National Economy Maintained Recovery Momentum in the First Three Quarters

According to preliminary es- timates， the gross domestic product （GDP） in the first three quarters reached RMB 82，313.1 billion， a year-on-year increase of 9.8% at comparable prices， with an average two-year growth of 5.2%， 0.1 percentage point lower than the average two-year growth of the first half year. By quarter， the GDP for the first quarter increased by 18.3% year on year， with an average two-year growth of 5.0%； for the second quarter 7.9% year on year， with an average two-year growth of 5.5%； and for the third quarter 4.9% year on year， with an average two-year growth of 4.9%. By industry， for the first three quarters， the value added of the primary industry was RMB 5，143.0 billion， up by 7.4% year on year， or an average two-year growth of 4.8%； that of the secondary industry was RMB 32，094.0 billion， up by 10.6% year on year， or an average twoyear growth of 5.7%； and that of the tertiary industry was RMB 45，076.1 billion， up by 9.5% year on year， or an average two-year growth of 4.9%. The quarter-on-quarter GDP for the third quarter increased by 0.2%.

Industrial production continued to grow and business efficiency improved steadily

In the first three quarters， the total value added of industrial enterprises above the designated size grew by 11.8% year on year， or an average two-year growth of 6.4%. In September， the total value added of industrial enterprises above the designated size increased by 3.1% year on year， with an average twoyear growth of 5.0%； or up by 0.05% month on month. In terms of sectors， in the first three quarters， the value added of mining increased by 4.7% year on year； that of manufacturing increased by 12.5%； and the production and supply of electricity， thermal power， gas and water increased by 12.0%. The value added of high-tech manufacturing went up by 20.1% year on year， with an average two-year growth of 12.8%. In terms of products， the production of new-energy automobiles， industrial robots and integrated circuits increased by 172.5%， 57.8% and 43.1% year on year respectively， with the average twoyear growths all exceeding 28%. An analysis by types of ownership showed that in the first three quarters， the value added of state holding enterprises was up by 9.6% year on year； that of share-holding enterprises up by 12.0%； that of enterprises funded by foreign investors or investors from Hong Kong， Macao and Taiwan up by 11.6%； and that of private enterprises up by 13.1%. In September， the Manufacturing Purchasing ManagersIndex （PMI） stood at 49.6%， of which the PMI of high-tech manufacturing was 54.0%， 0.3 percentage points higher than that of last month； the Production and Operation Expectation Index was 56.4%.

In the first eight months， the total profits made by industrial enterprises above the designated size totaled RMB 5，605.1 billion， up by 49.5% year on year， or an average two-year growth of 19.5%； the profit rate of the business revenue of industrial enterprises above the designated size was 7.01%， 1.20 percentage points higher than last year.

The service sector recovered steadily and modern service industries grew

The first three quarters witnessed a steady recovery of the tertiary industry. Specifically， in the first three quarters， the value added of information transmission services， software and information technology services and transportation， storage and postal services increased by 19.3% and 15.3% year on year respectively， with an average two-year growth of 17.6% and 6.2% respectively. In September， the Index of Services Production grew by 5.2% year on year， 0.4 percentage point higher than that in August； or an average twoyear growth of 5.3%， 0.9 percentage point higher. In the first eight months， the business revenue of service enterprises above the designated size grew by 25.6% year on year， with an average two-year growth of 10.7%.

In September， the Business Activity Index for Services stood at 52.4%， 7.2 percentage points higher than that in August. Specifically， the Business Activity Index for railway transportation， air transportation， accommodation， catering， ecological protection and environment treatment， those hit hard by the epidemic and flood in August， all rebounded significantly to the level above the threshold. From the perspective of market expectation， the Business Activity Expectation Index for services stood at 58.9%， 1.6 percentage points higher than that of last month. Of the total， the Business Activity Expectation Index for sectors like railway transportation， air transportation and express mail service exceeds 65.0%.

