Industrial Production Operation from January to February 2021

From January to February, the added value of industries above designated size increased by 35.1 percent year-on-year (the growth rate of added value below is the real growth rate after deducting price factors); compared with January to February in 2019, it increased by 16.9 percent, with an average growth of 8.1 percent in two years. On a month-on-month basis, in February, the added value of industries above designated size increased by 0.69 percent over the previous month.

According to three categories, the value added by mining industry increased by 17.5 percent year-on-year from January to February; that of manufacturing increased by 39.5 percent; and that of power, heat, gas and water production and supply increased by 19.8 percent.

In terms of economic types, from January to February, the added value of state-owned holding enterprises increased by 23.0 percent, that of joint-stock enterprises increased by 34.2 percent, that of foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan increased by 41.4 percent, and that of private enterprises increased by 43.8 percent.

From January to February, the added value of 40 out of 41 major industries maintained a year-on-year growth. The agricultural and sideline food processing industry increased by 22.8 percent, that of textile industry increased by 39.5 percent, that of chemical raw materials and chemical products manufacturing industry increased by 30.8 percent, that of non-metallic mineral products industry increased by 44.8 percent, that of ferrous metal smelting and processing industry increased by 21.6 percent, that of non-ferrous metal smelting and processing industry by 22.7 percent, that of general equipment manufacturing industry increased by 62.4 percent, that of special equipment manufacturing industry increased by 59.2 percent, that of automobile manufacturing industry by 70.9 percent, that of road, shipping, aerospace and other transportation equipment manufacturing industry increased by 48.9 percent, that of  electrical machinery and equipment manufacturing industry increased by 69.4 percent, that of computer, communication and other electronic equipment manufacturing industry increased by 48.5 percent, and that of power and heat production and supply industry increased by 19.6 percent.

From January to February, 565 of 612 products increased year on year. Steel was 209.53 million tons, a year-on-year increase of 23.6 percent; cement was 241.29 million tons, a year-on-year increase of 61.1 percent; ten non-ferrous metals was 10.56 million tons, a year-on-year increase of 10.6 percent; ethylene was 4.75 million tons, a year-on-year increase of 26.7 percent; vehicles was 3.855 million sets, a year-on-year increase of 89.9 percent, of which new energy vehicles was 317,000 sets, a year-on-year increase of 395.3 percent; power generation was 1,242.8 billion kwh, a year-on-year increase of 19.5 percent; crude oil processing capacity was 114.24 million tons, a year-on-year increase of 15.0 percent.

From January to February, the product sales rate of industrial enterprises was 98.5 percent, increased by 1.1 percentage points over the same period of last year; the export delivery value of industrial enterprises was 1,929.9 billion yuan, increased by 42.5 percent in nominal terms over the same period of last year.

Industrial Production Operation from January to February 2021

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.

Two years average growth rate: it refers to the growth rate calculated by geometric average method with the corresponding number of the same period in 2019 as the base. 

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. 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.

5. 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 to December 2020 was revised according to the results of automatic revision of seasonal adjustment model. The results are as follows: