National Economy Maintained Stable and Sound Momentum of Development in November
National Bureau of Statistics of China2018-12-14 10:00




National Bureau of Statistics of China

14 December 2018

 

In November, under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, all regions and departments implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the requirement of high-quality development, stuck to the general working guideline of making progress while maintaining stability, adopted the new development philosophy, deepened the supply-side structural reform, and intensified efforts in policy implementation to maintain stability in areas like employment, financial sector, foreign trade, foreign investment, domestic investment, and market expectation. The economy performed within the reasonable range and maintained the generally stable and growing momentum.

 

1. The Service Industry Grew Steadily, and Emerging Service Industry Developed Fast.

 

In November, the Index of Services Production increased by 7.2 percent year on year, the same speed as last month. Specifically, information transmission, software and information technology services, and leasing and business services grew by 36.7 percent and 7.2 percent year on year respectively. From January to November, the Index of Services Production increased by 7.7 percent year on year. In the first ten months, the business revenue for service enterprises above the designated size grew by 11.8 percent year on year. Specifically, the business revenue of strategic emerging service industry, science and technology service industry and high-tech service industry grew by 15.3 percent, 15.3 percent and 13.8 percent year on year, or 3.5 percentage points, 3.5 percentage points and 2.0 percentage points higher than that of the service enterprises above the designated size.

 

2. The Growth of Industrial Production Slowed Down and the Mid- and High-end Industries Demonstrated Good Momentum of Growth.

 

In November, the real growth of the total value added of the industrial enterprises above designated size was 5.4 percent year-on-year, 0.5 percentage point slower than last month. An analysis by types of ownership showed that in November, the value added of the state holding enterprises went up by 3.9 percent year on year; collective enterprises up by 2.0 percent; share-holding enterprises up by 6.6 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 1.9 percent. In terms of sectors, the value added of the mining increased by 2.3 percent on a year-on-year base, the manufacturing grew by 5.6 percent and the production and supply of electricity, thermal power, gas and water grew by 9.8 percent. From January to November, the value added of the industrial enterprises above the designated size grew by 6.3 percent, 0.1 percentage point slower than the first ten months. Specifically, the value added of high-tech manufacturing and equipment manufacturing grew by 11.8 percent and 8.3 percent, 5.5 percentage points and 2.0 percentage points higher than that of the industrial enterprises above the designated size. In the first ten months, the total profits registered by industrial enterprises above the designated size were 5,521.2 billion yuan, up by 13.6 percent year on year. The profit rate from the principal businesses of industrial enterprises above the designated size was 6.44 percent, 0.24 percentage point higher than that of the same period last year.

 

3. The Growth Rate of Investment Kept Rising and the Investment in Manufacturing and Private Investment Maintained Fast Growth.

 

From January to November, the investment in fixed assets (excluding rural households) was 60,926.7 billion yuan, a year-on-year growth of 5.9 percent, or 0.2 percentage point faster than the first ten months, increasing for the third month in a row. Specifically, the private investment reached 37,843.2 billion yuan, up by 8.7 percent, which means the private investment has maintained a growth speed higher than 8 percent since the beginning of this year. The investment in the primary industry was up by 12.2 percent year on year; the secondary industry grew by 6.2 percent, among which, the investment in manufacturing was up by 9.5 percent, 0.4 percentage point faster than the same period last year and maintained the faster growth since April; the tertiary industry went up by 5.6 percent, among which the investment in infrastructure increased by 3.7 percent. The investment in high-tech manufacturing industry and in equipment manufacturing industry increased by 16.1 percent and 11.6 percent, 10.2 percentage points and 5.7 percentage points faster than that of the total investment. From January to November, the total investment in real estate development was 11,008.3 billion yuan, a year-on-year growth of 9.7 percent. The floor space of commercial buildings sold reached 1,486.04 million square meters, a year-on-year increase of 1.4 percent. The total sales of commercial buildings were 12,950.8 billion yuan, a growth of 12.1 percent year on year.

 

4. The Growth of Market Sales Slowed Down and the Share of Online Retail Sales Increased Substantially.

 

In November, the total retail sales of consumer goods reached 3,526.0 billion yuan, a year-on-year rise of 8.1 percent, 0.5 percentage point slower than last month. Analyzed by different areas, the retail sales in urban areas reached 2,999.0 billion yuan, up by 7.9 percent year-on-year, and the retail sales in rural areas stood at 527.0 billion yuan, up by 9.3 percent. Grouped by consumption patterns, the income of the catering was 452.5 billion yuan, up by 8.6 percent year on year; and the retail sales of goods were 3,073.5 billion yuan, up by 8.0 percent. From January to November, the total retail sales of consumer goods grew by 9.1 percent year on year. From January to November, the online retail sales reached 8,068.9 billion yuan, up by 24.1 percent. Of the total, the online retail sales of physical goods stood at 6,271.0 billion yuan, up by 25.4 percent, accounting for 18.2 percent of the total retail sales of consumer goods, 3.4 percentage points higher than that of the same period last year. The online retail sales of non-physical goods were 1,797.8 billion yuan, up by 19.7 percent.

