Web for Notable Business Information in Japan
       by Yuzo Tanaka     日本語

ChinaData : Husing Bubble,

 Increasing Debt, Growth Slowdown

Statistical data is updated every month


Ⅰ. China’s economic growth evaluated with the ‘Li Keqiang index’
Economic indicators released by the Chinese government are doubted. Prior to becoming prime minister, Mr. Lee Kwang said that it is not GDP when evaluating economic growth, but said that it emphasizes three statistics: electricity consumption, rail freight transport volume, and bank loan .
As it was reported to the U.S. country and later revealed at WikiLeaks, these three statistical data came to be known as ‘Lee Keqiang index’. In this section, we introduce the first two data.

1. Electricity generation in China

In statistical data on the Chinese economy, I think that the generated electricity is relatively reliable. There is almost no import and export of electricity, and if you subtract a small amount of transmission and distribution losses, it will be almost equal with electricity consumption without time delay. Because data collection is relatively easy, it seems to be reliable.
The increase or decrease in electricity consumption is greatly affected by industrial production, but it can be said that it reflects the situation of society as a whole.

Most of the data introduced on this page is data released by Chinese public institutions such as China National Statistics Bureau (NBSC). As for statistical data, English web pages are prepared with native languages in many countries, so it is easy to get.

Data on industrial production such as the amount of electricity generated monthly released from the National Statistics Bureau of China are summarized data of the current month submitted by industrial enterprises above designated size.
At that time, those industrial enterprises, which are reviewed and changed annually, are also submitting data for the same month of the previous year, and it is noted that the ratio of both data is increasing rate compared with the same month of the previous year.

Therefore, it is slightly different from the year-on-year ratio calculated from the production volume released in the same month of the previous year.

In Figure 1 showing the monthly electricity generated, it is the influence of the Chinese Spring Festival that the amount of electricity in January or February is decreasing. The Spring Festival based on the lunar calendar has a year of January and a year of February. Therefore, the ratio for January and February in the same month of the previous year will be greatly changed. On this Web page, the increase ratio over the same month of the previous year shows the total for the two months between January and February.

In Figure 1, China's monthly electricity amount has fluctuations, but overall it seems to be increasing linearly. The amount of electricity is considered to be the value at the generation terminal.

In the decade from 2005 to 2015, the amount of electricity increased 2.3 times. The annual electricity consumption in 2016 is 5.9 trillion kWh. The annual electricity consumption in Japan is about 1 trillion kWh, so it is about six times that amount. Since the population of China is about ten times that of Japan, per capita electricity is still about 60% of Japan.

In 2016, thermal power plants, mainly coal-fired power plants, accounted for 74%, and hydraulic power accounted for 18%. Nuclear power is still 3.6%, but it is expected to increase in the future and is a threat. Wind power generation accounts for 3.6%, but solar power generation is only 0.7%.

Figure - 2 shows the rate of increase in monthly electricity generation compared to the same month of the previous yea. The large decline to near -10% is due to the Lehman shock in September 2008. Until then, the increase rate was around 15%.

After the Lehman shock, the Chinese government made a large fiscal stimulus of 4 trillion yuan, and the economy recovered, and the increase rate in electricity also rapidly rose. However, as the effect of 4 trillion yuan is subsequently diminished, the increase in electricity volume had declined rapidly since the latter half of 2011, adding the decline in exports to Europe due to the euro crisis.

In 2013 when Xi Jinping regime began, the amount of electricity once increased, then, continued to decrease. In 2015, the month when the increase rate became minus was more.

Recently, since the latter half of 2016, the increase rate of electricity has turned to an abnormal rise, which will draw attention.

2. Rail freight transport

The statistics of freight traffic in China are indicated by four: rail transport, highway (truck transport), water transport and civil aviation. Figure - 3 and Figure - 4 show the ton base and ton - km based data for 2016.

On ton basis the most common is highway transport, and rail transport is only 8% of the total. On the other hand, on ton-km basis, the ratio of railway transport and water transport is larger than that on ton basis, indicating that the ratio of long-distance transport is high.


It is believed that Li Keqiang put emphasis on the amount of rail freight transport which is only a part of freight transport because it can be trusted as statistical data. As China is a big country with doubts about even the total population, we have to question the way how the amount of highway freight transport is grasped every month.

