Overall Economic Performance Continued to Stay Stable with Sound Momentum in October
National Bureau of Statistics of China2017-11-14 10:00




National Bureau of Statistics of China

14 November 2017

 

In October, encouraged by the success of the 19th CPC National Congress, all regions and departments implemented the decisions and arrangements made by the CPC Central Committee and the State Council and coordinated the efforts in the reform and opening up and the economic and social development. As a result, the economy was generally stable, the structural adjustment was deepened, the shifting from the old driving forces to the new ones was accelerated, the quality and efficiency were enhanced and people’s life continued to improve. The national economy has maintained stable performance with improved quality and sound development momentum. 

 

1. The Industrial Production was Generally Steady and the Profit of Enterprises Continued to Improve.

 

In October, the real growth of the total value added of the industrial enterprises above designated size was 6.2 percent compared with a year ago, 0.4 percentage point slower than last month, or 0.1 percentage point faster than the same month last year. An analysis by types of ownership showed that the value added of the state holding enterprises went up by 6.6 percent year on year; collective enterprises up by 3.6 percent; share-holding enterprises up by 6.1 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 6.5 percent. In terms of sectors, the value added of the mining decreased by 1.3 percent on a year-on-year base, the manufacturing grew by 6.7 percent and the production and supply of electricity, thermal power, gas and water grew by 9.2 percent. The sales-output ratio of the industrial enterprises above designated size reached 97.8 percent. From January to October, the value added of the industrial enterprises above designated size grew by 6.7 percent year on year, the same as that of the first nine months and 0.7 percentage point faster than the same period last year.

 

From January to September, the total profit made by industrial enterprises above designated size was 5,584.6 billion yuan, up by 22.8 percent year on year, 1.2 percentage points faster than the first eight months, or 14.4 percentage points faster than the same period last year. The profit rate of principal business of industrial enterprises above designated size was 6.17 percent, 0.51 percentage point higher year on year.

 

2. The Service Sector Maintained Fast Growth and the Business Activity Index Continued to Increase.

 

In October, the index of services production increased by 8.0 percent year on year, 0.3 percentage point slower than last month and 0.2 percentage point faster than the same month last year. Specifically, information transmission, software and information technology services, and leasing and business services maintained double-digit growth. From January to October, the index of services production increased by 8.2 percent year on year, 0.1 percentage point faster than the same period last year. From January to September, the business revenue of service enterprises above designated size increased by 13.6 percent year-on-year, 0.1 percentage point faster than the first eight months; the operating profit rate of service enterprises above designated size increased by 31.4 percent year on year, 8.6 percentage points faster than the first eight months.

 

In October, the business activity index for services was 53.5 percent, maintaining within the range of expansion. Specifically, the business activity index for sectors like lodging, retail sales, air transport, postal services, telecommunication, broadcast, television and satellite transmission services, and internet, software and  information technology services kept within the expansion range of 55.0 percent and above. From the perspective of market demand, the new order index for the service industry was 50.5 percent, maintaining within the expansion range for six months in a roll.

 

3. The Investment in Fixed Assets was Generally Steady and the Investment Structure Continued to be Optimized.

 

From January to October, the investment in fixed assets (excluding rural households) was 51,781.8 billion yuan, a year-on-year growth of 7.3 percent, 0.2 percentage point slower than the first nine months. Specifically, the investment by the state holding enterprises reached 18,988.1 billion yuan, a rise of 10.9 percent; private investment reached 31,373.4 billion yuan, up by 5.8 percent, accounting for 60.6 percent of the total investment. The investment in the primary industry was 1,709.6 billion yuan, up by 13.1 percent year on year; the secondary industry 19,353.3 billion yuan, up by 2.7 percent, among which the investment in manufacturing was 15,885.6 billion yuan, up by 4.1 percent; the tertiary industry 30,718.9 billion yuan, an increase of 10 percent. The investment structure continued to be optimized. The investment in infrastructure was 11,310.3 billion yuan, an increase of 19.6 percent. The investment in high-tech manufacturing industry increased by 16.8 percent, 9.5 percentage points faster than the total investment. The investment in energy-intensive manufacturing decreased by 2.2 percent year on year. The funds in place for investment in fixed assets were 51,459.7 billion yuan, up by 3.6 percent year on year, 0.3 percentage point faster than the first nine months. The total investment in newly-started projects was 42,654.1 billion yuan, an increase of 3.8 percent year on year, 1.4 percentage points faster than the first nine months.

