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Economic Recovery of Chongqing in May

I. Favorable Change in External Economic Environment
Positive signals were showed by global economy. Purchasing Managers Index (PMI) of manufacturing sector, which reflects development trend of the real economy, witnessed its growth: the euro area rose to 44% in May, 2.9 percentage points higher than that in April. Consumer Confidence Index continued its upward trend: the US people saw the figure reach 54.9% in May, 14.1 percentage points higher than that in April, while the index hit a new high for the past 12 months, 16 months and 27 months respectively in France, Germany and Italy. Baltic Dry Index (BDI), major index representing global trade, climbed to 4291 points (June 4), a new high for the latest eight months.
Recovery of domestic economy was more obvious. A series of policies for economic stimulation made favorable results: the PMI exceeded 50% for the latest three consecutive months and reached 53.1% in May.
Table 1: Growth Rate of Some Economic Indexes in China (May)
Item
Y-o-y increase (%)
Percentage points higher than April
Urban investment
38.7
4.7
Inc. investment in development of real estate
12
5.6
Total retail sales of consumer goods
15.2
0.4
Added value of above-scale industries
8.9
1.6
Cargo throughput of ports for domestic trade
5.1
-
Cargo throughput of ports for foreign trade
4.7
-
 
II. Chongqing Takes a Lead in the Economic Recovery
There is great potential for more investment in Chongqing, and the increase has stayed above 30% since the beginning of this year.
Table 2: Remarkable Increase of Investment in Chongqing, May
Item
Y-o-y increase (%)
Percentage points higher than April
M-o-m increase (%)
Investment from Chongqing
Total social investment
43.2
18.6
10.7
The number of new projects
49.3
-
-
Total planned investment in new projects
55.4
-
-
Investment from Hong Kong, Macau and Taiwan
224.1
187.5
-
The investment from the northeastern Chongqing and the southeastern Chongqing also witnessed a remarkable growth, reaching an increase of 44.2% and 69.8% respectively in the first 5 months which were 11.7 and 37.3 percentage points higher than the municipal average level.
The consumption provided a solid support. The total retail sales of consumer goods in May witnessed an increase of 18.2% on a year on year basis and 13.4% on a month on month basis.
Table 3: Bulk Consumption and Consumption of High-End Products in the First Five Months
Item
Increase (%)
Household appliance
21.5
Furniture
86.7
Gold, silver and other jewelry
22.1
Retail sales of autos
20.7
 
Table 4: Sales of Commercial Residential Buildings in the First Five Months
Item
Increase (%)
Percentage points higher than that in the first four months
Area sold
29.6
2
Sales
49.5
5.2
 
As the “home appliances going to the countryside” policy was implemented, the consumption in the countryside continued to rise, increasing by 16.4% in the past five months and 0.3 percentage points higher than that in the first four months. The gap of consumption increase between the countryside and the urban area was reduced to 2.3 percentage points, with 2.9 percentage points lower than that in the end of last year.
 
The industry stepped forward smoothly in Chongqing in the first five months.
Table 5: Growth of Industrial Output in the First Five Months
Item
Increase (%)
Percentage points higher than that in the first four months
Gross output of above-scale industries
8.9
1.5
Inc.: Autos & motorcycles industry
11.7
3.7
Equipment manufacturing industry
8.7
3.5
Materials industry
-16.1
-0.8
Natural gas and petrochemical industry
3.3
-12.2
Industries with investment from overseas, Hong Kong, Macau and Taiwan
-1.4
-0.6
The power consumption for industrial purpose also rose for three consecutive months and reached an m-o-m increase of 0.9% in May.
 
The drop of fiscal revenue became moderate. In the past five months, the local revenues declined 13.4%, with 5.6% decline in May, narrowing over 1.4 and 2.8 percentage points respectively compared with the first four months, of which the general budget revenues increased 1.1%,  0.5 percentage points higher than that in the first four months.
 
   

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