As of July 28th, economic data from most cities across the country have been released one after another. Available data show that in the first half of the year, 14 provinces and cities GDP growth rate exceeded the national average; in various regions of the country, Shanghai per capita income and expenditure are ranked first in the country, which "eat, drink, play and enjoy" the fastest-growing expenditures; the tertiary industry in the first growth rate of investment in fixed assets; at the same time, under the influence of the policy of tax cuts, the growth rate of fiscal revenues of provinces and cities now The growth rate of fiscal revenues is now slowing down.

01

GDP:

Guangdong's GDP exceeded 5 trillion,

14 regions with growth rates exceeding the national average

According to the Beijing Business News combed through the 31 provinces, the eastern and southern cities with the highest GDP. Among them, the eastern and southern cities have the highest gross domestic product (GDP). Among them, Guangdong's GDP in the first half of the year broke 5 trillion yuan, ranking first in the country; Jiangsu and Shandong GDP exceeded 4 trillion yuan, respectively 4858.27 billion yuan and 4182.33 billion yuan.

In addition, the GDP of Zhejiang, Henan and Sichuan exceeded 2 trillion yuan; the GDP of Hubei, Hunan, Fujian, Anhui, Beijing, Liaoning, Shanxi, Jiangxi, Tianjin and Chongqing also exceeded the trillion yuan mark. And for Chongqing and Tianjin, the first half of this year, its first half-year GDP results broke the trillion.

Previously, Chongqing GDP had maintained double-digit growth for 15 consecutive years, and after the growth rate slowed down in 2018, it stabilized again this year. As far as the data provided by the Bureau of Statistics is concerned, the industrial economy has become an important factor in the rebound of its GDP: the value added of industry above designated size grew by 5.0%, an increase of 0.7 percentage points compared with the first quarter, reversing the downward trend since 2018.

In terms of growth rate, data from the National Bureau of Statistics shows that in the first half of this year, the national GDP grew by 6.3% year-on-year. Among the 31 provinces and cities, ****14 regions have a GDP growth rate exceeding the national average, namely Yunnan, Guizhou, Jiangxi, Fujian, Hubei, Anhui, Sichuan, Henan, Hunan, Shanxi, Zhejiang, Guangdong, Jiangsu and Ningxia.

Yunnan, Guizhou, Jiangxi GDP growth rate in the list of the first three, respectively, 9.2%, 9.0% and 8.6%. Guizhou's GDP growth rate has been among the top three in the country for 34 consecutive quarters. Among them, the above-scale industrial contribution to the province's economy is outstanding, value added increased by 10.0% over the same period of the previous year, with a growth rate of 4.0 percentage points higher than the national level (6.0%); in addition, from January to May this year, Guizhou Province, the above-scale Internet and related services operating income increased by 79.9%; in the past four years, the big data contribution to Guizhou's GDP growth rate of more than 20%.

And in Jiangxi, the service industry has become the driver of the province's GDP growth. In the first half of the year, Jiangxi's service sector grew by 9.4% year-on-year, leading the three major industries and contributing 47.3% to GDP growth.

It is worth noting that, despite the first half of this year, Tianjin GDP for the first time broken half a year trillion mark, but its growth rate in the country's 31 regions ranked at the bottom. This growth rate compared to the same period last year, has expanded by 1.2 percentage points, showing signs of warming.

In 2010, Tianjin had led the country with a GDP growth rate of 17.4%, and has since started a downward trend. As of 2018, the city's GDP growth rate fell to 3.4 percent. Over the years, Tianjin has utilized its port advantage to focus on heavy industrial industries such as steel and petrochemicals. And with the national environmental protection production restrictions, its steel, petrochemical and other high energy consumption and high pollution industries have been significantly impacted.

In this regard, the Tianjin Municipal Bureau of Statistics spokesperson Chu Liping responded that, although in the past two years, Tianjin in the process of transformation to high-quality development, the economy has entered a phase of strategic adjustment, the main economic indicators show some fluctuations, in fact, this is normal, is the development of economic transformation of the necessary stage, the foundation of Tianjin's economic development is still in the potential is still in the fundamentals of no change.

02

Income and Expenditures:

Shanghai tops the income list,

"Eat, Drink and Be Merry" has the fastest growth rate

In the first half of the year, the national per capita disposable income of 15,294 yuan, an increase of 8.8% year-on-year, after deducting the price factor, the actual growth rate of 6.5 percentage points, the growth rate compared to the national per capita GDP expanded by 0.6 percentage points.

Among them, *** there are nine provinces with per capita disposable income exceeding the national average, mainly concentrated in the eastern and southern regions of China, Shanghai with a per capita income of 35,294 yuan to top the list.

Shanghai and Beijing's per capita income exceeded 30,000 yuan, and the per capita income of four cities in Zhejiang, Tianjin, Jiangsu and Guangdong also exceeded the 20,000 yuan mark respectively.

From the perspective of the national income growth rate, in the first half of the year, the per capita income in the central and western regions grew the fastest, with the growth rates of Tibet, Qinghai, Guizhou and Anhui reaching 12.7%, 11.8%, 10.7% and 10.2% respectively.

In addition, there are 13 provinces and cities, such as Yunnan, Sichuan, Hunan and Shaanxi, whose per capita income growth rate exceeded the national average of 8.8%.

Consumption, Beijing Business News combed through the 17 provinces and cities in the country's per capita income led the national average speed, per capita expenditure is also correspondingly high. Previously, the National Bureau of Statistics of the National Economy Comprehensive Statistics Division Director, spokesman Mao Shengyong said at a recent conference, the first half of the consumption growth of the economic growth rate of more than 60%, the upgrading of consumption within the continued to promote.

Preliminary statistics from the National Bureau of Statistics (NBS) show that in the first half of the year, per capita consumption expenditures of the country's residents amounted to 10,330 yuan. Up to now, there are 9 regions in 31 provinces and cities with per capita consumption expenditure exceeding the national average.

Shanghai, Beijing, two cities per capita consumer spending broke 20,000 yuan, respectively, with 22,513 yuan and 22,134 yuan ahead of the rest of the country; and Zhejiang, Tianjin, Jiangsu, Guangdong, Fujian, Liaoning, Chongqing and Hubei per capita expenditure also exceeded 10,000 yuan one after another.

The data show that in the first half of the year, the consumer structure further improved. Transportation and communication, education, culture, entertainment and health care and other consumer spending grew faster than the average growth rate of per capita consumption expenditure. Among them, food, tobacco, alcohol and housing accounted for 28.6% and 23.1% as the largest consumption items, followed by transportation and communication and education, culture and entertainment with 13.4% and 10% respectively.

It is worth noting that among all the expenditures, education, culture and entertainment led the other consumption items with a year-on-year growth rate of 10.9%, and healthcare also ranked among the top three with a 9.5% growth rate.

In this regard, the National Bureau of Statistics Director Wang You don't interpreted, per capita education, culture and entertainment expenditure growth is mainly due to the education and training of faster growth, led by the growth of education expenditure; and per capita health care expenditure growth is due to the financial subsidy standard of the previous year to further improve the reimbursement of the expansion of the drug directory, direct settlement of medical treatment in different places is more convenient, the masses to enjoy the increase in health care services caused by.

03

Fixed Investment:

7 cities growth rate broke double-digit percentage,

Tertiary industry growth is the most

Data from the National Bureau of Statistics shows that in January 2019? , national fixed-asset investment (excluding farm households) amounted to 299,100,000,000 yuan, a year-on-year increase of 5.8%, a growth rate of 0.2 percentage points higher than that of 1?May.

Beijing Business News combed through the 24 provinces and cities that have released fixed investment data, 7 cities with growth rates exceeding double-digit percentages, including Tianjin, Beijing, Guizhou, Hubei, Guangdong, Sichuan and Hunan. Tianjin led the rest of the region with a growth rate of 17.4%, followed by Beijing with 16.4%, and Guizhou ranked third with an increase of 12.3%.