Figure 5 shows the trends in ton-based freight transport of three individuals excluding air transportation. Not only the highway freight transport is high, but also the increase rate is higher than railway freight transport. However, after 2014, it can been seen that the highway freight transport has hardly increased.

Figure - 6 shows the trend of ton-based monthly rail freight transport. There is no increase in around 2012, and it has started to decline after 2014.
About half of China's railway cargo is covered by coal. In addition, ore, steel and petroleum are items with high ratio. The decrease in rail freight transport corresponds to those decreases.

Figure - 7 shows the increase rate of total freight and rail freight transport compared to the same month of the previous year. The fluctuation in the amount of transport is  shown amplified.

Like the amount of electricity, the plunge in the second half of 2008 is due to Lehman

shock, and the rapid rise in the second half of 2009 is due to the overheating of the economy by the large fiscal stimulus.

Although the increase rate has declined since around 2011, it has not yet declined for the entire transport amount. Although the economic growth rate has declined, it reflects the continuing growth.

On the other hand, the increase rate in rail freight transport is likely to fall into the minus range after 2012, and it is largely depressed at the end of 2015. This is due to the decrease of coal freight which accounts for about half of railway freight, and is due to the decrease in iron and steel raw materials and steel materials.

However, like the amount of electricity, since the middle of 2016, the increase rate in rail freight transport also shows an abnormal rise, which is described below.

3. Electricity generation, rail freight transport and GDP
Figure 8 showes the trends in the increase rate in generated electricity, rail freight transport and GDP compared to the same period of the previous year. GDP growth rate once fell to the 9% level due to Lehman shock, but it will recover to 10% level, and then it has continued to decline to 6.7% in 2016.

On the other hand, the increase rate of electricity generation and rail freight transport compared to the same month of the previous year has changed significantly as described above. Both increase rates declined minus from 2015.
Electricity consumption is heavily influenced by the situation of heavy–chemical industries, and rail freight transport is greatly affected by the situation of steel and coal industries. Therefore, it is natural that the change in GDP growth rate representing society as a whole is different from the electricity and rail freight ones.

However, the fact that the change in GDP growth rate is much smoother than the  increase rate of electricity and rail freight is a reason why doubts are raised over the GDP value announced by the Chinese government.

There are many reports on doubts about China's GDP, but it is not the purpose of this page to describe it.

Recent Situation

GDP growth in 2016 rose to 6.7% until the third quarter, 6.8% in the fourth quarter and 6.9% contrary to expectation in the first quarter of 2017. Meanwhile, the increase rate of electricity generation and rail freight transport has risen sharply from the second half of 2016.

These increases are understood to be due to the economic recovery supported by housing bubbles and excessive fixed asset investment. In addition, it is also believed that the reduction of excessive facilities of state-owned enterprises in the steel and coal industries has not achieved sufficient results.

However, the sharp rise in the increase rate such as electricity generation is abnormal, perhaps reflecting the problem of the Chinese economy. It can also be said that it is an efficacy to observe the Chinese economy by the Li Keqiang index.

Ⅱ. Deceleration of the China's economy observed from the GDP breakdown
The GDP growth target for 2017 was 6.5%, a 0.2 point lower than the previous year. The fact that China’s GDP has decreased by 0.1 - 0.2% is largely reported by mass media. However, the industrial breakdown of GDP fluctuates much more. It is strange that GDP, which is the sum, changes gently as shown in Figure-8.

In this section, the deceleration of the Chinese economy will be observed from the industrial breakdown of GDP which is changing drastically.

1. Meaning of GDP growth rate 6.5%

In the Chinese Communist Party convention of 2012, Xi Jinping and the current standing committee has been appointed, a plan to doubling the GDP and per capita national income by 2020 as compared to 2020 was announced. And Xi Jinping president in November 2015, mentioned the prospect that GDP growth rate to be around 7% in five-year plan from 2016.

In order to double GDP in 2020 as compared to 2010, it is necessary to make the average growth rate of GDP 2016 - 2020 be 6.5% or more.

After the Lehman shock, the Chinese economy, which has continued to grow rapidly, has  various problems such as excessive debts of local governments left by real estate development, excessive facility capacities and excessive debts of state-owned enterprises, soaring and falling stock prices, housing bubble occurrence.

