Industrial Production Operation in the First Two Months of 2015

In the first two months of 2015, the total value added of the industrial enterprises above designated size was up by 6.8 percent year-on-year (the following growth rates of value added are real growth rates, after deducting price factors), 1.1 percentage points lower than that in December 2014.In February, the total value added of the industrial enterprises above designated size went up by 0.45 percent month-on-month.

In view of three sectors, the value added of mining and quarrying increased 4.2 percent in the first two months, that of manufacturing increased 7.5 percent, and that of production and distribution of electricity, gas and water was up by 4.0 percent, year-on-year.

Analysis on different types of enterprises showed that, in the first two months, the year-on-year growth of the state-owned enterprises and state holding enterprises increased 2.2 percent, collective enterprises increased 3.0 percent, joint-stock enterprises increased 7.7 percent, enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan province increased 4.9 percent.

Grouped by different sectors, in the first two months, 40 industries within 41 industrial divisions kept year-on-year growth. Of this total, the growth of processing of food from agricultural products was 5.4 percent; the textile industry was up by 7.2 percent; the manufacture of raw chemical materials and chemical products, up by 9.4 percent; the manufacture of non-metallic mineral products, up by 10.4 percent; the ferrous metal smelting and pressing, up by 3.5 percent; the manufacture and processing of non-ferrous metals, up by 12.7 percent; the manufacture of general-purpose machinery, up by 4.8 percent; the manufacture of special-purpose machinery, up by 3.1 percent; the manufacture of automobile industry, up by 8.4 percent; the manufacture of railway locomotives, building of ships and boats, manufacture of air and spacecrafts and other transportation equipments, up by 10.5 percent; the manufacture of electric machinery and equipment, up by 7.8 percent; the manufacture of computer, communication equipment and other electronic equipment, up by 11.8 percent; the production and supply of electricity and heat, up by 3.1 percent.

In terms of different regions, in the first two months, the value-added of eastern region increased 7.4 percent year-on-year; the central region went up by 8.4 percent; western region rose by 8.0 percent; northeast region decreased 0.6 percent.

In terms of different products, 372 products within 564 products kept year-on-year growth. Of this total, the output of pig iron was 168.07 million tons, went up by 2.1 percent year-on-year; that of cement was 263.66 million tons, up by 11.2 percent; that of 10 kinds of nonferrous metals was 7.70 million tons, up by 6.8 percent; that of ethylene was 2950 thousand tons, up by 5.7 percent; that of automobiles was 4221 thousand sets, up by 4.6 percent; that of cars was 2041 thousand sets, up by 1.6 percent; that of electricity was 856.1 billion kilowatt-hours, up by 1.9 percent; that of crude oil was 82.64 million tons, up by 3.5 percent.

The sales ratio of industrial products in the first two months was 97.3 percent, 0.2 percentage point lower over the same period of last year. The total export delivery value of industrial enterprises was 1,643.9 billion yuan, a nominal year-on-year increase of 4.2 percent.

Annotations:

1. Explanation of Indicator.

Growth rate of value added of the industrial enterprises: also known as industrial growth rate, which is used to reflect a certain period of increase or decrease in volume of industrial production indicators of the degree of change. The indicator can be used to estimate the short-term trend of the industrial economy, to judge the extent of the economic boom, and also to be an important reference and basis for the formulation and adjustment of economic policies, and for the implementation of macroeconomic adjustment and control.

Sales ratio: refers to sale value and industrial output value, which reflecting the situation between production and sales of industrial products.

Export delivery value: refers to the foreign trade department of industrial enterprises or self-run (commission) exports (including sold in Hong Kong, Macao and Taiwan), with the price of foreign exchange settlement of product value, and foreign samples, materials processing, component assembly and compensation trade product value. In calculating the export delivery value, the transaction price of foreign exchange should be converted into RMB.

Daily product output: the total production of the total value added of the industrial enterprises above designated size in the current month divided by number of days in the month.

The year-on-year growth rate of product output: as industrial enterprises above designated size range will be some changes each year, according to the regulations of NBS, the data in the same period of previous year were required when enterprises submit monthly data. Hence, the year-on-year growth rate of product output was calculated by the current total value added of the industrial enterprises above designated size divided by the data submitted at the same time period.

2. Statistical Coverage.

From 2011 on, the standard starting point of industrial enterprises above designated size was adjusted to 20 million yuan of annual revenue from primary business, the former one was 5 million yuan.

3. Data Collection.

The reports of industrial enterprises above designated size are conducted with complete survey on a monthly basis (Not report for January).

4. Division on Eastern, Central and Western Regions.

Eastern region includes Beijing, Tianjin, Hebei, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, and Hainan. Central region includes Shanxi, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei, and Hunan. Western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang.

5. Standard on industrial classification

From 2012, NBS enforces New Standard on Industrial Classification for National Economic Activities" (GB/T4754-2011). The number of industrial sectors expanded from 39 to 41. For details, please refer the following link: http://www.stats.gov.cn/tjsj/tjbz/hyflbz.

6. Revision on month-on-month data

The month-on-month growth rate of the total value added of the industrial enterprises above designated size from February 2014 to December 2014 was revised according to the results of automatic revision of seasonal adjustment model. The results and data in the first two months 2015 is as follows:

7. In order to eliminate the impact that the Chinese New Year has no fixed dates, and enhance the comparability of the data, according to national statistical system, the data of January and February will be surveyed and released together.