 

4. The Growth of Investment in Real Estate Development Slowed Down Slightly and the Floor Space of Commercial Buildings for Sale Continued to Decrease.

 

From January to October, the total investment in real estate development was 9,054.4 billion yuan, a year-on-year growth of 7.8 percent, 0.3 percentage point slower than the first nine months. In particular, the investment in residential buildings went up by 9.9 percent. The floor space of buildings newly started was 1,451.27 million square meters, up by 5.6 percent year on year. Specifically, the floor space of residential buildings newly started went up by 9.6 percent. The floor space of commercial buildings sold reached 1,302.54 million square meters, a year-on-year increase of 8.2 percent. Of this total, the floor space of residential buildings sold increased by 5.6 percent. The total sales of commercial buildings were 10,299.0 billion yuan, a growth of 12.6 percent year on year. Specifically, the sales of residential buildings were up by 9.6 percent. The land space purchased for real estate development was 190.48 million square meters, up by 12.9 percent year on year. By the end of October, the floor space of commercial buildings for sale was 602.58 million square meters, 8.82 million square meters less than that at the end of September. The funds in place for real estate development enterprises from January to October reached 12,594.1 billion yuan, up by 7.4 percent year on year.

 

5. Market Sales Grew Fast and Steadily and Online Retailing Maintained a Strong Momentum.

 

In October, the total retail sales of consumer goods reached 3,424.1 billion yuan, a year-on-year rise of 10.0 percent, 0.3 percentage point slower than last month, maintaining the same speed as last October. Analyzed by different areas, the retail sales in urban areas reached 2,953.7 billion yuan, up by 9.8 percent year-on-year, and the retail sales in rural areas stood at 470.4 billion yuan, up by 11.3 percent. Grouped by consumption patterns, the income of the catering was 385.2 billion yuan, up by 10.3 percent year on year; and the retail sales of goods were 3,038.9 billion yuan, up by 10.0 percent. The sales of upgraded consumer goods witnessed fast growth. In October, the sales of sports and recreational articles and cosmetics of enterprises above designated size increased by 19.6 percent and 16.1 percent year on year respectively. From January to October, the total retail sales of consumer goods increased by 10.3 percent year on year, maintaining the same speed as the same period last year.

 

In the first ten months, the online retail sales reached 5,535.0 billion yuan, a year-on-year growth of 34.0 percent, 8.3 percentage points faster than the same period last year. Specifically, the online retail sales of physical goods were 4,178.2 billion yuan, an increase of 28.8 percent, accounting for 14.0 percent of the total retail sales of consumer goods, an increase of 2.2 percentage points compared with the same period last year; the online retail sales of non-physical goods was 1,356.8 billion yuan, an increase of 52.7 percent.

 

6. The Consumer Price Increased Mildly and the Growth of Producer Prices for Industrial Products was Stable.

 

In October, the consumer price went up by 1.9 percent year on year, 0.3 percentage point faster than last month. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 0.3 percent year on year; clothing up by 1.2 percent; housing up by 2.8 percent; articles and services for daily use up by 1.5 percent; transport and communication up by 0.8 percent; education, culture and recreation up by 2.3 percent; medical services and health care up by 7.2 percent; other articles and services up by 1.8 percent. In terms of food, tobacco and alcohol prices, prices for grain went up by 1.6 percent, pork down by 10.1 percent and fresh vegetables up by 0.3 percent. In October, the consumer price was up by 0.1 percent month-on-month. From January to October, the consumer price was up by 1.5 percent year on year.

 

In October, the producer prices for industrial products went up by 6.9 percent year on year, maintaining the same speed as last month and up by 0.7 percent month on month. From January to October, the producer prices for industrial products went up by 6.5 percent year on year. In October, the purchasing prices for industrial producers were up by 8.4 percent year on year and 0.9 percent month on month. In the first ten months, the purchasing prices for industrial producers were up by 8.4 percent year on year.

 

7. The Imports and Exports Grew Fast with Increased Share of the General Trade and Export of Mechanical and Electrical Products.

 

The total value of imports and exports in October was 2,242.5 billion yuan, an increase of 10.2 percent year on year. The total value of exports was 1,248.5 billion yuan, up by 6.1 percent; the total value of imports was 994.0 billion yuan, an increase of 15.9 percent. The trade balance was 254.5 billion yuan in surplus. In the first ten months, the total value of imports and exports was 22,522.5 billion yuan, a year-on-year increase of 15.9 percent. The total value of exports was 12,408.5 billion yuan, up by 11.7 percent, and the total value of imports was 10,114.0 billion yuan, up by 21.5 percent. From January to October, the import and export of general trade increased by 18.0 percent, accounting for 56.5 percent of the total value of the imports and exports, 1.0 percentage point higher than the same period last year. The export of mechanical and electrical products grew by 12.4 percent, taking up 57.7 percent of the total export, 0.4 percentage point higher than the same period last year.