In order to avoid the economic collapse, the Chinese government has promoted structural transformation of the economy from the economy of high growth driven by investment and export to the stable growth led by consumption and domestic demand. They will push down the GDP growth rate. Maintaining a GDP growth rate of 6.5% or more is a difficult task.

2. GDP industrial breakdown

Primary, Secondary, Tertiary Industry

In Figure 9 shows the growth rate of GDP of the last four years and the quarterly increase of the first, second and third industries compared to the same period of the previous year.

In the primary industry, the increase rate is around 4%, which is lower than other industries, and it is repeated about 1 point fluctuation. It is probably because agriculture has uncontrollable variables such as weather.

Although the increase rate in secondary industry is not shown, it is around 17% before Lehman shock and the secondary industry had driven economic growth of the whole industry. However, after falling in the Lehman shock and recovering, the increase rate  continued to decline, and after 2015 the increase rate is still around 6%.

In recent years, the tertiary industry has been playing a leading role in driving the Chinese economy on behalf of secondary industries. The increase rate compared to the same month of the previous year is around 8%. In Figure 9, attention must be paid to the fact that the scale of the tertiary industry is expanding, but the fluctuation range is about 1 point, but it shows anomalous movement, the cause will be described later.

Breakdown of Secondary and Tertiary Industry

Before looking at the GDP breakdown, it is necessary to know the weight of each breakdown of GDP. Figure 10 shows the industral breakdown of Chinese GDP in 2016. In China, the agriculture, forestry and fishery industry is only 9% of GDP.


Industrial production is the largest item with GDP breakdown, accounting for 1/3 of the total. The construction industry which is the rest of the secondary industry is about 7%.

In the tertiary industry, wholesale and retail trade is the largest, accounting for about 10%. Following that, the major items are 6.6% of the finance and the real estate. In China, the two major investments are stocks and housing investment. In the period of high stock prices and housing prices, the breakdown of GDP of the finance and real estate increase. The Chinese government also uses relaxation and strengthening of regulations on those transactions as a means of economic stimulus measures.

Most of the items grouped as others are related to tertiary industries. It includes public services such as education, research and development, medical health care, rental business, repair business and so on. It accounts for 20% or more of GDP as a whole, and breakdown details are not shown, so be careful.

Increase rate of secondary and tertiary industry

Figure 11 shows the growth rate of industrial breakdown of secondary industry and tertiary industry compared to the same period of the previous year.

The breakdown of secondary industry is industrial production and construction industry. The former accounts for more than 80%, and the increase rate of industrial production shows the same change as the increase rate of the secondary industry as a whole.

The increase rate in the construction industry over the past four years has remained high at around 10% until the middle of 2015, but it has fluctuated widely since then. Changes in the growth rate of the construction industry are related to the growth rate of the real estate industry, which is described later. It is also related to new housing prices and trends in real estate development investment.

Changes in the growth rate of the tertiary industry (service industry) breakdown is large and is complicated. The growth rate of wholesale and retail trade was around 10% until 2014, but it has since declined to the 6% level, which may reflect the recession. However, it is shown that it is recovering from 2016.

The increase rate in the finance shows a peak close to 20% in the second quarter of 2015. This corresponds to the soaring stock price such as the Shanghai Composite Stock Price Index. Later, due to the plunge in the stock market price in June 2015, the growth rate of the financial also declined.

The increase rate in transportation, storage and mail has declined from around 7% to 4% in 2015. However, it has risen sharply since the second quarter of 2016. The decline in the increase rate after 2015 seems to be due to recession, but the recent surge is an abnormal change and it will be described later.

The increase rate in the real estate declined to 2% from around 8% in 2013, then it increased again to 8%. This big change is the result of the Chinese government's change in housing acquisition policy.

When the economy retreats, regulations on acquisition of housing are relaxed, and when the economy overheats and the occurrence of housing bubbles is predicted, regulations have been reinforced repeatedly. In China, housing and stocks are the two major investment targets, especially the housing market has a large scale, so it has had a big impact on the economy.

The increase rate in the accommodation and restaurant industry continues to be in the 6% range since 2014. The share in GDP is as small as 1.8%, so its effect on GDP is not so large.

As mentioned above, "Other" accounts for most of the tertiary industry, which accounts for more than 20% of GDP, but the increase rate in the fourth quarter of 2016 jumped to 10.6% from 8.8% in the previous period It is felt strange. However, in the first quarter of 2017, it has returned to the previous value.

