Press Conference on the 2019 Economic Performances in Wuxi in the First Quarter

Time: 10:45, April 24, 2020

Venue: Press Center, 3F, Building 2, Wuxi Civic Center

Spokesman: Yang Jinchao, Deputy Director of the Wuxi Municipal Bureau of Statistics

Attendees:

Wang Wei, Head of the Discipline Inspection Group of the Wuxi Inspection Team of the National Bureau of Statistics

Memoir

Notification on the Economic Performances in Wuxi in the First Quarter of 2019

Wuxi Municipal Bureau of Statistics

Discipline Inspection Group of the Wuxi Inspection Team of the National Bureau of Statistics
April, 24, 2020

In the first quarter, the economy underwent severe tests. Under the strong leadership of the CPC Wuxi Municipal Committee and the Wuxi Municipal People’s Government, all departments in all districts "strengthened both pandemic prevention and control and economic development", promoted resumption of production in an accurate and orderly way in various industries and accelerated the recovery of economic and social operations. The whole city's economic performances showed a good trend of recovery. According to the unified accounting results of the regional GDP, the whole city achieved a regional GDP of 246.524 billion yuan in the first quarter, a decrease of 5.0% year-on-year in comparable prices, ranking fourth in Jiangsu Province and second in southern Jiangsu. In view of different industries, the added value of the primary industry reached 1.865 billion yuan, a decrease of 0.1% year-on-year; that of the second industry was 105.821 billion yuan, a decrease of 8.5% year-on-year; and that of the tertiary industry was 138.838 billion yuan, a decrease of 2.1% year-on-year. The registered unemployment rate in urban areas was 1.75%, a decrease of 0.03% year-on-year.

I. Industry: The decline rate narrowed month-on-month. The key industries rose again.

In the first quarter, the whole city's total industrial output value reached 339.437 billion yuan, a decrease of 10.3% year-on-year, which was 9.4% less than that from January to February. The industrial electricity consumption decreased by 14.1% year-on-year, which was 7.1% less than that from January to February and consistent with the trend of industrial production. In view of different industries, the output value of 8 industries out of 33 industries increased year-on-year, which was expanded than that from January to February. Among them, the growth rate of the output value of the ten major industries has rebounded month-on-month, among which the communication electronics industry turned positive, with an increase of 3.7% year-on-year; the decline in output value of the textile, non-ferrous metals, metal products and electrical machinery industries was 10 % reduced month-on-month.

II. The growth rate ranked in the forefront in Jiangsu Province with different degree in different industries

From January to February, the whole city's service industries above destinated size achieved operating revenue of 14.472 billion yuan, a year-on-year decrease of 6.0%, ranking second in the province and first in southern part of Jiangsu.

 
III. Investment: Ranking in Jiangsu Province rose. Investment in new industries was accelerated.

In the first quarter, the whole city completed fixed asset investment of 72.017 billion yuan, a year-on-year decrease of 5.1%, of which industrial investment was 33.883 billion yuan, a year-on-year decrease of 2.4%, which was narrowed by 21.0% and 11.9% than those in January and February, ranking fourth in Jinagsu Province and third in southern part of Jiangsu. The rankings in the province rose two and one places than those in January and February.


IV. Consumption: 2 rankings rose. Upgrading consumption recovered.

In the first quarter, the whole city's total retail sales of social consumer goods was 61.448 billion yuan, a year-on-year decrease of 17.3%, which was 3.8% narrower than in from January to February, ranking fourth in Jiangsu Province and second in southern part of Jiangsu, rising 1 place than those in January and February.


V. Export and foreign investment: The trade surplus was increased and the decline in foreign investment was narrowed.

In the first quarter, the whole city's total imports and exports reached USD 19.67 billion, a year-on-year decrease of 11.9%, of which exports totaled USD 11.219 billion, a year-on-year decrease of 16.1%, which were 2.8% and 4.6% less than those in January and February. The trade surplus was USD 2.768 billion, an increase of USD 1.372 billion than that from January to February.

