Everything You Need to Know About China's Economy on Monday
Daily Updates on the Chinese Economy
by TIANDongdong@CPW
-- China's gross domestic product grew 5.5 percent year on year to 59.3 trillion yuan (about 8.3 trillion U.S. dollars) in H1.
In the second quarter, the country's GDP expanded 6.3 percent year on year.
-- The value-added industrial output, an important economic indicator, went up 3.8 percent year on year in H1.
In June alone, industrial output rose 4.4 percent year on year, faster than the 3.5-percent growth registered in May.
-- The value-added service output went up 6.4 percent year on year in H1.
The growth rate accelerated by 1 percentage point from the pace recorded in the first quarter (Q1).
-- The retail sales of consumer goods went up 8.2 percent year on year in H1
to around 22.76 trillion yuan, 2.4 percentage points faster than that of Q1.
In June alone, retail sales were up 3.1 percent year on year.
-- The fixed-asset investment went up 3.8 percent year on year in H1 to 24.31 trillion yuan.
High-tech industries saw strong growth, with investment up 12.5 percent year on year. Specifically, investment in high-tech manufacturing and high-tech services sectors expanded by 11.8 percent and 13.9 percent, respectively.
-- China's per capita disposable income stood at 19,672 yuan in H1,
up 6.5 percent year on year in nominal terms.
After deducting price factors, per capita disposable income rose 5.8 percent from the previous year.
-- China's surveyed urban unemployment rate stood at 5.3 percent in H1,
0.2 percentage points lower than that in Q1.
On a monthly basis, the rate stayed unchanged from that in May, at 5.2 percent.
-- China's summer box office hits nearly 8.79 bln yuan
China's box office revenue for the summer movie season, which runs from June 1 to Aug. 31, has reached nearly 8.79 billion yuan (about 1.23 billion U.S. dollars) as of July 16.
According to box office tracker Dengta Data, this year's box office earnings, from June 1 to July 16, have set a new record compared to the earnings during the same period.
The previous record for the first half of the summer season was set in 2018 with a box office revenue of 7.32 billion yuan.
Currently, the top two spots on China's summer box office chart are held by the Chinese suspense crime film "Lost in the Stars" and the drama film "Never Say Never," also known as "Octagonal," with respective earnings of 3.36 billion yuan and 1.50 billion yuan.
More Chinese productions are slated to hit the big screen later this month, including the mythological film "Creation of The Gods I" and the comedy "Advancing of ZQ." The foreign blockbuster "Meg 2: The Trench" will also be an option for Chinese cinema-goers this summer.
-- China's benchmark interbank gold prices mixed Monday
China's benchmark prices for spot interbank gold transactions were mixed Monday, according to the China Foreign Exchange Trade System.
The benchmark price for gold that is 99.95 percent pure or above stood at 453.72 yuan (about 63.61 U.S. dollars) per gram, up 0.33 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above lost 2.4 yuan to 452.5 yuan per gram.
Spot transaction prices on the interbank price inquiry market are allowed to rise or fall within 15 percent from the benchmark prices each trading day.
-- Chinese yuan weakens last week
Chinese yuan weakened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).
The CFETS yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies, went down 0.9 points from the previous week to 95.94, according to the CFETS.
The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro, and Japanese yen.
Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket edge down 0.83 points from the previous week to 100.23.
-- Sugar futures close lower
Sugar futures closed lower Monday in daytime trading on the Zhengzhou Commodity Exchange (ZCE).
The most active sugar contract for September 2023 delivery lost 14 yuan (1.96 U.S. dollars) to close at 6,882 yuan per tonne.
On Monday, the total trading volume for six listed sugar futures contracts on the ZCE was 519,349 lots with a turnover of 35.28 billion yuan.
-- Cotton futures close lower
Cotton futures closed lower Monday in daytime trading on the ZCE.
The most active cotton contract for September 2023 delivery lost 280 yuan (about 39.26 U.S. dollars) to close at 16,905 yuan per tonne.
On Monday, the total trading volume for six listed cotton futures contracts on the ZCE was 881,456 lots with a turnover of 74.74 billion yuan.
-- Iron ore futures close lower
Iron ore futures closed lower on Monday in daytime trading at the Dalian Commodity Exchange (DCE).
The most active iron ore contract for September 2023 delivery dipped 7.5 yuan (about 1.05 U.S. dollars) to close at 832.5 yuan per tonne.
On Monday, the total trading volume of 12 listed iron ore futures contracts on the exchange was 821,307 lots, with a turnover of about 67.39 billion yuan.
-- Soybean futures close lower
No.1 soybean futures closed lower on Monday in daytime trading at the DCE.
The most active No.1 soybean contract for September 2023 delivery dipped 39 yuan (about 5.47 U.S. dollars) to close at 5,113 yuan per tonne.
On Monday, the total trading volume of six listed No.1 soybean futures contracts on the exchange was 205,028 lots, with a turnover of about 10.49 billion yuan.