HKD and In EUR/USD, its trading volume accounted for 74.3% of the total volume.
(VII) Increase in trading volume in the gold market In the first half of the year, the gold market of the Shanghai Gold Exchange was basically stable. The accumulated turnover of gold was 1999.8 tons, up 1.9% year-on-year; the turnover was 403.61 billion yuan, down 1.3% year-on-year. The cumulative turnover of silver was 3485.7 tons, an increase of 112.5% ​​year-on-year; the turnover was 10.39 billion yuan, a year-on-year increase of 49.9%. The cumulative turnover of platinum was 30.8 tons, up 81.2% year-on-year; the turnover was 7.94 billion yuan, up 5.3% year-on-year.
In the first half of the year, the gold price trend of the Shanghai Gold Exchange was in line with the trend of gold prices in the international market. From January to early March, gold prices showed an upward trend; from March to June, gold prices fluctuated. In the first half of the year, the highest price of gold was 218 yuan / gram, and the lowest price was 178 yuan / gram. At the end of June, the price of gold was 207 yuan / gram, up 7.48% from the beginning of the year.
Second, the institutional construction of financial markets
(I) The new generation of local currency trading system in the interbank market is successfully launched. The trading system is one of the most important infrastructures in the interbank market. The stability, security and ease of use of the system directly affect the security and efficiency of the interbank market. In order to meet the requirements of the rapid development of the inter-bank market, the People's Bank of China established a new trading system in 2006. After three years of design, development and testing, the new generation of local currency trading system in the interbank market (hereinafter referred to as the “new trading system”) On June 29, 2009, it was officially launched. The new trading system absorbs the advantages of the original trading system and has significant