Market sales continued to grow with sales of upgraded goods and basic living goods increasing fast

In the first three quarter， the total retail sales of consumer goods reached RMB 31，805.7 billion， up by 16.4% year on year， with an average two-year growth of 3.9%. In September， the total retail sales of consumer goods were RMB 3，683.3 billion， up by 4.4% year on year， 1.9 percentage points higher than that in August； an average two-year growth of 3.8%， 2.3 percentage points higher than that in August； the month-on-month growth was 0.30%. Analyzed by different areas， for the first three quarters， the retail sales of consumer goods in urban areas reached RMB 27，588.8 billion， up by 16.5% year on year， or an average two-year growth of 3.9%； and that in rural areas rose by 15.6% year on year to RMB 4，216.9 billion， with an average two-year growth of 3.8%. Grouped by consumption patterns， for the first three quarters， the retail sales of goods were RMB 28，530.7 billion， up by 15.0% year on year， or an average twoyear growth of 4.5%； and the revenue of catering was RMB 3，275.0 billion， up by 29.8% year on year， or an average two-year decline of 0.6%. Grouped by categories， the retail sales of gold， silver and jewelry， sports and recreational articles， cultural and office supplies and other upgraded consumer goods by enterprises above the designated size went up by 41.6%， 28.6% and 21.7% year on year respectively； that of basic goods like beverage， clothes， shoes， hats， and textiles and daily necessities went up by 23.4%， 20.6% and 16.0% year on year respectively. The online retail sales of the first three quarters reached RMB 9，187.1 billion， up by 18.5% year on year. Specifically， the online retail sales of physical goods totaled RMB 7，504.2 billion， up by 15.2% year on year， accounting for 23.6% of the total retail sales of consumer goods.

Investment in fixed assets scaled up and investment in high-tech industries and the social sector grew fast

In the first three quarters， the investment in fixed assets （excluding rural households） reached RMB 39，782.7 billion， up by 7.3% over that of last year， with an average two-year growth of 3.8%； the month-on-month growth in September was 0.17%. Specifically， the investment in infrastructure in the first three quarters was up by 1.5% year on year， an average two-year growth of 0.4%； manufacturing up by 14.8% year on year， an average two-year growth of 3.3%； and real estate development up by 8.8% year on year， an average twoyear growth of 7.2%. The floor space of commercial buildings sold reached 1，303.32 million square meters， up by 11.3% year on year， an average two-year growth of 4.6%. The total sales of commercial buildings were RMB 13，479.5 billion， up by 16.6% year on year， an average two-year growth of 10.0%. By industries， in the first three quarters， the investment in the primary industry went up by 14.0% year on year； that in the secondary industry up by 12.2% year on year； and that in the tertiary industry grew by 5.0% year on year. The private investment went up by 9.8% year on year， an average two-year growth of 3.7%. The investment in high-tech industries grew by 18.7% year on year， an average two-year growth of 13.8%. Specifically， the investment in hightech manufacturing and high-tech services grew by 25.4% and 6.6% year on year respectively. In terms of high-tech manufacturing， the investment in manufacturing of computers and office devices and in manufacturing of aerospace vehicle and equipment grew by 40.8% and 38.5% year on year respectively. In terms of high-tech services， the investment in E-commerce services and in testing services went up by 43.8% and 23.7% year on year respectively. The investment in social sectors went up by 11.8% year on year， with an average two-year growth of 10.5%. Specifically， the investment in health and education went up by 31.4% and 10.4% year on year respectively.

Imports and exports of goods grew fast and the trade structure continued to improve

In the first three quarters， the total value of imports and exports of goods was RMB 28，326.4 billion， up by 22.7% year on year. Specifically， the value of exports was RMB 15，547.7 billion， up by 22.7% and the value of imports was RMB 12，778.7 billion， up by 22.6%. The trade balance was RMB 2，769.1 billion in surplus. In September， the total value of imports and exports of goods was RMB 3，532.9 billion， a yearon-year increase of 15.4%. Specifically， the value of exports was RMB 1，983.0 billion， up by 19.9%； that of imports was RMB 1，549.8 billion， up by 10.1%. In the first three quarters， the exports of mechanical and electrical products grew by 23% year on year， 0.3 percentage point higher than the overall export growth rate， accounting for 58.8% of the total value of exports. The imports and exports of general trade accounted for 61.8% of the total value of imports and exports， 1.4 percentage points higher than the same period last year. The imports and exports by private enterprises grew by 28.5% year on year， accounting for 48.2% of the total value of imports and exports.

Generally speaking， the overall national economy maintained the recovery momentum in the first three quarters with steady progress in economic restructuring and new advancement of high-quality development.