Increase rate in the fourth quarter of 2016

The GDP growth rate in 2016 rose by 0.1 points to 6.7% until the 3rd quarter and 6.8% in the 4th quarter.

As mentioned above, maintaining the average GDP growth rate of more than 6.5% in 2016-2020 seems to be a big issue for the Chinese government.

From the trend of the GDP breakdown in Figure 11, there are traces of hardship by the Chinese government. The GDP growth rate in 2015 was supported by the rise in the  increase rate in the financial industry due to the rise in stock prices. In 2016 when the stock price fell, it was supported by the rise in the real estate industry due to the rise in housing prices.

Why did GDP growth in the fourth quarter of 2016 rise by 0.1 point? From Figure 11, the impact of the rise in transportation, storage and postal from 6.5% in the third quarter to 9.9% and the fact that the item "other" rose from 8.8% to 10.6% was significant. Regarding transportation, storage and mail, it seems to reflect the fact that the freight transport has increased due to economic recovery, but freight transport accounts for a relatively small share of GDP.

On the other hand, the “other” items account for more than 20% of GDP, which seems to have a big influence. The breakdown is not shown, and as for the reason that the items with relatively small fluctuations sharply increased, I can not forbid the feeling that the Chinese government wanted to raise even a little GDP figures published.

By the way, assuming that the increase rate of the “other” items in the fourth quarter is not 10.6% but 8.8%, which is on par with the previous term, GDP growth rate for the full year of 2016 will drop 0.1 points to 6.6%. Whether such trial calculation shows actual conditions is not certain but I think that the Chinese government is struggling with a slight rise in GDP growth rate in increments of 0.1 points.

GDP growth target for 2017 (written in March 2017)

It was announced in the National People's Congress that the target of GDP growth rate in 2017 should be around 6.5%. For reference, Table 1 shows the breakdown of 6.5% that I suppose. Some items are considerably higher than the 6.5% year-on-year rate of increase, while others are lower.


The increase rate in 2017 compared with 2016 is that the agriculture, forestry and fisheries industry will increase or decrease production volume due to weather, but I think that it will be comparable with the previous year except for that.

Industrial production will decline slightly by somewhat reducing the excess facilities such as steel and coal.
Regarding the construction industry, I think that the increase rate will decline as a result of strengthening housing acquisition regulations as a measure against housing bubbles.

The wholesale and retail industry will maintain the increase rate in the second half of 2016 when the economy recovered.
Unusually high growth rates were reported for the transportation, storage and mail at the end of 2016, but it will return to the previous rate of increase.
I think that the accommodation restaurants will be similar to the previous year.
In the real estate industry, the increase rate will decline due to the suppression of the housing bubble.

If the housing bubble is suppressed, the economy will decline and it seems that the  GDP growth rate of 6.5% can be achieved. I think that the economic measures to achieve 6.5% will be taken and the increase rate in the financial industry will recover.

By summing up the GDP breakdown of Table 1, the GDP growth rate will be 6.5%.

Ⅲ. Other economic data on China's economic slowdown

Here are some of the economic data that is considered important for observing the slowdown of the Chinese economy. The Chinese economy has been recovering from the beginning of 2016, but it is important to understand the cause.

1. Industrial production

Figure 12 shows the trend of the increase rate in industrial production relative to the same month of the previous year in comparison with GDP. The increase rate in industrial production, which was previously around 17%, has been around 6% since 2015, after the fall due to Lehman shock and rapid recovery.

Changes in the GDP growth rate are not as great as in industrial production, but it has continued to decline after the Lehman shock as well. It can be seen that the high growth rate of the Chinese economy has been supported by industrial production so far.

In the meantime, the growth rate of industrial production is expected to further decline. The proportion of service industries in GDP will increase, but decline in industrial production will reduce GDP growth rate.

It is necessary to pay close attention to when the increase rate in industrial production, which has been around 6% now, drops to the next low level.


Reduction of excess facilities
In the short term, it is noteworthy whether reductions in excess facilities of state-owned enterprises such as steel and coal will progress as planned, and it is necessary to pay attention to the trend of those production volumes.
In addition, suppression of the housing bubble, which will be described later, is also a major issue, and it is necessary to pay attention to the production volume of steel and cement, which are related basic materials.

