China’s Gross Domestic Product (GDP) reached 38.6762 trln yuan in the third quarter of 2013, up 7.8% from a year earlier at comparable price. In the first three quarters, the country’s economy grew at a rate of 7.7%. In general, China’s economy has remained steady over the first three quarters.
    China’s CPI for November rose 3.0% from a year earlier, Specifically, food prices went up by 5.9%, down 0.6 pp in growth from the previous month. Non-food prices lifted 1.6%, a similar growth to the last period. In November, China’s Producer Price Index (PPI) remained the same as that of the previous month. In November, the price scissors between CPI and PPI was 4.42%, above 4.0% for ten consecutive months.
    As of December 13, 2013, the PBOC had injected - 37 bln yuan through open market operations. Given such factors as economic growth, inflation and money supply, the loose degree of monetary environment (M2 growth minus real GDP growth and CPI) was 3.4 in the third quarter, down 0.3 from the previous quarter.
    China’s M1 money supply grew 9.40% year on year to 32.481 trln yuan at the end of November, up 0.5 pp from the end of previous month, and up 3.9 pp from the same period of last year. At the end of November, M0 increased 7.73% year on year to 5.64 trln yuan; current deposits decreased 2.00% month on month to 26.84 trln yuan. China’s M2 money supply grew 14.2% year on year to 107.93 trln yuan at the end of November, down 0.1 pp month on month but up 0.3 pp year on year in growth rate, respectively.
    China’s total exports increased 12.7% year on year to reach $202.205 bln in November, according to the General Administration of Customs of China (GACC). China’s total imports climbed 5.3% year on year to $168.404 bln in November, according to the GACC. In November, China’s trade surplus reached $33.801 bln, a year-on-year increase of 73.51%.
    In November, China’s Purchasing Managers’ Index (PMI) was 51.4%, flat with the previous month.  Meanwhile, the Non-manufacturing Business Activity Index dropped 0.3 pp from the previous month to 56.0%. The HSBC initial manufacturing PMI for December stood at 50.5.
    In the first eleven months of 2013, China’s FAI (excluding farmers) grew 19.9% year on year to 39.1283 trln yuan. In terms of FAI by industry, during Jan-Nov 2013, FAI in the primary industry rose 31.7% year on year to 850.9 bln yuan, that in the secondary industry