Meanwhile, Qinghai, Ningxia and Hainan had negative fixed asset investment growth rates of -9.9%, -17.9% and -23% respectively.

From the industrial point of view, the fixed investment in the primary and secondary industries amounted to 8430 billion yuan and 10070 billion yuan respectively. Fixed investment in the tertiary industry amounted to 190.6 billion yuan, an increase of 7.4%, the largest investment in the three industries, the highest rate of increase.

Among them, infrastructure investment (excluding electricity, heat, gas and water production and supply industry) increased by 4.1% year-on-year, with a growth rate of 0.1 percentage points higher than that of January? May.

Since 2018, China's overall investment growth rate slowed down, especially infrastructure investment growth rate fell back more, some areas and projects have a large investment gap, there is an urgent need to focus on the outstanding short boards in the field of infrastructure, to maintain effective investment efforts.

In October of the same year, the General Office of the State Council issued the "Guiding Opinions on Maintaining the Strength of Infrastructure to Make Up for Short Boards", which puts forward clear task requirements for the construction of railroads, highways, airports and other fields.

The data for the first half of this year show that investment in the rail transportation industry and road transportation industry rose by 14.1% and 8.1% year-on-year, respectively.

In the country's 31 provinces and cities, the eastern and southern regions of real estate development investment is larger. Guangdong Province real estate development investment amounted to 725.56 billion yuan ranked first in the country, an increase of 12.4% year-on-year; Jiangsu and Zhejiang development investment exceeded 500 billion yuan mark, respectively, 609.086 billion yuan and 516.687 billion yuan. And Anhui, Henan and Sichuan provinces, also with 338.707 billion yuan, 326.112 billion yuan and 310.111 billion yuan of investment followed.

This began in January-April this year, real estate enterprises to reduce the difficulty of financing, the credit easing environment brought about by the quasi-permit cut on the real estate impact, the national real estate market showed a brief "small spring".

According to Kerry real estate research data, in the first half of 2019, the development and investment enthusiasm of real estate enterprises continued to rise. from January to May, the national real estate development investment amounted to 4,607.5 billion yuan, for five consecutive months to maintain double-digit growth; among them, the development investment in a single month in May amounted to 1,185.8 billion yuan, a surge of 13.87% over the previous year.

After entering May, in order to control risks, suppress housing prices and further inventory, "housing without speculation" was raised again, financing channels were further tightened, coinciding with the mid-year bank consolidation, credit interest rates synchronized with the upward adjustment of the impact of multiple factors, the property market has been cooling.

Now, with the General Office of the State Council has recently issued "on the improvement of construction land use right transfer, rental, mortgage secondary market guidance", including the improvement of the transfer rules, to protect the freedom of trade, relax the mortgage restrictions, support for the private economy, etc., China's land secondary market or will be activated comprehensively.

04

Finance:

Tax cuts and fee reductions have had a big impact,

10 regions are now in negative growth

According to public data from the Department of Public Treasury, in the first half of the year, the national general public*** Budget revenue accumulated 107,846 billion yuan, an increase of 3.4% year-on-year

Combing through the main revenue items can be seen, the first half of the fiscal revenue, environmental protection tax rose considerably to 11.3 billion yuan year-on-year growth of 1.4 times; at the same time, the export tax rebate and the domestic consumption tax rose by a large amount, respectively, to 977.9 billion yuan and 847.1 billion yuan of revenues, an increase of 27.7% and 23.3%; at the same time, the The country's cumulative personal income tax was 563.9 billion yuan, a significant decline of 30.6%.

In the country's 31 regions, the eastern cities of general public **** higher fiscal revenue. Among them, Guangdong, Jiangsu and Shanghai ranked the top three with 685.593 billion yuan, 487.581 billion yuan and 448 billion yuan, respectively.

In the first half of the 31 provinces and cities, general public **** financial growth rate broken double-digit percentage of Shanxi, Hebei, Zhejiang, respectively, 12.9%, 12.7% and 11.2%; and Tibet, Qinghai and Ningxia general public **** financial income of 10.548 billion yuan, 13.852 billion yuan and 22.908 billion yuan, respectively, ranked in the country's 31 regions in the latter The three places, the year-on-year increase of -9.9%, -3.9% and 0.7% respectively.

