Ladies and gentlemen, friends from the press, good morning. Now, I'll first make a brief introduction of China's economic performance in the first quarter of 2020, and then answer your questions.
统筹疫情防控和经济社会发展成效显著，3月份主要经济指标降幅明显收窄。
Coordinative efforts for epidemic prevention and control and economic and social development delivered notable results and decline of major economic indicators
significantly narrowed down in March.
In the first quarter of 2020, faced with the severe test of the covid-19 outbreak, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with comrade Xi Jinping as the core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, and the whole nation coordinated efforts to advance both the prevention and control of the epidemic and the economic and social development. As a result, the situation of epidemic control and prevention continued to improve with a basic interruption in epidemic transmission at home. The resumption of work and production accelerated, with fundamental industries and major products vital to national economy and people’s livelihood growing steadily. People’s basic livelihood was well guaranteed and the national economic and social development witnessed overall stability.
According to the preliminary estimates, the gross domestic product (GDP) of China was 20,650.4 billion yuan in the first quarter of 2020, a year-on-year decrease of 6.8 percent at comparable prices. By industry, the value added of the primary industry was 1,018.6 billion yuan, down by 3.2 percent; that of the secondary industry was 7,363.8 billion yuan, down by 9.6 percent; and that of the tertiary industry was 12,268.0 billion yuan, down by 5.2 percent. In the first quarter, the nationwide per capita disposable income of residents was 8,561 yuan, a nominal increase of 0.8 percent year on year, or a real decrease of 3.9 percent after deducting price factors.
Generally speaking, the overall national economic and social development in the first quarter maintained stable despite the outbreak of covid-19. However, we should also be aware that given the continuous spread of the epidemic globally, mounting downward pressure of the world economy, and remarkably increasing instabilities and uncertainties, we are now facing rising pressure of the prevention of imported epidemic infections and new difficulties and challenges for resuming work and production and advancing economic and social development.