improvements in system structure, trading functions, customer governance, and extended functions. In the first month of the launch of the new trading system, a total of 1,513 institutions registered in the new system, with a total of 52,249 quotations, 31,615 transactions, and a transaction volume of 12.5 trillion yuan; active trading of bonds, pledged repo, credit lending, etc. Forward, buy-back repo, and interest rate swaps are also traded. The successful launch of the new trading system marks the further strengthening of the infrastructure construction of the inter-bank bond market.
(II) Improve the basic system construction of the securities market First, reform and improve the new share issuance system. On June 10, the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) issued the "Guiding Opinions on Further Reforming and Improving the New Share Issuance System" to further improve the new share issuance mechanism and improve the issuance efficiency.现阶段主要推出四项措施：完善询价和申购的报价约束机制，形成进一步市场化的价格形成机制；优化网上发行机制，将网下网上申购参与对象分开；对网上单个申购账户设定上限；加强新股认购风险提示，提示所有参与人明晰市场风险。新股发行体制的改革和完善，使新股的市场价格发现功能得到优化，买卖双方的内在制衡机制得以强化；股份配售机制的有效性得到提升；在风险明晰的前提下，中小投资者的参与意愿得到重视；显着增强了一级市场的风险意识。
二是完善创业板相关配套制度。为积极稳妥推进我国创业板市场建设，完善创业板相关配套制度，证监会于5月13日公布《关于修改〈证券发行上市保荐业务治理办法〉的决定》和《关于修改〈中国证券监督治理委员会发行审核委员会办法〉的决定》，自2009年6月14日起施行。以上两个办法的修改建立了适应创业板特点的保荐制度和发审委制度，有利于切实发挥保荐人在创业板市场建设中的作用，发挥发审委的专业审核功能，以提高创业板上市公司质量，强化市场约束和风险控制。
三是加强对证券公司的监管。4月3日，证监会公布《关于加强上市证券公司监管的规定》。强调上市证券公司要按照从严的原则，严格执行证券公司监管法规和上市公司监管法规，不断完善法人治理结构，提高公司治理水平。5月26日，证监会正式发布《证券公司分类监管规定》，明确了5大类11个级别的证券公司分类标准和评价程序。《证券公司分类监管规定》的发布有利于有效实施证券公司常规监管，合理配置监管资源，提高监管效率，促进证券公司持续规范发展。
四是规范基金治理公司特定多个客户资产治理业务。《关于基金治理公司开展特定多个客户资产治理业务有关问题的规定》于5月5日正式公布，并于6月1日起施行。基金治理公司特定多个客户资产治理业务得到规范，有利于保护当事人的合法权益。
第四部分宏观经济分析 一、世界经济金融形势
2009年上半年，随着国际社会和各国大规模应对政策效果逐步显现，以全球股市反弹、大宗商品价格回暖、消费者信心指数回升、工业生产下滑速度放慢为标志，全球经济衰退初步出现放缓迹象。但未来仍面临许多不确定性因素，复苏将是一个缓慢、曲折的过程。
