Industrial growth slowdown has inherent rationality
In the first quarter of this year, the growth rate of industrial added value of China's above-scale industries fell by 5.2 percentage points year-on-year. In April, the added value of industrial enterprises above designated size fell by 1.4 percentage points from March. From the analysis of various factors, the slowdown of industrial growth has inherent rationality. This is not only the normal phenomenon of the industrial economy from the obvious recovery after the implementation of the stimulus plan, but also the inevitable result of the increase in structural adjustment pressure.
First of all, the year-on-year growth rate of industrial added value fell in the first quarter of this year, which was inseparable from the higher base last year. Second, although the global economy continues to recover slowly, uncertainties have increased, especially the earthquake, tsunami and nuclear radiation disasters in Japan, which directly and indirectly affect the supply of key components in the automotive and electronics industries, and have a certain impact on China's industrial production. Third, the pressure of overcapacity has increased. Domestically increase the regulation of real estate, the slowdown in the growth of household appliances, furniture and building materials related to housing, coupled with the expiration of the subsidy policy for automobile consumption, which directly and indirectly affect the market demand for some industrial products, steel, building materials and The pressure of overcapacity in the automobile and other industries has increased, which has affected the industrial growth rate to a certain extent. Fourth, the cost of industrial production has risen and the constraints on production factors have intensified. The prices of energy and raw materials in the international market have risen sharply, and the domestic labor costs have continued to rise, which has caused greater pressure on industrial production, and the growth rate of some industries has declined. Due to the strong input inflationary pressure and inflation expectations, the monetary authorities tightened the monetary policy and regulated the scale of credit, and the cost of capital rose. Some enterprises, especially small and medium-sized enterprises, were tightly funded. Due to the rapid development of high energy-consuming industries, the contradiction between energy supply and demand is prominent.
Increased pressure on industrial restructuring
This year is the first year of the "Twelfth Five-Year Plan". The industrial economy faces the dual task of maintaining steady and rapid growth and accelerating structural adjustment. From the current industrial economic situation, industrial production growth is generally stable, but the growth rate on the demand side is slowing down, the growth of industrial product inventory is accelerating, and the pressure on overcapacity is increasing. It is necessary to increase structural adjustment and promote industrial transformation and upgrading.
To promote the adjustment of industrial structure, we must speed up the elimination of backward production capacity. We must strengthen technological transformation of enterprises. We must accelerate the cultivation and development of strategic emerging industries. We must strengthen energy conservation and emission reduction efforts and must actively expand the international market.
The industry will continue to grow steadily and rapidly throughout the year.
The rapid growth of industry plays a very important role in safeguarding and increasing supply, expanding employment and maintaining a stable and rapid development of the national economy. Looking forward to the whole year, China's industrial economy is facing steady and rapid development and faces many favorable conditions.
In terms of investment, we will actively and steadily promote urbanization, expand the scale of affordable housing construction, encourage the expansion of private investment, and investment will maintain a relatively fast growth trend. In terms of consumption, the state implements the strategy of expanding domestic demand, taking the expansion of consumer demand as a strategic priority, increasing the reform of the income distribution system, and the rapid growth of residents' income, which will create conditions for expanding consumer demand. On the international front, as the impact of international emergencies gradually weakens and the global economy continues to recover, it will drive faster growth in exports. At the same time, it is expected that the price hikes will gradually weaken in the second half of the year, which will also help ease inflationary pressures. These factors are conducive to improving the industrial development environment and promoting the rapid development of the industrial economy, thus creating more favorable conditions for the steady and rapid development of the economy throughout the year.
In the first quarter of this year, the growth rate of industrial added value of China's above-scale industries fell by 5.2 percentage points year-on-year. In April, the added value of industrial enterprises above designated size fell by 1.4 percentage points from March. From the analysis of various factors, the slowdown of industrial growth has inherent rationality. This is not only the normal phenomenon of the industrial economy from the obvious recovery after the implementation of the stimulus plan, but also the inevitable result of the increase in structural adjustment pressure.
First of all, the year-on-year growth rate of industrial added value fell in the first quarter of this year, which was inseparable from the higher base last year. Second, although the global economy continues to recover slowly, uncertainties have increased, especially the earthquake, tsunami and nuclear radiation disasters in Japan, which directly and indirectly affect the supply of key components in the automotive and electronics industries, and have a certain impact on China's industrial production. Third, the pressure of overcapacity has increased. Domestically increase the regulation of real estate, the slowdown in the growth of household appliances, furniture and building materials related to housing, coupled with the expiration of the subsidy policy for automobile consumption, which directly and indirectly affect the market demand for some industrial products, steel, building materials and The pressure of overcapacity in the automobile and other industries has increased, which has affected the industrial growth rate to a certain extent. Fourth, the cost of industrial production has risen and the constraints on production factors have intensified. The prices of energy and raw materials in the international market have risen sharply, and the domestic labor costs have continued to rise, which has caused greater pressure on industrial production, and the growth rate of some industries has declined. Due to the strong input inflationary pressure and inflation expectations, the monetary authorities tightened the monetary policy and regulated the scale of credit, and the cost of capital rose. Some enterprises, especially small and medium-sized enterprises, were tightly funded. Due to the rapid development of high energy-consuming industries, the contradiction between energy supply and demand is prominent.
Increased pressure on industrial restructuring
This year is the first year of the "Twelfth Five-Year Plan". The industrial economy faces the dual task of maintaining steady and rapid growth and accelerating structural adjustment. From the current industrial economic situation, industrial production growth is generally stable, but the growth rate on the demand side is slowing down, the growth of industrial product inventory is accelerating, and the pressure on overcapacity is increasing. It is necessary to increase structural adjustment and promote industrial transformation and upgrading.
To promote the adjustment of industrial structure, we must speed up the elimination of backward production capacity. We must strengthen technological transformation of enterprises. We must accelerate the cultivation and development of strategic emerging industries. We must strengthen energy conservation and emission reduction efforts and must actively expand the international market.
The industry will continue to grow steadily and rapidly throughout the year.
The rapid growth of industry plays a very important role in safeguarding and increasing supply, expanding employment and maintaining a stable and rapid development of the national economy. Looking forward to the whole year, China's industrial economy is facing steady and rapid development and faces many favorable conditions.
In terms of investment, we will actively and steadily promote urbanization, expand the scale of affordable housing construction, encourage the expansion of private investment, and investment will maintain a relatively fast growth trend. In terms of consumption, the state implements the strategy of expanding domestic demand, taking the expansion of consumer demand as a strategic priority, increasing the reform of the income distribution system, and the rapid growth of residents' income, which will create conditions for expanding consumer demand. On the international front, as the impact of international emergencies gradually weakens and the global economy continues to recover, it will drive faster growth in exports. At the same time, it is expected that the price hikes will gradually weaken in the second half of the year, which will also help ease inflationary pressures. These factors are conducive to improving the industrial development environment and promoting the rapid development of the industrial economy, thus creating more favorable conditions for the steady and rapid development of the economy throughout the year.
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