Figure 13 shows the trends in the increase in crude steel and cement production relative to the same month of the previous year. The crude steel and cement production, which had been negative growth since 2015, turned to an increase in 2016, indicating that reductions in excess facilities have not progressed as planned.

Main products

Figures 14 and 15 show the trends in the production rate of ethylene, 10 kinds of non‐ferrous metals, automobiles and mobile phones compared with the same month of the previous year.

The signs of increase in industrial production which had been decreasing since the Lehman shock can be seen from the beginning of 2016.
It reflects the economic recovery, but due to increased housing bubble and fixed asset investment. However, since the government is promoting structural transformation from investment and export-led economics, it is not a situation that can be unconditionally welcomed.

2. Real estate development investment

As of the end of the first quarter of 2017, the biggest risk in the Chinese economy is the problem of housing bubble. In China without land privately owned, residential real estate is subject to investment. The investment scale is considerably larger than the stock investment.

In the phase of rising housing prices the market will overheat. When the economic recession, the Chinese government relaxed the regulation of the housing market and repeatedly reinforced the regulation as the economy overheated.

Figure 16 shows the increase rate in real estate development investment compared to the same period of the previous year. It shows the total real estate development investment indicated by thick lines and the breakdown of houses, office buildings and commercial buildings. Please note that the increase rate is not the value of the current month but the increase from the beginning of the year to the year-on-year increase.

Housing development investment accounts for about 70% of real estate development investment and shows a similar change to the graph of real estate development as a whole.

There is an increase in the increase rate from the beginning of 2013 and the beginning of 2016. In those previous years, for example, as shown in the graph of industrial production in Figure 12, the economy is moving backwards, as a result of which relaxation of housing acquisition restrictions.

Figures 17 to 20 show the trends in the newly constructed housing sales price index of 70 cities in China. It is a price index with 2010 as 100.

Recently it has been rising since the second half of 2015. It is considered that due to a sharp fall in stock prices, housing acquisition has been relaxed as an economic measure, and surplus funds have turned toward housing investment.

However, in the latter half of 2016, it was not possible to leave the housing bubble, and the housing acquisition regulation was strengthened. The rise stopped around October 2016, but the housing prices are still maintaining a high situation.

Figure 21 shows the trend of the simply averaged increase rates, month-to-month and year-on-year, of the housing sales price index for 70 cities.

Current housing prices in big cities are too high, so home prices will start to decline ahead. In the price reduction phase, the funds invested in housing investment are raised, and price declines are accelerated. As a result, the increase rate in investment in real estate development, construction industry and production of related materials will also decline.

In order to avoid extreme events like the collapse of the housing bubble, as in the past, the Chinese government seems to repeat relaxation of housing acquisition restrictions.

As of the end of the first quarter of 2017 when house prices are high, you should understand that it is in a subtle phase of entering a downturn.

3. Fixed asset investment

At the time of the Lehman shock, China made fiscal stimulus that is said to be 4 trillion RMB, and the economy achieved a V-shaped recovery. European countries where the economic recession has been backed up a lot in China's economy.

However, China's debt increased as described later. Over the next two years, the debt remained stable, but debts begin to increase rapidly around 2012.

In order to curb the increase in debt, the structure transformation from investment to consumption-led economy is planned. After that, the growth rate of fixed asset investment in China has continued to decline.

Figure 22 shows the trend of fixed asset investment in China over the same month of the previous year. Please note that total fixed asset investment and private sector value, but the cumulative increase rate since the beginning of the year.

Recent situation (written in March 2017)

In 2016, it can be seen that the increase rate in fixed asset investment in the private sector has declined greatly. It is thought to suppress the increase of corporate debt and it is one factor of China's economic downturn.

Nonetheless, the decline in the increase rate in fixed asset investment as a whole is moderate, as the investment in fixed assets in the public sector is rapidly increasing. Although not shown in the graph, the year-on-year growth rate of fixed assets in the public sector has increased rapidly from about 11% in 2015 to about 19% in 2016.

Amid the economic downturn, public sector fixed asset investment and housing bubble supported 6.7% GDP growth rate.

What is noteworthy is the rapid increase in fixed asset investment growth in the private sector since the end of 2016. I think that is one of the factors of the economic recovery mentioned above.

It is thought that the recovery of the Chinese economy from the end of 2016 to the end of the first quarter of 2017 was supported by investment. Therefore, it is necessary to check whether it leads to an increase in debt.