(一)主要经济体经济状况 美国经济出现企稳迹象。2009年第二季度，GDP季节调整后环比折年率为-1.0%，好于第一季度的-6.4%。就业形势滞后于经济发展，失业率继续攀升。第二季度各月失业率分别为8.9%、9.4%和9.5%(26年来新高)，平均为9.3%，较第一季度上升1.2个百分点。进出口大幅萎缩，但出口萎缩小于进口，贸易赤字明显减少。1-5月进、出口同比分别下降28.3%和18.7%，贸易赤字累计为1459亿美元，比上年同期的3053亿美元大大缩小。财政状况继续恶化，从2008年10月1日开始的2009财年前9个月累计赤字高达1.086万亿美元，远超上一财年全年4548亿美元的水平。价格水平逐步企稳，第二季度月均同比CPI为-0.9%，各月CPI环比涨幅分别为0.0%、0.1%和0.7%。
欧元区经济衰退放缓。2009年第一季度，GDP季节调整后环比下滑2.5%，比上年第四季度下滑0.7个百分点。5月份，季节调整后欧元区工业生产环比上升0.5%，为9个月以来首次为正。就业形势严重，第二季度各月失业率分别为9.2%、9.3%和9.4%，平均为9.3%，较第一季度上涨0.5个百分点。贸易逆差有所缩小，1-5月进、出口同比均下滑23%，累计贸易逆差65亿欧元，比上年同期134亿欧元的逆差有所缩小。价格水平处于低位，第二季度月均同比HICP为0.2%，各月HICP环比分别上涨0.4%、0.1%和0.2%。
日本经济仍然低迷。2009年第一季度，GDP季节调整后环比折年率大幅下滑14.2%，为战后最大降幅。就业形势持续恶化，第二季度各月失业率分别为5.0%、5.2%和5.4%(6年来最高)，比第一季度平均值4.4%提高0.8个百分点，比上年同期上升1.2个百分点。贸易形势严重，上半年进、出口同比分别下降38.6%和42.7%，累计贸易顺差83亿日元，大幅低于上年同期2.8万亿日元的顺差水平，但6月出口降幅放缓，贸易顺差同比大幅增长。价格水平缓慢回落，第二季度月均同比下降1.0%，各月CPI环比分别上涨0.1%、-0.2%和-0.2%。
主要新兴市场经济体和发展中国家(地区)经济在急剧恶化后出现复苏迹象。年初以来，资金外流和出口大幅下滑使得新兴市场和发展中国家经济增长明显减速，部分中东欧国家一度陷入严重的债务困境。但从第二季度起，在各国政府大规模救市举措刺激下，部分新兴市场经济率先出现微弱复苏迹象，非凡是全球经济衰退放缓使得市场风险偏好上升，资金再度回流带动新兴市场国家股市大幅回升。但由于新兴市场和发展中经济体的对外依靠程度仍然较高，在外部环境尚未稳定前，复苏基础仍不牢固。新兴市场经济体和发展中国家(地区)内部也开始出现分化趋势。亚洲国家由于财政和国际收支状况较好，外债负担较轻，有望首先开始复苏，东欧国家外债负担较重，经济前景相对黯淡，拉美地区则介于两者之间。
(二)国际金融市场概况 主要货币间汇率宽幅波动，美元先强后弱。年初，由于欧洲、日本等其他经济体衰退超出预期，美元受避险因素推动震荡走强。从3月起，全球经济复苏预期增加使避险需求减弱，加之各界对美国大规模财政赤字和超宽松政策影响美元长期稳定性的担忧加剧，美元有所贬值。截至6月底，欧元兑美元收于1.403美元/欧元，美元较年初贬值0.4%；美元兑日元收于96.3日元/美元，美元较年初升值5.9%。
伦敦同业拆借市场美元Libor低位波动。5月21日，1年期美元Libor降至上半年低点1.49%，之后受通货膨胀预期增强影响有所回升。6月30 日，1年期美元Libor为1.61%，较年初下降0.40个百分点；受欧央行连续降息影响，欧元区同业拆借利率Euribor持续下行。6月30日1年期Euribor为1.504%，比年初下降1.545个百分点。
主要经济体国债收益率整体上行。尽管3月以来主要经济体央行陆续公布入市购买国债一度压低国债收益率，但由于市场预期各经济体大规模经济刺激计划和极度宽松的货币政策将使未来几年内政府债券发行量攀升、通货膨胀压力增大，主要国债收益率整体上行。截至6月底，美国、欧元区和日本的10年期国债收益率分别收于3.537%、3.381%和1.352%，比年初上升1.313个、0.437个和0.184个百分点。
全球主要股市反弹。年初以来，受危机深化和世界经济减速影响，全球股市延续下跌趋势，但3月中上旬后，随着各国政府和国际社会相继推出大力度救市举措，加之国际经济金融形势相对缓和，市场信心有所提振，投资者风险偏好增加，全球主要股市开始大幅反弹，主要股指在4月都创出了10%以上的单月涨幅。6月末，道琼斯工业平均指数、纳斯达克指数、道琼斯欧元区STOXX50指数和日经225指数分别收于8447.0点、1835.0点、2401.7点和9958.4点，较3月末分别上涨11.0%、20.0%、16.0%和22.8%。