It is worth noting that, in addition to Tibet and Qinghai, the first half of the country, a number of general public **** fiscal revenue is now declining, Heilongjiang, Gansu, Beijing, Hainan, Xinjiang, Guizhou, Chongqing and Jilin, the decline of 0.9%, 2.0%, 2.5%, 3.1%, 3.8%, 5.4%, 7.8% and 11.1%.

This year, tax cuts and fee reduction policies in the national implementation of the scale of further increase, the tax growth rate around the obvious fall. In Jilin, Hainan, Chongqing, Qinghai and other cities with negative growth in fiscal revenue, their tax revenues also showed varying degrees of decline.

The latest data from the State Administration of Taxation (SAT) shows that in the first half of this year, the country's cumulative new tax cuts and fee reductions of 1170.9 billion yuan. Among them, the value-added tax reform and small and micro-enterprise preferential policies were accumulated new tax cuts of 436.9 billion yuan and 116.4 billion yuan; personal income tax two-step reform stacked new tax cuts of 307.7 billion yuan, per capita cumulative tax cuts of 1340.5 yuan, a cumulative total of 115 million people do not need to pay personal income tax on income from work.

For example, as the first province of China's fiscal and taxation, Guangdong has launched a series of tax cuts and fee reduction measures in recent years. As early as 2018, Guangdong added 160 billion yuan of tax cuts and fee reductions, an amount that accounts for one-eighth of the country.

At the beginning of this year, the Guangdong Provincial Finance and Taxation Department and jointly issued a notice, within the scope of the central authorization, will be in accordance with the largest 50% reduction in VAT small-scale taxpayers "six taxes and two fees". After the implementation of the policy, the province's VAT small-scale taxpayers will be reduced by 9.5 billion yuan, the province's VAT small-scale taxpayers more than 5 million households will be benefited, accounting for all VAT taxpayers 80%.

In July this year, the Guangdong Provincial Department of Finance Director Dai Yunlong pointed out in the conference, by the tax cuts and fee reduction policy to increase the impact of the first half of this year, Guangdong Province, the general public **** budget revenue growth slowed down, compared with the same period of the previous year, a decrease of 5.2 percentage points; at the same time, in the first half of this year, Guangdong Province, the completion of non-tax revenues of 140.63 billion yuan, a year-on-year increase of 17.6%, mainly for the balance of financial income and expenditure The budget supports tax cuts and fee reductions.

In addition, in response to the negative financial growth trend caused by internal tax cuts and fee reductions, Hao Lei, deputy director of the Budget Department of the Ministry of Finance, has pointed out that, in order to support the smooth operation of local finances, the 2019 budget arrangements for the central government's transfer to localities is the largest in recent years. "However, in addition to "open source", "cutting back" is also very critical. This year, the financial sector to vigorously reduce general expenditure. Some places have also taken the initiative to increase the pressure to reduce, further strict budget supplementary procedures, the savings will be prioritized for the implementation of the "three guarantees" and other aspects."

For example, the financial sector at all levels in Fujian Province has introduced six measures to "open source and reduce expenditure", for example, to reduce general expenditure, provincial departments in addition to rigid and key project expenditures, all according to no less than 5% to reduce the expenditure of the department, to reduce "three public" funds, saving funds for the implementation of the "three guarantees" and other aspects. The provincial departments, in addition to the rigid and key project expenditures, all by no less than 5% to reduce the departmental expenditures, reduce the "three public" funds, saving funds for basic livelihood and ecological and environmental protection and other key areas of expenditure. At the same time, the city and county are required to implement the practice of the provincial level.

The governor of Gansu Province, Tang Renjian, has also proposed in this year's "Government Work Report" to optimize the structure of financial expenditure, improve the efficiency of the use of financial funds, supplemented by a more refined management and implementation, to alleviate the downward pressure on the current financial.

Source: Sinosteel.com