According to National Bureau of Statistics of China, GDP of China was 63,646.3 billion yuan (USD 10,239.9 billion) in 2014, an increase of 7.4% at comparable prices.
The year-on-year GDP growth of the first quarter in 2014 was 7.4%, the second quarter 7.5%, the third quarter 7.3%, and the fourth quarter 7.3%. The gross domestic product of the fourth quarter of 2014 went up by 1.5% quarter-on-quarter.
China’s total grain output in 2014 was 607.10 million tons, an increase of 5.16 million tons, up by 0.9%.
- Summer grain: 136.60 million tons, an increase of 3.6%
- Early rice: 34.01 million tons, a decrease of 0.4%
- Autumn grain: 436.49 million tons, an increase of 0.1%
- Cereals: 557.27 million tons, an increase of 0.8%
- Cotton: 6.16 million tons, a decrease of 2.2%
- Pork, beef, mutton and poultry: 85.40 million tons, an increase of 2.0%
- Poultry eggs: 28.94 million tons, an increase of 0.6%
- Milk: 37.25 million tons, an increase of 5.5%
The total value added of the industrial enterprises above designated size in 2014 was up by 8.3% at comparable prices.
An analysis by types of ownership showed that the value added growth of:
- the state-owned and state holding enterprises: 4.9%;
- collective enterprises: 1.7%;
- share-holding enterprises: 9.7 percent;
- enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan: 6.3%
Out of the 464 kinds of industrial products, the output of 329 kinds realized an increase compared with last year. In 2014, the sales-output ratio of industrial enterprises above designated size reached 97.8%. The export delivery value of these enterprises reached 12,093.3 billion yuan, up by 6.4%.
In December, the total value added of the industrial enterprises above designated size was up by 7.9% year-on-year or up by 0.75% month-on-month.
Investment in Fixed Assets
In 2014, the investment in fixed assets (excluding rural households) in China was 50,200.5 billion yuan, the nominal year-on-year growth of 15.7% over last year (a real growth of 15.1% after deducting price factors).
- The investment by the state-owned and state holding enterprises: 16,162.9 billion yuan, a rise of 13.0%
- Private investment: 32,157.6 billion yuan, up by 18.1%, accounting for 64.1% of the total investment
The growth in eastern, central and western regions was 14.6%, 17.2% and 17.5% respectively.
The total investment in real estate development in 2014 was 9,503.6 billion yuan, a nominal growth of 10.5% (a real growth of 9.9% after deducting price factors). In particular, the investment in residential buildings went up by 9.2%.
China Retail Market
In 2014, China’s total retail sales of consumer goods reached 26,239.4 billion yuan, a nominal annual rise of 12.0% (a real growth of 10.9 percent after deducting price factors).
The retail sales in urban areas reached 22,636.8 billion yuan, up by 11.8%; and the retail sales in rural areas stood at 3,602.7 billion yuan, up by 12.9%.
The income of catering industry was 2,786.0 billion yuan, up by 9.7%; and the retail sales of goods were 23,453.4 billion yuan, up by 12.2%.
In December, the nominal growth of total retail sales of consumer goods was 11.9% over last year (a real growth of 11.5% after deducting price factors), or 1.01% month-on-month.
In 2014, the online retail sales reached 2,789.8 billion yuan, an increase of 49.7% compared with last year and the online retail sales of the enterprises (units) above designated size stood at 440.0 billion yuan, up by 56.2%.
Imports and Exports: Slowed Down
The total value of imports and exports in 2014 was 26,433.5 billion yuan, an increase of 2.3%. The total value of exports was 14,391.2 billion yuan, up by 4.9%; the total value of imports was 12,042.3 billion yuan, a decrease of 0.6%. The trade balance was 2,348.9 billion yuan in surplus.
In December, the total value of imports and exports was 2,490.1 billion yuan, the year-on-year growth of 4.2%. Of this total, the value of exports was 1,397.3 billion yuan, up by 9.9%; and that of imports was 1,092.8 billion yuan, down by 2.3%.
Consumer Price: Increased at a Low Rate
In 2014, the consumer price went up by 2.0% in China. The price went up by 2.1% in urban areas and 1.8% in rural areas.
- Prices for food rose by 3.1%
- tobacco, liquor and related articles decreased by 0.6%
- clothing up by 2.4%;
- household facilities, articles and maintenance services up by 1.2%
- health care and personal articles grew by 1.3%
- transportation and communication down by 0.1%
- recreation, education, culture articles and services up by 1.9%
- housing up by 2.0%
Grain grew up by 3.1%, oil or fat down by 4.9%, pork down by 4.3%, fresh vegetables down by 1.5%.