(三)主要经济体房地产市场走势 美国房地产市场略现企稳迹象。房价仍在缓慢下跌，2009年第一季度，美国全国房价指数环比下降0.55%，较上季的3.3%的跌幅有所放缓。继4月环比下降0.3%后，5月房价环比上涨了0.9%。6月，新房开工数为58.3万户，环比上升3.6%，为连续3个月环比上升，但较上年同期仍下降46%。新房销售数为38.4万户，环比上升11%，为8年来最大涨幅；待售新房数为28.1万户，降至11年来最低，环比下降4.1%。值得注重的是，受长期利率上升影响，房屋抵押贷款利率上升，30年期固定利率房屋抵押贷款平均利率6月底已升至5.20%左右，达近6个月来高位，可能制约房市复苏。
欧洲房地产市场持续低迷。英国Halifax房价指数1-6月环比涨幅分别为2.0%、-2.3%、-1.9%、-1.8%、2.6%和-0.5%。以法国为代表的欧洲其他国家房价也缓慢回落，房屋开工量持续萎缩。
日本房地产市场降温迹象明显。受资金流出、需求不振影响，日本房价持续走低。同时，新房开工数量持续萎缩，1-5月，新房开工数同比下滑幅度分别为10.9%、13.1%、24.6%、32.5%和34.0%。
(四)主要经济体货币政策
2009年以来，美联储公开市场委员会继续维持0～0.25%的联邦基金利率目标区间，日本银行也公布继续将无担保隔夜拆借利率维持在0.1%的水平。1 月15日，欧洲中心银行将主要再融资利率下调50个基点至2.0%，同时将存贷款便利利差从100个基点重新扩大到200个基点，并于3月5日、4月2日和5月7日，三次下调主要再融资利率50个基点、25个基点和25个基点至1.0%。英格兰银行于1月8日、2月5日和3月5日三度下调官方利率共150 个基点至0.5%，创建行300多年来新低。
在基准利率已降至“零”四周时，常规价格调控机制(利率)政策空间已十分有限，变动资产负债表规模的数量调节机制，即所谓的“非常规”货币政策成为各主要央行继续放松货币政策、调节金融市场的必然选择之一。
此外，金融危机的爆发也暴露出微观经济主体自身存在诸多问题，以及金融监管当局在某些方面的监管不力。为应对金融危机的蔓延，防范和化解金融风险，各主要经济体和国际组织也纷纷加强了金融监管方面的改革。5月27日，欧盟委员会发布了《欧洲金融监管》草案，提出建立新的欧洲金融监管体系。6月17日，美国政府公布全面金融监管改革方案，提出加强对金融机构监管、建立对金融市场的全方位监管、建立国际监管标准、促进国际合作等。
(五)国际经济形势展望 国际货币基金组织2009年7月猜测，全球经济开始走出二战以来最严重的衰退，但复苏仍将疲弱。基金组织预计，2009年全球经济增长率将从2008年的3.1%大幅放缓至-1.4%，比4月的猜测值低0.1个百分点，而在2010年经济有望实现2.5%的增长，比4月的猜测值调高0.6个百分点。美国、欧元区、日本的经济增长率将分别从2008年的1.1%、0.8%和-0.7%下降至-2.6%、-4.8%和-6.0%。新兴市场与发展中经济体增长率也将从6.0%放缓至1.5%。与此同时，发达经济体、新兴市场与发展中经济体的通货膨胀率也将分别从2008年的3.4%和9.3%降至2009年的0.1%和5.3%。世界贸易增长率将从2008年的2.9%降至-12.2%，并于2010年实现1.0%的微弱增长。
鉴于此次全球性金融危机的根源复杂、波及范围广、破坏程度严重，目前出现的部分正面信号是否意味着经济衰退已经结束尚待观察。从目前情况看，尽管经济企稳的大趋势已基本确立，但复苏过程将可能是缓慢而曲折的。实体经济方面，消费、投资、进出口、房地产、劳动力市场等尚未形成能推动全球经济快速复苏的动力；金融领域方面，金融机构资产负债表的修复、金融体系盈利模式的重建、金融市场功能的恢复都需要很长时间。此外，复苏过程中仍然存在很多相互交织的风险因素，包括美元汇率、大宗商品价格走势、非常规财政和货币政策对通货膨胀预期的影响、保护主义抬头等，这些因素与复苏过程中不可避免的经济和金融市场震荡一起，将反复考验市场信心，影响复苏进程。
二、我国宏观经济运行分析
2009年上半年，国民经济运行中的积极因素不断增多，企稳向好势头日趋明显；农业发展势头良好，工业生产增速明显加快；消费稳定较快增长，投资增速持续加快，国内需求对经济增长的拉动作用显着增强。当前，宏观经济总体处于企稳回升的要害时期。上半年，国内生产总值(GDP)为14万亿元，同比增长7.1%，增速比上年同期回落3.3个百分点，比第一季度加快1.0个百分点；其中，最终消费、资本形成、货物和服务净出口分别拉动GDP增长3.8个、 6.2个和-2.9个百分点。居民消费价格指数(CPI)同比下降1.1%，比第一季度降幅加大0.5个百分点。贸易顺差970.2亿美元，比上年同期减少12.1亿美元，比第一季度增加347.3亿美元。