 

VI. Finance: The fiscal revenues and expenditures declined. The financial balances increased.

 

In the first quarter, the whole city's general public budget revenue was 25.596 billion yuan, a year-on-year decrease of 6.5%, ranking fifth in Jiangsu Province and third in southern part of Jiangsu. The general public budget expenditure was 29.474 billion yuan, a year-on-year decrease of 5.5%.

 
VII. Price & Income: The grow rate of goods price fell. The income ranked in the forefront of Jiangsu Province.

 

In the first quarter, the consumer price index (CPI) was 104.4, a decrease of 0.5% than that from January to February. Seen from the survey of eight kinds of goods and services and compared with those in the same period last year, prices of six items increased and two dropped. Among them, the price of food, tobacco and alcohol was soaring, with an increase of 13.1%; that of clothing and medical care dropped by 0.1% and 1.3% respectively.

 

In the first quarter, the per capita disposable income of all residents was 17,115 yuan, a year-on-year increase of 1.8%, ranking third in Jiangsu Province and second in southern Jiangsu region. Among them, the per capita disposable income of urban permanent residents was 18,267 yuan, a year-on-year increase of 2.5%. The per capita disposable income of rural permanent residents was 13,617 yuan, a year-on-year decrease of 1.4%.

 

In general, the economic performance of Wuxi was basically stable in the first quarter. The main economic indicators showed a clear recovery. The industry was steadily recovering. The investment was increased. The recovery of consumption accelerated. The barometers of the economy such as financial loans, industrial electricity and railway freight volume were gradually rising. All these laid solid foundation for the comprehensive victory of pandemic prevention and control and economic and social development. Next, everyone in the whole city should continue to promote pandemic prevention and control and economic and social development and strive to strengthen the resilience of Wuxi's sustained economic development and stimulate the vitality and potential of economic development, so as to minimize the losses caused by the COVID-19 pandemic and help Wuxi's economy develop smoothly and healthily.

 

Indicator Explanation

 

(1) The growth rate of regional GDP, added value of industries above designated size and their classified items shall be calculated based on price parity. Other indicators shall be calculated at current prices apart from those with special instructions.

 

(2) From 2017, the new Industrial Classification for National Economic Activities (GB/T 4754-2017) came into force.

 

(3) The scope of statistics of the industries above designated size shall be industrial enterprises with annual main business income of 20 million yuan and above.

 

(4) The enterprises above designated size in the total retail sales of consumer goods refer to wholesale enterprises with annual main business income of 20 million yuan and above, retail enterprises with annual main business income of 5 million yuan and above and accommodation and catering enterprises with annual main business income of 2 million yuan and above.

 

(5) The scope of statistics of service enterprises above designated size refers to the legal entities in the service industry with an annual operating income of 20 million yuan and above in Wuxi, including: transportation industry, warehousing industry, postal industry, information transmission industry, software industry, information technology service industry, water conservancy industry, environment industry, public facilities management industry and health industry; legal entities in the service industry with an annual operating income of 10 million yuan and above in Wuxi, including: leasing and business service industry, scientific research and technical service industry, education industry, property management industry, real estate intermediary service industry, real estate leasing management industry and other real estate industries; and legal entities in the service industry with an annual operating income of 5 million yuan and above in Wuxi, including: residential service industry, repair and other service industries, cultural industry, sports industry, entertainment industry and social work industry.

 

(6) Employment data comes from the Wuxi Municipal Bureau of Human Resources and Social Security. Import and export data comes from Wuxi Customs. Foreign investment data comes from the Wuxi Municipal Bureau of Commerce. Fiscal and tax data comes from the Wuxi Municipal Bureau of Finance. Financial data comes from People's Bank of China Wuxi Office. Logistics data comes from the Wuxi Municipal Postal Administration.

(7) Some data’s aggregate and itemized total may be inconsistent due to round-off.