In December 2014, the consumer prices went up by 1.5% year-on-year, or 0.3% up month-on-month. In 2014, the producer prices for industrial products went down by 1.9% compared with last year, while the price in December dropped by 3.3% year-on-year and 0.6% month-on-month. The purchasing price for industrial producers was down by 2.2% compared with last year and in December, the price was down by 4.0% year-on-year and 0.8% month-on-month.
Residents’ Income: Continued to Increase
Based on the integrated household survey, the national per capita disposable income was 20,167 yuan in 2014, a nominal growth of 10.1% or a real increase of 8.0% after deducting price factors.
In terms of permanent residence, the per capita disposable income of urban households was 28,844 yuan, a nominal growth of 9.0%, or a real growth of 6.8% after deducting price factors.
The per capita disposable income of rural residents was 10,489 yuan, up by 11.2% nominally, or 9.2% in real terms. The median of the national disposal income was 17,570 yuan, a nominal increase of 12.4%.
Taking the per capita disposable income of nationwide households by income quintiles, that of the low-income group reached 4,747 yuan, the lower-middle-income group 10,887 yuan, the middle-income group 17,631 yuan, the upper-middle-income group 26,937 yuan, and the high-income group 50,968 yuan.
The Gini Coefficient for national disposable income in 2014 was 0.469. The per capita net income of rural residents was 9,892 yuan, an increase of 9.2% after deducting the price factors. The number of rural migrant workers at the end of the year was 273.95 million, which was 5.01 million more than that in the previous year, or up by 1.9%. Specifically, the numbers of local and outside workers were 105.74 million and 168.21 million respectively, up by 2.8 and 1.3%. The average monthly income of migrant workers was 2,864 yuan, up by 9.8%.
Industrial Structural: Stable Progress
The industrial structure was further optimized. In 2014, the value of the tertiary industry accounted for 48.2% of GDP, 1.3 percentage points higher than last year, 5.6 percentage points higher than that of the secondary industry.
The structure of domestic demand was further improved. In 2014, the final consumption expenditure accounted for 51.2% of GDP in China, 3.0 percentage points higher than last year.
The income gap between urban and rural households was further narrowed. In 2014, the real growth of the per capita disposable income of rural households was 2.4 percentage points faster than that of urban households. The per capita income of urban households was 2.75 times of the rural households, 0.06 less than last year.
In 2014, the energy consumption per unit of GDP decreased by 4.8% compared with last year.
By the end of December 2014, the balance of broad money (M2) was 122.84 trillion yuan, an increase of 12.2% compared with that at the end of last year; the balance of narrow money (M1) was 34.81 trillion yuan, up by 3.2%; and the balance of cash in circulation (M0) was 6.03 trillion yuan, a rise of 2.9%.
At the end of December, the amount of outstanding loans was 81.68 trillion yuan, while the amount of outstanding deposits was 113.86 trillion yuan. In 2014, the newly increased loans reached 9.78 trillion yuan, an increase of 890.0 billion yuan; the newly increased deposits were 9.48 trillion yuan, or 3.08 trillion yuan less than last year. The social financing reached 16.46 trillion yuan, a decrease of 859.8 billion yuan.
Population and Employment
By the end of 2014, the total population of mainland China was 1,367.82 million (including population of 31 provinces, autonomous regions and municipalities, and servicemen in CPLA; but excluding residents in Hong Kong SAR, Macao SAR, Taiwan Province and overseas Chinese), an increase of 7.10 million over that at the end of 2013.
In 2014, the number of births was 16.87 million and the birth rate was 12.37 in a thousand; the number of deaths were 9.77 million with a death rate of 7.16 in a thousand; the natural growth rate was 5.21 in a thousand, an increase of 0.29 in a thousand.
In terms of gender, the male population was 700.79 million, and female population was 667.03 million; the sex ratio of total population was 105.06 (the female is 100, male to female); the sex ratio at birth was 115.88.
Population at the working age of 16-59 was 915.83 million, a decrease of 3.71 million as compared that at the end of 2013, and it accounted for 67.0% of the total population; population aged 60 and over was 212.42 million, which was 15.5% of the total population; population aged 65 and over was 137.55 million, accounting for 10.1% of the total population.
In terms of urban-rural structure, the urban population was 749.16 million, an increase of 18.05 million over the previous year; and the rural population was 618.66 million, a decrease of 10.95 million. The proportion of urban population to total population was 54.77%.
The population who reside in street communities but with permanent household registration elsewhere and having been away from that place for more than 6 months reached 298 million, which was 9.44 million more than that in the previous year. The migrant population was 253 million, or 8.00 million more. At the end of the year, the total number of employed persons was 772.53 million, or 2.76 million more than that at the end of 2013; the number of urban employed persons was 393.10 million, or 10.70 million more.