(一)国内需求稳步提高，国外需求大幅下降 城乡居民收入提高，国内市场销售继续平稳增长。上半年，城镇居民人均可支配收入为8856元，同比增长9.8%，扣除价格因素后实际增长11.2%，增速比上年同期加快4.9个百分点。农村居民人均现金收入2733元，同比增长8.1%，扣除价格因素，实际增长8.1%，增速比上年同期回落2.2个百分点。国内市场销售平稳较快增长。上半年，社会消费品零售总额同比增长15.0%，扣除价格因素后实际增长16.6%，比上年同期加快3.7个百分点，处于近十年来的相对较高水平。
固定资产投资继续快速增长。上半年，全社会固定资产投资完成9.1万亿元，同比增长33.5%，增速比上年同期加快7.2个百分点，比第一季度加快4.7个百分点；扣除价格因素后，实际增长38.3%，比上年同期加快20.6个百分点，比第一季度加快7.3个百分点。
对外贸易持续大幅下降，贸易顺差有所减少。上半年，进出口总额9462.4亿美元，同比下降23.4%，降幅比第一季度收窄1.6个百分点。其中，出口5216.3亿美元，同比下降21.8%，降幅比第一季度扩大2.0个百分点；进口4246.1亿美元，同比下降25.4%，降幅比第一季度收窄5.6个百分点。贸易顺差970.2亿美元，比上年同期减少12.1亿美元，比第一季度增加347.3亿美元。上半年，实际使用外商直接投资430亿美元，同比下降17.9%，降幅比第一季度收窄2.7个百分点。
(二)农业发展势头良好，工业生产增速加快 上半年，第一产业增加值1.2万亿元，同比增长3.8%，对经济增长的贡献率为4.0%；第二产业增加值7.0万亿元，同比增长6.6%，对经济增长的贡献率为48.6%；第三产业增加值5.8万亿元，同比增长8.3%，对经济增长的贡献率为47.4%。
农业生产发展势头良好，夏粮实现连续六年增产。全国夏粮产量2467亿吨，比上年增长2.2%。上半年，猪牛羊禽肉产量为3580万吨，同比增长6.3%。上半年，农产品生产价格(指农产品生产者直接出售其产品时的价格)同比下跌6.2%。农业生产资料价格同比涨幅为0.9%，比上年同期大幅降低18.8个百分点，但仍高于农产品生产价格涨幅，农民增收仍存在困难。
工业生产加快回升，企业利润降幅减缓。上半年，全国规模以上工业增加值同比增长7.0%，增幅较上年同期低9.3个百分点。其中，第一季度增长5.1%，第二季度增长9.1%。工业产品销售率有所下降，上半年工业产品产销率为97.2%，低于上年同期0.5个百分点。1-5月份，全国规模以上工业企业实现利润8502亿元，同比下降22.9%，较上年同期低43.8个百分点，但较1-2月份的增速高14.4个百分点。中国人民银行5000户工业企业调查显示，第二季度企业总体经营景气指数为12.1%，比上季上升4.6个百分点，结束了自上年第三季度以来逐季下滑的势头。
(三)价格总水平同比下降 居民消费价格同比下降，但剔除季节和不规则因素后的环比出现止跌迹象。上半年CPI同比下降1.1%，其中第一季度同比下降0.6%，第二季度同比下降1.5%。CPI同比下降主要是受基期因素影响。上半年，同比CPI中基期因素为-1.5%，新涨价因素为0.4%。2009年以来，剔除季节和不规则因素后的环比CPI稳中略升；12个月移动平均后的环比CPI保持稳定；当月环比CPI与当月历史均值之差自2009年第二季度开始上行；这些均显示当前我国价格总水平出现止跌迹象。
生产价格同比降幅继续加大，但剔除季节和不规则因素后的环比明显回升。上半年，工业品出厂价格同比下降5.9%，其中第一季度同比下降4.6%，第二季度同比下降7.2%。剔除季节和

Waterjet Hydraulic Piston And Ceramic Rod

Water Jet Parts, Water Jet Low Pressure Cylinder,Waterjet Hp Seal Kit,Waterjet Check Valve Outlet Body Adapter,Outlet Body Adapter For Waterjet Pump

87k Intensifier Pump Parts For Waterjet Waterjet Check Valve Outlet Body Adapter Water Jet Biscuit

Water Jet Parts Waterjet Hp Seal Kit,Water Jet Low Pressure Cylinder,Waterjet Check Valve Outlet Body Adapter,Outlet Body Adapter For Waterjet Pump

Foshan Hairan Machinery And equipment Co.,LTD , https://www.hairannozzle.com