 

Question 1: Judging from the data released just now, the GDP of Wuxi in the first quarter dropped significantly. However, most indicators showed rebound in March. Could you please explain in detail the characteristics and highlights of the economic operation in the first quarter?

 

(Answerer: Yang Jinchao, Deputy Director of the Wuxi Municipal Bureau of Statistics)

 

Answer: Thank you for your question. Judging from the data and introduction I just released, the COVID-19 pandemic has indeed had a great impact on the economic operation of Wuxi. Compared with those in the same period of 2019, apart from financial loans, the growth rates of other indicators have declined to varying degrees. However, compared with those in the previous two months, with the steady advancement of the work resumption of enterprises and the accelerated recovery of economic and social order, the major economic indicators rebounded significantly in March. From January to February, the decline rates of industry, power use, investment, consumption, export and foreign capital decreased. Among them, those of investment and foreign capital respectively decreased by over 10%. The growth rate of the financial indicator increased than that in January and February. Ranking of the growth rates of investment, consumption and foreign capital rose than those in January and February. All these reflected the good toughness of Wuxi's economic development.

 

In addition, the good development of new industries and new business forms has brought vitality to Wuxi's economy.

 

Firstly, the pharmaceutical industry developed in full swing to take the lead in economic growth. From the perspective of production, in the first quarter, 43 pharmaceutical manufacturing industry above designated size in the whole city realized output of 8.982 billion yuan, a year-on-year increase of 17.5%, an increase of 7.1% than that from January to February and an increase of 27.8% than that of the industry above designated size. The export delivery output of the 43 pharmaceutical manufacturing enterprises above designated size increased by 20.5% on a year-on-year basis, with growth rate ranking in the forefront in the industry, which was 33.5% higher than that of the industry above designated size. From the perspective of consumption, the retail sales of 33 pharmaceutical sales enterprises in the first quarter was 967 million yuan, a year-on-year increase of 13.0%, which was 27.1% higher than the limited retail sales in the whole city. Secondly, the production and investment of the high-tech industry developed to promote economic growth. Production: from the perspective of the industry, in the first quarter, the high-tech manufacturing industry realized output of 73.277 billion yuan, a year-on-year increase of 2.0%, an increase of 9.1% than that from January to February and an increase of 12.3% than that of the high-tech industry above designated size. From the perspective of the service industry, the high-tech industry above designated size realized operation revenue of RMB 6.537 billion yuan, which was 45.2% of the service industry above designated size, a year-on-year decrease of 2.5% and 3.5% higher than that of the service industry above designated size. Investment: In the first quarter, the high-tech industry investment was 16.46 billion yuan, accounting for 22.9% of the total investment, a year-on-year increase of 9.3%. Among them, the high-tech manufacturing investment was 15.46 billion yuan, a year-on-year increase of 14.0%, which was respectively 17.2% and 17.8% higher than those in January and February and 14.4% and 19.1% faster than the total investment in January and February. Thirdly, the support effect of online consumption is becoming more and more significant. In the first quarter, the turnover of limited online retail and wholesale industry in the whole city was 1.956 billion yuan, a year-on-year increase of 24.3%. And the limited online meal service revenue of the housing and catering industry was 398 million yuan, a year-on-year increase of 110.3% year-on-year, which boosted the whole city's limited retail sales of 2.2%. Among them, the fast-food industry's online meal service revenue was 391 million yuan, a year-on-year increase of 121.5%. And the meal fee income accounted for 98.2% of the housing and catering industry, driving the city's retail sales growth by 0.8%. The logistics industry related to it also resumed positive growth. In the first quarter, the whole city's total express delivery business and revenue increased by 4.8% and 4.1% respectively.

 

In general, Wuxi's economy in the first quarter ran with good toughness and chances despite of risks. Its ability to resist risks was relatively strong in Jiangsu Province, which was in line with the good development trend mentioned earlier that "there was a rebound and overall recovery in March". Thank you.

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