4. Import and export

As trade data has a partner country, human operation and tampering are difficult and the data are considered reliable. Figure 23 shows the change in the US dollar - based trade value in recent years compared to the same month in the previous year, and Figure 24 shows the trend in the trade amount.

Many economic indicators are only a decline in the increase rate, but the exports and imports a problem since their amount has decreased from 2015 to mid 2016.

They finally began to increase from the end of 2016. However, it can be seen from Figure 24 that they has not returned to the level of 2014.


5. Shanghai Composite Stock Price Index

Figure 25 shows the trend of Shanghai comprehensive stock index. The two peaks are for October 2007 and June 2015. The stock price rose abnormally without any significant increase in industrial output etc.

As mentioned above, housing and stocks are two major investment targets in China. The stock price rise in 2015 seems to be thought to be the result of investment funds going to the stock as house prices fall. It seems that fluctuations in stock prices do not reflect the state of the Chinese economy.

6. Manufacturing PMI

Manufacturing PMI (Purchasing manager’ index) is introduced as Chinese economic information, as it is frequently published in newspapers. Economic data is generally reported after the middle of the next month, but the PMI is reported at the beginning of the next month and is characterized by its quick reporting.

Manufacturing PMI is an indicator based on a questionnaire survey to purchasing managers in the manufacturing industry and is a leading indicator of economic transformation, which is thought to suggest an economic expansion if it exceeds 50, and a recession if it falls below.

In the manufacturing industry PMI of China, there are values of the National Bureau of Statistics and those by private enterprises. In Figure 26 there is NBSC's belonging to the National Bureau of Statistics. HSBC / Caixin is what HSBC of the financial group reported, then Caixin is taking over. It is said that the latter is surveyed for smaller enterprises.

From 2016, it can be seen that the manufacturing PMI has risen and is over 50.


Ⅳ. Increase in Chinese debt

1. Debt outstanding

The data presented so far shows that the Chinese economy is recovering around the end of 2015 as the bottom. In particular, from the fourth quarter of 2016 to the end of the first quarter of 2017, the growth rate exceeded most predictions.

However, even if the Chinese economy, which was regarded as a risk factor of the world economy a year ago, recovered, it can not be pleased straight for that. Because the recovery of the Chinese economy is supported by housing bubble and fixed asset investment.

The Chinese economy should have been undergoing structural transformation from investment and export-led high growth to consumption and domestic demand led stable growth. That is because it was thought that it was necessary to suppress the rapid increase in debt.

If the current economic recovery is supported by investment, it is necessary to check whether it leads to an increase in debt.

Figure 27 shows the trend of China's debt - to - GDP ratio. It is the data of the Bank for International Settlements (BIS), which is published as Credit to the non-financial sector.

In terms of total debt ratio of GDP, Japan is larger than China, but it is pointed out that the debt has increased rapidly since 2012. In addition, China is characterized by its large corporate debt.


2.Credit-to-GDP gap

The risk due to the rapid rise of debt is discussed using the value of Credit-to-GDP gap. Credit-to-GDP gap is the difference between the debt - to - GDP ratio and its long-term trend. It is used as an indicator that the debt is excessive compared with the trend.

Figure 28 shows the ratio of GDP of total corporate and household debt in China and its trends and gaps.

Based on the experience that most of the past financial crisis occurred in 3 years when this gap exceeded 10%, it suggests that the risk of a banking crisis within 3 years will increase if it exceeds 10%.

China's Credit-to-GDP gap in the first half of 2016 was quite high, approaching 30%.

In Figure 27, it can be seen that the increase in corporate debt has stopped in the second and third quarter of 2016. This would correspond to the decline in the growth rate of fixed asset investment in the private sector shown in Figure 22.

However, from the fourth quarter of 2016 when the Chinese economy recovered, in the first quarter of 2017 private investment in fixed assets has increased sharply. On the other hand, the data of the corresponding corporate obligation was not reported from BIS at this point, but it is necessary to check it by all means.

When seeing China's economic growth, it is important to check whether GDP growth of more than 6.5% is maintained and whether debt increase is suppressed together.


 Caution) The statistical data on this page is stated carefully based on the original data. However, if you are interested in the description of this webpage for the purpose of investment, business etc, please visit the website of the National Statistics Bureau of China and check and judge statistical data yourself. I will not be responsible for any damage suffered by the above description or information.