 

In October, the export delivery value of industrial enterprises above designated size reached 1,118.1 billion yuan, a year-on-year increase of 7.5 percent. In the first ten months, the export delivery value of industrial enterprises above designated size reached 10,501.8 billion yuan, up by 10.5 percent on a year-on-year base.

 

8. The Supply-Side Structural Reform Continued to Deepen and the Transformation and Upgrading Produced Significant Results. 

 

New progress was made in the work of cutting overcapacity, reducing excessive inventory, deleveraging, lowering costs and strengthening areas of weakness. The efforts in cutting overcapacity and reducing excessive inventory achieved significant results. Specifically, the annual targets for cutting the overcapacity of steel and coal were beaten and the production capacity of substandard steel was cleared by 140 million tons. By the end of October, the floor space of commercial buildings for sale reduced by 13.3 percent, 1.1 percentage points faster than the end of last month. The efforts in deleveraging and lowering costs were making steady progress. By the end of September, the debt-to-asset ratio of industrial enterprises above designated size was 55.7 percent, 0.6 percentage point lower than the same period last year. In the first three quarters, the cost of per-hundred-yuan revenue from principal business of industrial enterprises above designated size was 85.56 yuan, 0.23 yuan less than the same period last year. The areas of weakness have been strengthened. From January to October, the investment in ecological protection and treatment of environmental pollution, management of public utility and agriculture increased by 24.1 percent, 23.4 percent and 17.6 percent year on year, 16.8 percentage points, 16.1 percentage points and 10.3 percentage points faster than the total investment respectively.

 

New emerging driving forces continued to grow rapidly. From January to October, the value added of high-tech industries and equipment manufacturing increased by 13.4 percent and 11.5 percent year on year, 6.7 and 4.8 percentage points faster than that of the industries above designated size. The production of industrial robots increased by 68.9 percent year on year, the new energy vehicle by 36.7 percent and sport utility vehicles (SUV) by 14.1 percent. In the first three quarters, the business revenue of strategic emerging services, producer services and science and technology services increased by 17.5 percent, 14.8 percent and 14.6 percent year on year respectively.

 

Generally speaking, the national economy maintained stable performance with improved quality and sound momentum, which has laid a solid foundation for the fulfillment of the annual economic development targets. However, we must be aware that China is at a pivotal stage for transforming the growth model, improving the economic structure and fostering new drivers of growth and problems of unbalanced and insufficient economic development was acute. In the next stage, under the guidance of the spirit of the 19th CPC National Congress and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we must strengthen our consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core and keep in alignment and be more confident in the socialist road with Chinese characteristics, our theories, our system and the Chinese culture; apply the new vision of development, develop a modernized economy, put quality first and give priority to efficiency; pursue supply-side structural reform as our main task, deepen the innovation-driven development, work hard for better quality, higher efficiency and more robust drivers of economic growth through reform; focus on priorities, address inadequacies and shore up points of weakness and strive to achieve better quality, more efficient, fairer and more sustainable development.

 

Notes:

 

1. The growth rate of value added of industrial enterprises above designated size and its sub-items are real growth by using comparable prices. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

 

2. Industrial enterprises above designated size are industrial enterprises with annual revenue from primary activities over 20 million yuan.

 

3. To reflect timely the monthly performance of economic activities in services sectors, the National Bureau of Statistics of China compiled the Index of Services Production, and disseminated the information since March 2017. The Index of Services Production reflected the output changes between reporting period and base period after excluding price factors.

 

4. Units above designated size in total retail sales of consumer goods include wholesale enterprises, retail enterprises and lodging and catering enterprises with annual revenue from primary activities over 20 million yuan, 5 million yuan and 2 million yuan respectively.

 

The online retail sales refer to the retail sales of goods and services realized through internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (e.g. virtual goods and services).

 

The total retail sales of consumer goods include the online retail sales of physical goods, excluding that of non-physical goods.

 

5. Data of imports and exports are from the General Administration of Customs.

 

6. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

 

 

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.

 

 

FAQs  |  About NBS  |  Contact Us  |  Copyright National Bureau of Statistics of China,2012