China's GDP grew by 6.0% in the third quarter. Did your income beat GDP growth?

According to data released by the National Bureau of statistics on the 18th, according to preliminary accounting, the gross domestic product in the first three quarters was 69779.8 billion yuan, an increase of 6.2% year-on-year at comparable prices. Quarterly, the first quarter grew 6.4%, the two quarter grew by 6.2%, and the three quarter grew by 6%. According to the data of the International Bureau of statistics, the GDP in the first three quarters was 69779.8 billion yuan, with a year-on-year growth of 6.2%. Quarterly, the first quarter grew 6.4%, the two quarter grew by 6.2%, and the three quarter grew by 6%. By industry, the added value of the primary industry is 430.05 billion yuan, an increase of 2.9%; the added value of the secondary industry is 27786.9 billion yuan, an increase of 5.6%; the added value of the tertiary industry is 37692.5 billion yuan, an increase of 7.0%. In the first half of the year, China's GDP grew by 6.3% year on year. Zhao Tonglu, director of the National Accounts Department of the National Bureau of statistics, said that in the first half of the year, China's economic operation was generally stable and kept within a reasonable range; the industrial structure continued to be optimized and the coordination further enhanced; emerging industries continued to make efforts and Economic Development released new vitality. Therefore, market institutions generally predicted that GDP growth in the third quarter would continue to be in the range of 6% - 6.5%.

According to wind data, the average forecast of 12 research institutions for GDP growth in the third quarter is 6.1%. According to the report on economic and financial outlook for the fourth quarter of 2019 issued recently by the Research Institute of the Bank of China, the internal and external environment of China's economy in the third quarter of this year is more complex and severe, and the downward pressure on China's economy continues to increase. It is expected that the growth rate of China's GDP in the third quarter will further slow down to 6.0%. In today's press conference, the National Bureau of Statistics said that in the first three quarters, in the face of the complex situation of increasing risks and challenges at home and abroad, all departments in various regions and regions conscientiously implemented the decision-making and deployment of the Party Central Committee and the State Council, adhered to the general tone of seeking progress while maintaining stability, adhered to the new development concept, continued to deepen supply side structural reform, increased counter cyclical adjustment, and made great efforts to stabilize employment. We will work hard to stabilize finance, foreign trade, foreign investment, investment and expectations.

We will work hard to implement all policies. The overall operation of the national economy will be stable, the economic structure will continue to be optimized, and people's wellbeing will continue to improve. This year, for the first time in China, the employment priority policy has been placed at the macro policy level. The employment goal is to create more than 11 million new jobs in cities and towns, the urban survey unemployment rate is about 5.5%, and the urban registered unemployment rate is within 4.5%. According to the current employment trend, whether the first three quarters of this year can achieve the full year's employment goal in advance has become a topic of concern for the people. Overall, the employment situation in the first three quarters was generally stable. According to the National Bureau of statistics, in the first three quarters, 10.97 million new jobs were created in cities and towns across the country, 99.7% of the annual target. In September, the national urban unemployment rate was 5.2%, the same as that of last month. Among them, the unemployment rate of the 25-59 year old population survey was 4.6%, lower than the 0.6 percentage points of the national urban survey unemployment rate. The unemployment rate in 31 big cities and towns was 5.2%, unchanged from last month. In September, Zhou Pingjun, the national employment officer, worked for 46.7 hours.

At the end of the three quarter, the total number of migrant laborers in rural areas was 183 million 360 thousand, an increase of 2 million 10 thousand over the same period last year, an increase of 1.1%. In the first three quarters of this year, there was a reversal in the income of residents, that is, the income growth again outperformed the GDP growth. Data shows that in the first half of this year, the growth of residents' income continued to be faster than the economic growth, which continued the positive trend. According to today's data from the National Bureau of statistics, the growth of residents' income is basically in line with the economic growth, and the growth of rural residents' income is faster than that of urban residents. In the first three quarters, the per capita disposable income of residents in China was 22882 yuan, with a year-on-year nominal growth of 8.8% and a real growth of 6.1% after deducting the price factor, basically in line with the economic growth. The per capita disposable income of urban residents was 31939 yuan, an actual increase of 5.4%; that of rural residents was 11622 yuan, an actual increase of 6.4%. The ratio of per capita disposable income of urban and rural residents was 2.75, a decrease of 0.03 over the same period last year.

The median per capita disposable income of the whole country is 19882 yuan, up 9% from the nominal one. Mao Shengyong, spokesman of the National Bureau of statistics, said at the press conference that in the near future, the decline in production and sales of the automobile industry is gradually narrowing, which are good signals; in addition to the relatively low base in the fourth quarter of last year, the stable growth trend of China's economy in the fourth quarter of this year is guaranteed. Mingming, chief fixed income analyst of CITIC Securities, said that the low growth rate of industrial added value in July and August may have reached a low point in the year. Consumption may stabilize under the effect of low base, and the possible completion and recovery may drive the post cycle consumption of real estate to a certain extent. The policy effect of encouraging consumption may also appear at the end of the year. In September, the economy may rebound similar to that in March and June this year. The year-on-year growth rate of GDP is more likely to stabilize in the third quarter and the fourth quarter. Su Jian, director of the national economic research center of Peking University, predicted that in the fourth quarter, China's economic growth might be better than that in the first half of the year. From the perspective of China's economic trend throughout the year, under the influence of monetary policy easing and multiple forces of economic cycle, China will remain optimistic in the medium and long term. Zhang Liqun, a researcher at the development research center of the State Council, pointed out that China's economic trend should be stable and slow this year, and it is likely to be around 6.1% in the whole year.