 

5. The Employment was Better than Expected, and the Surveyed Unemployment Rate Went Down Slightly.

 

Data from the Ministry of Human Resources and Social Security showed that in the first eleven months, the newly increased employed people in urban areas numbered 12.93 million, 0.13 million more than the same period last year. In November, the surveyed unemployment rate in urban areas was 4.8 percent, 0.1 percentage point lower than last month as well as the same month last year. The urban surveyed unemployment rate in 31 major cities was 4.7 percent, the same as last month or 0.2 percentage point lower than the same month last year. Specifically, the surveyed unemployed rate of major labor force aged from 25 to 59 was 4.4 percent, which was the same as last month as well as the same month last year. The employed people in enterprises worked averagely 46.2 hours per week, 0.1 hour more than last month.

 

6. The Consumer Price Grew Mildly and the Growth for Prices of Industrial Products Slowed Down.

 

In November, the consumer price went up by 2.2 percent year on year, 0.3 percentage point slower than last month, down by 0.3 percent month-on-month. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 2.5 percent year on year; clothing up by 1.4 percent; housing up by 2.4 percent; articles and services for daily use up by 1.5 percent; transport and communication up by 1.6 percent; education, culture and recreation up by 2.5 percent; medical services and health care up by 2.6 percent; other articles and services up by 1.5 percent. From January to November, the consumer price was up by 2.1 percent year on year. In November, the producer prices for industrial products went up by 2.7 percent year on year, 0.6 percentage point slower than last month, or down by 0.2 percent month on month. The purchasing prices for industrial producers went up by 3.3 percent year-on-year, or the same as last month. From January to November, the producer prices for industrial products went up by 3.8 percent year on year and the purchasing prices for industrial producers were up by 4.4 percent year on year.

 

7. The Growth of Import and Export Accelerated and the Trade Surplus Expanded.

 

In November, the total value of imports and exports was 2,833.7 billion yuan, an increase of 9.1 percent year on year, 13.4 percentage points slower than last month. The total value of exports was 1,569.9 billion yuan, up by 10.2 percent, 9.8 percentage points slower than last month; the total value of imports was 1,263.8 billion yuan, an increase of 7.8 percent, 17.9 percentage points slower than last month. The trade balance was 306.0 billion yuan in surplus, increasing by 21.5 percent over the same month last year. In the first eleven months, the total value of imports and exports was 27,877.7 billion yuan, a year-on-year increase of 11.1 percent. The total value of exports was 14,923.4 billion yuan, up by 8.2 percent, and the total value of imports was 12,954.3 billion yuan, up by 14.6 percent. In November, the export delivery value of industrial enterprises above designated size reached 1,183.3 billion yuan, a year-on-year increase of 7.6 percent. From January to November, the export delivery value of the industrial enterprises above designated size reached 11,278.5 billion yuan, a year-on-year increase of 8.5 percent.

 

8. The Supply-Side Structural Reform Continued to Deepen, and the Efforts in Deleveraging, Reducing Excessive Inventory and Lowering Costs Delivered Results. 

 

The asset-liability ratio of enterprises dropped. By the end of October, the asset-liability ratio of the industrial enterprises above the designated size was 56.7 percent, 0.5 percentage point lower than the same period last year. The inventory of commercial buildings was reduced. By the end of November, the floor space of commercial buildings for sale dropped by 11.7 percent year on year. The costs for businesses went down. From January to October, the cost for per-hundred-yuan turnover of principal business of the industrial enterprises above the designated size was 84.27 yuan, 0.25 yuan less than the same period last year. The investment in weak areas increased fast. From January to November, the investment in the management of ecological protection and treatment of environment pollution and the investment in agriculture increased by 42.0 percent and 12.5 percent respectively, or 36.1 percentage points and 6.6 percentage points higher than the total investment respectively.

 

Generally speaking, the national economy continued to stay stable with growing momentum in November, and the major whole-year targets of social and economic development are expected to be met. However, we must notice that the environment is still severe and complex both at home and abroad, the economy is stable but still subject to changes and slowdown, and the downward pressure is mounting. For the next step, we must work under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, follow the general working guideline of making progress while maintaining stability, pursue the new development philosophy, encourage the high-quality development, focus on the supply-side structural reform, step up the reform and opening up, and strive to win the “three critical battles”. We must further focus on the policy implementation to maintain stability in areas like employment, financial sector, foreign trade, foreign investment, domestic investment and market expectation, endeavor to stimulate market vitality, enhance internal dynamism and unleash the potential of domestic demand, so as to ensure the stable and healthy development of the economy.

 

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 principal business over 20 million yuan.

 

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, cancelled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication was found in the products output of some enterprise groups. .

 

3. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

 

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

 

The data for the total retail sales of consumer goods of the same period last year have been revised according to the results of the third national agricultural census and related regulations and the growth rates are calculated on a comparable base.

 

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. virtue goods and services).

 

The total retail sales of consumer goods include the online retail sales of physical goods, but not the 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. 

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