National Bureau of Statistics： Since the beginning of this year, the gradual release of China’s consumption potential has enhanced the pulling effect on economic growth.

　　CCTV News:On June 15th, the State Council held a press conference on the operation of the national economy in May 2023. Fu Linghui, spokesperson of the National Bureau of Statistics and director of the comprehensive statistics department of the national economy, said at the meeting that from the situation in May, the growth rate of the main production demand indicators has improved to varying degrees. Since the beginning of this year, with the full recovery of normal operation of the economy and society, the previously suppressed production demand has rebounded. Judging from the situation in various countries, there will be a rebound after the economic operation returns to normal operation. With the economic operation gradually returning to normal operation, it will gradually enter a steady recovery trend. Judging from the current situation, due to the low base last year, the economic growth in the second quarter was significantly faster than that in the first quarter. In the third and fourth quarters, with the improvement of the base, the economic operation will return to the normal growth level. From the perspective of the whole year, there are many favorable supports for the economy to achieve its expected development goals throughout the year. There are mainly the following aspects:

　　First, the role of consumption has gradually increased. Since the beginning of this year, China’s consumption potential has been gradually released, and its pulling effect on economic growth is increasing. In the first quarter, the contribution rate of final consumption expenditure growth to economic growth has reached 66.6%. From January to May, the year-on-year growth rate of total retail sales of social consumer goods was 3.5 percentage points faster than that in the first quarter. Service consumption is growing well. From January to May, the national box office revenue increased by more than 40% year-on-year, and the catering revenue increased by 22.6%. During the May 1 holiday, residents’ travel increased significantly, which led to the expansion of related consumption. At present, the overall improvement of the employment situation is conducive to increasing residents’ income and improving their spending power. Various departments actively introduce policies to promote consumption, which will enhance residents’ willingness to consume. The deep integration of online and offline consumption and the accelerated development of new consumption formats and new models are also conducive to expanding consumption. The strengthening of consumption will effectively promote economic recovery.

　　Second, the accumulation of innovation kinetic energy has increased. Since the beginning of this year, China has deeply implemented the innovation-driven development strategy, actively promoted the self-reliance and self-improvement of science and technology, and the development trend of high-end, intelligent and green production is obvious, and the development of new kinetic energy has grown stronger. From January to May, the added value of equipment manufacturing above designated size increased by 6.8% year-on-year, and the production index of information transmission, software and information technology services increased by 11.3%, all of which maintained rapid growth; The output of industrial control computers and systems and polysilicon increased by 33.4% and 84.2% respectively. The pace of green and low-carbon transformation has accelerated, and new energy products have grown rapidly. From January to May, the output of solar cells increased by 53.6% year-on-year, and the kinetic energy of innovation and development increased, which will effectively promote industrial upgrading and development, accelerate the formation of a modern industrial system, promote the transformation of economic growth momentum, and lay a solid foundation for the stable and healthy development of China’s economy.

　　Third, the dividend of reform and opening up continues to emerge. Since the beginning of this year, China has deepened the reform of key areas and key links, actively promoted the construction of a high-standard market system, accelerated the construction of a unified national market, steadily expanded institutional opening, accelerated the creation of a market-oriented and legalized international business environment, vigorously stabilized the trade of traditional trading partners, and actively expanded economic and trade cooperation with RCEP and countries along the Belt and Road Initiative, with continuous results. From January to May, China’s total import and export volume of goods increased by 4.7% year-on-year, and the total import and export volume with countries along the Belt and Road increased by 13.2%. Judging from the utilization of foreign capital, the actual utilization of foreign capital in China’s high-tech industries increased by 12.8% from January to April.

　　In the next step, comprehensively deepening reform, expanding high-level opening up and steadily advancing will inject strong impetus into economic development. Of course, we must also see that the current international environment is complex and severe, the recovery of the world economy is still weak, the spillover effect of policy contraction in major developed economies appears, and there are many unstable and uncertain factors. Insufficient domestic market demand, lower prices, more difficulties for business entities, and weak foundation for economic recovery. Despite the pressure and challenges, the fundamentals of China’s long-term economic improvement have not changed, and the characteristics of strong resilience, great potential and wide space are obvious. Since the economy and society have fully resumed normal operation, macroeconomic policies have made concerted efforts, and economic operation has recovered and high-quality development has steadily advanced.