Industrial Production Operation in October 2020

In October, the value added of industries above designated size increased by 6.9 percent year-on-year (the growth rate of the value added below is the real growth rate after deducting the price factor), and the growth rate unchanged than that in September. On a month on month basis, in October, the value added of industries above designated size increased by 0.78 percent over the previous month. In the first ten months, the value added of industries above designated size increased by 1.8 percent year on year.

In terms of three categories, in October, the value added of the mining industry increased by 3.5 percent year-on-year, up 1.3 percentage points over last month; that of the manufacturing industry increased by 7.5 percent, 0.1 percentage point of decrease over last month; that of the production and distribution of electricity, heating, gas and water increased by 4.0 percent, 0.5 percentage point of lower over last month.

In terms of economic types, in October, the value added of state-owned holding enterprises increased by 5.4 percent year-on-year; that of joint-stock enterprises increased by 6.9 percent; that of foreign, Hong Kong, Macao and Taiwan invested enterprises increased by 7.0 percent; and that of private enterprises increased by 8.2 percent.

In terms of different industries, in October, the value added of 34 of the 41 major industries maintained a year-on-year growth. The value added of agricultural and sideline food processing industry increased by 4.8 percent, that of textile industry rose by 9.5 percent, that of chemical raw materials and chemical products manufacturing industry increased by 8.8 percent, that of non-metallic mineral products industry increased by 9.3 percent, that of ferrous metal smelting and processing industry and non-ferrous metal smelting and processing industry rose by 11.2 and 4.7 percent, that of general equipment manufacturing industry, special equipment manufacturing industry and automobile manufacturing industry rose by 13.1, 8.0 and 14.7 percent, that of railways, shipbuilding, aerospace and other transportation equipment decreased by 0.7 percent, that of electrical machinery and equipment manufacturing, and manufacturing of computer, communication and other electronic equipment increased by 17.6 and 5.0 percent, and that of the production and distribution of electric power, heat and water increased by 3.6 percent.

In terms of different regions, in October, the value added of the eastern region, central region, western region and northeast region increased by 7.6, 7.0, 6.1 and 5.9 percent.

In terms of different products, in October, 427 of 612 products increased year on year. Steel was 118.48 million tons, increased by 14.2 percent; cement was 241 million tons, increased by 9.6 percent; ten non-ferrous metals was 5.45 million tons, increased by 9.0 percent year on year; ethylene was 2.02 million tons, increased by 16.5 percent; automobile was 2,481 thousand sets, increased by 11.1 percent, including 165 thousand new energy vehicles, increased by 94.1 percent; power generation was 609.4 billion kilowatt hours, increased by 4.6 percent; crude oil processing capacity was 59.82 million tons, up by 2.6 percent.

In October, the product sales rate of industrial enterprises was 98.4 percent, increased by 0.8 percentage point over the same month of last year; the export delivery value of industrial enterprises was 1,126.8 billion yuan, up by 4.3 percent on a year-on-year basis in nominal terms.

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.

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.

2. Statistical Coverage.

The standard starting point of industrial enterprises above designated size was 20 million yuan of annual revenue from primary business.

Due to the annual changes of the coverage of industrial enterprises above designated size, and in order to ensure that the data for this year is comparable with that of the previous year, the data of the corresponding period used for calculating the year-on-year growth rates of various indicators such as product output is as consistent with the enterprise statistical coverage of the current period as possible, and there is a difference in caliber from the data published last year. The main reasons are: (1) Coverage changes of statistical units. Each year, some companies will be included in the survey after having reached requisite size, and some will exit the survey due to their smaller size, and there are also influence of new built and starting enterprises, bankruptcies, and companies that have been suspended or sold. (2) There is cross-regional repeated calculation in the output data of some enterprise group (company) products, which has been eliminated according to specific surveys.

3. Survey Methods.

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. Northeastern region includes Liaoning, Jilin and Heilongjiang.

5. Standard on industrial classification

NBS enforces New Standard on Industrial Classification for National Economic Activities" (GB/T 4754-2017). 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 October 2019 to October 2020 was revised according to the results of automatic revision of seasonal adjustment model. The results are as follows: