National Economy was Generally Stable and Continued to Recover In October
National Bureau of Statistics of China2021-11-15 10:00




National Bureau of Statistics of China

15 November 2021

 

In October, faced with complicated and changing environment both at home and abroad, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at the core, all regions and departments implemented the decisions and arrangements made by the CPC Central Committee and the State Council, scientifically coordinated both the epidemic prevention and control and the economic and social development, and doubled the efforts to ensure the supply and price stability and to support the real economy. As a result, the national economy continued to maintain the trend of recovery with employment generally steady, overall consumer prices stable, balance of payments better than expected, structural adjustment forging ahead, people’s livelihood improving continuously, and the economy generally stable.

 

1. Agricultural Output was Expected to Increase, Industrial Growth Picked Up, and High-tech Manufacturing Witnessed a Good Momentum of Development.

 

In October, the harvest of autumn grain was coming to an end. Based on the estimate of the actual harvest, the output of autumn grain was expected to increase. As the output of summer grain increased by 5.93 billion jin over the previous year and the output of early rice by 1.45 billion jin, the national total output of grain was expected to reach over 1.3 trillion jin.

 

In October, the total value added of the industrial enterprises above the designated size grew by 3.5 percent year on year, 0.4 percentage points faster than the previous month; the average two-year growth was 5.2 percent, 0.2 percentage points faster than the previous month; and the month-on-month growth was 0.39 percent. In terms of sectors, the value added of mining was up by 6.0 percent year on year, the manufacturing up by 2.5 percent, and the production and supply of electricity, heat power, gas and water up by 11.1 percent. The value added of high-tech manufacturing grew by 14.7 percent year on year, 0.7 percentage points faster than the previous month, or an average two-year growth of 10.4 percent. In terms of products, the output of new energy vehicles, integrated circuits and industrial robots went up by 127.9 percent, 22.2 percent, and 10.6 percent year on year respectively. An analysis by types of ownership showed that, the value added of state holding enterprises went up by 5.2 percent year on year; that of share-holding enterprises up by 4.2 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 1.3 percent; and that of private enterprises up by 2.4 percent. In the first ten months, the total value added of the industrial enterprises above the designated size went up by 10.9 percent year on year with an average two-year growth of 6.3 percent. In October, the Manufacturing Purchasing Managers’ Index (PMI) stood at 49.2 percent. The PMIs for high-tech manufacturing and equipment manufacturing were 52.0 percent and 51.2 percent. The Production and Operation Expectation Index registered 53.6 percent. In the first nine months, the total profits made by the industrial enterprises above the designated size reached 6,344.1 billion yuan, an increase of 44.7 percent year on year, or an average two-year growth of 18.8 percent. The profit rate of the business revenue of industrial enterprises above the designated size was 6.96 percent, 1.09 percentage points higher year on year.

 

2. Service Sector Continued to Recover in General and Modern Services Grew Fast.

 

In October, the Index of Services Production increased by 3.8 percent year on year, with an average two-year growth of 5.5 percent, 0.2 percentage points faster than the previous month. Specifically, the Index of Services Production of information transmission, software and information technology services went up by 14.8 percent year on year and that of leasing and business services up by 9.3 percent. In the first ten months, the Index of Services Production increased by 15.1 percent year on year, with an average two-year growth of 6.1 percent. The Index of Services Production of information transmission, software and information technology services grew by 19.8 percent year on year. In the first nine months, the business revenue of services enterprises above the designated size grew by 23.6 percent year on year with the average two-year growth reaching 10.6 percent. In October, the Business Activity Index for services was 51.6 percent. In terms of sectors, the Business Activity Indices for telecommunication, radio, TV and satellite transmission, and internet software and information technology services stayed above 56.0 percent for two consecutive months. The Business Activity Expectation Index for services stood at 58.5 percent, staying within the high expansion range.

 

3. Market Sales was Stable and Went Up, and Consumption of Upgraded Goods was Active.

 

In October, the total retail sales of consumer goods reached 4,045.4 billion yuan, up by 4.9 percent year on year, 0.5 percentage points faster than the previous month; the average two-year growth was 4.6 percent, 0.8 percentage points faster than the previous month; and the month-on-month growth was 0.43 percent. Analyzed by different areas, the retail sales in urban areas reached 3,509.0 billion yuan, up by 4.8 percent year on year; the retail sales in rural areas reached 536.4 billion yuan, up by 5.6 percent year on year. Grouped by consumption, the retail sales of goods was 3,599.4 billion yuan, up by 5.2 percent year on year; the income of catering was 446.0 billion yuan, up by 2.0 percent year on year. The basic living consumption grew steadily. The retail sales of grain, oil and food, and beverages by enterprises above the designated size increased by 9.9 percent and 8.8 percent year on year. The consumption of upgraded goods remained active. The retail sales of telecommunication equipment, gold, silver and jewelry, and cultural and office appliances by enterprises above the designated size were up by 34.8 percent, 12.6 percent and 11.5 percent year on year. In the first ten months, the total retail sales of consumer goods reached 35,851.1 billion yuan, up by 14.9 percent year on year, with an average two-year growth of 4.0 percent. In the first ten months, the total online retail sales was 10,376.5 billion yuan,up by 17.4 percent year on year. Specifically, the online retail sales of physical goods were 8,497.9 billion yuan, a year-on-year growth of 14.6 percent, accounting for 23.7 percent of the total retail sales of consumer goods.

 

4. Investment in Fixed Assets Grew Steadily and High-tech Industry Investment Showed a Good Momentum of Growth.

 

In the first ten months, the investment in fixed assets (excluding rural households) reached 44,582.3 billion yuan, up by 6.1 percent year on year, with an average two-year growth of 3.8 percent, maintaining the same as the first nine months. In October, the investment in fixed assets grew by 0.15 percent month on month. Specifically, in the first ten months, the investment in infrastructure grew by 1.0 percent year on year, the investment in manufacturing grew by 14.2 percent, and the investment in real estate development grew by 7.2 percent. The floor space of commercial buildings sold reached 1,430.41 million square meters, up by 7.3 percent year on year with an average two-year growth of 3.6 percent; and the total sales of commercial buildings were 14,718.5 billion yuan, up by 11.8 percent year on year with an average two-year growth of 8.8 percent. By industry, the investment in the primary industry went up by 11.1 percent year on year; the secondary industry up by 11.3 percent; the tertiary industry up by 3.7 percent. The private investment went up by 8.5 percent year on year, an average two-year growth of 3.8 percent, 0.1 percentage points faster than the first nine months. The investment in high-tech industry grew by 17.3 percent year on year, an average two-year growth of 13.5 percent. Specifically, the investment in high-tech manufacturing and high-tech services grew by 23.5 percent and 6.0 percent year on year respectively. In terms of high-tech manufacturing, the investment in manufacturing of computers and office devices and in manufacturing of medical equipment and measuring instrument and equipment grew by 29.9 percent and 28.2 percent year on year respectively. In terms of high-tech services, the investment in e-commerce services and testing services went up by 39.8 percent and 15.4 percent year on year. The investment in social sectors grew by 10.9 percent year on year with an average two-year growth of 10.7 percent. Specifically, the investment in health sector and education sector grew by 28.9 percent and 10.1 percent year on year respectively.

 

5. Imports and Exports of Goods Grew Rapidly and Trade Structure Continued to Optimize.

 

In October, the total value of imports and exports of goods was 3,335.7 billion yuan, up by 17.8 percent year on year. The value of exports was 1,940.8 billion yuan, up by 20.3 percent year on year, and the value of imports was 1,394.9 billion yuan, up by 14.5 percent year on year. The trade balance was 545.9 billion yuan in surplus. In the first ten months, the total value of imports and exports of goods was 31,672.7 billion yuan, up by 22.2 percent year on year. The value of exports was 17,489.2 billion yuan, up by 22.5 percent year on year, and the value of imports was 14,183.5 billion yuan, up by 21.8 percent year on year. In the first ten months, the import and export of general trade accounted for 61.7 percent of the total value of the imports and exports, 1.4 percentage points higher than the same period of the previous year. The imports and exports by private enterprises accounted for 48.3 percent of the total imports and exports, 2.2 percentage points higher than the same period of the previous year. The exports of mechanical and electrical products grew by 22.4 percent year on year, accounting for 58.9 percent of the total exports.

 

6. Employment was Generally Stable and Urban Surveyed Unemployment Rate Maintained the Same Level.

 

In the first ten months, the newly increased employed people in urban areas totaled 11.33 million, having accomplished the whole-year target ahead of schedule. In October, the urban surveyed unemployment rate was 4.9 percent, the same as that of the previous month, or 0.4 percentage points lower than the same period of the previous year. The surveyed unemployment rate of population with local household registration was 4.9 percent and that of population with non-local household registration was 4.8 percent. Specifically, the surveyed unemployment rate of population aged from 16 to 24 was 14.2 percent, 0.4 percentage points lower than that of the previous month; and the surveyed unemployment rate of population aged from 25 to 59 were 4.2 percent, the same as that of the previous month. The urban surveyed unemployment rate in 31 major cities was 5.1 percent, 0.1 percentage points higher than that of the previous month. The employees of enterprises worked 48.6 hours per week on average, 0.8 hours more than the previous month.

 

7. Consumer Price Rose Mildly and the Increase of the Producer Prices for Industrial Products Expanded.

 

In October, the consumer price (CPI) rose 1.5 percent year on year, 0.8 percentage points faster than the previous month; and the month-on-month growth was 0.7 percent. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 0.9 percent year on year; clothing up by 0.5 percent; housing up by 1.7 percent; articles and services for daily use up by 0.9 percent; transport and communication up by 7.0 percent; education, culture and recreation up by 2.9 percent; medical services and health care up by 0.6 percent; and other articles and services down by 0.5 percent. Among the prices for food, tobacco and alcohol, the price for pork went down by 44.0 percent year on year, fresh vegetables up by 15.9 percent, grain up by 0.9 percent, and fresh fruit up by 0.5 percent. The core CPI excluding the price of food and energy rose 1.3 percent year on year, 0.1 percentage points faster than the previous month. In the first ten months, the consumer price went up by 0.7 percent year on year.

 

In October, the producer prices for industrial products rose 13.5 percent year on year, 2.8 percentage points faster than the previous month, or up by 2.5 percent month on month. The purchasing prices for industrial products rose 17.1 percent year on year, 2.8 percentage points faster than the previous month, and up by 2.6 percent month on month. In the first ten months, the producer prices for industrial products and the purchasing prices for industrial producers increased by 7.3 percent and 10.1 percent year on year respectively.

 

Generally speaking, in October, the national economy was generally stable and maintained the trend of recovery. The development resilience continued to emerge. However, we must be aware that the international environment is still complicated and severe with many unstable and uncertain factors. At home, the periodic and structural conflicts in course of development still exist and more efforts need to be made to maintain economic stability and recovery. At the next stage, we must take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guideline, implement in-depth the arrangements and decisions made by the CPC Central Committee and the State Council, pursue the general working guideline of making progress while maintaining stability, and implement the new development philosophy in a full, accurate and comprehensive way. We must deepen the reform, opening up, and innovation, strengthen the macro policies for cross-cycle adjustment, keep the economic performance within a reasonable range, so as to ensure the accomplishment of the whole-year target for economic and social development.

 

Notes:

 

1. The average two-year growth is the geometric mean of the growth with the data of the same period in 2019 as the base.

 

2. The growth rates 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.

 

3. 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, canceled 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.

 

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

 

5. The scope of the total retail sales of consumer goods include all legal entities, establishments and self-employed individuals involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses), retail enterprises (businesses) and lodging and catering enterprises (businesses) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

 

As the wholesale, retail, and lodging and catering enterprises (businesses) 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 the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are as follows: every year, some enterprises (businesses) are included in the survey as they meet the threshold, while some enterprises (businesses) are removed from the survey because of downsizing. Besides, enterprises (businesses) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

 

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, services goods).

 

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

 

6. The data of investment in fixed assets of the same period last year are revised according to the statistical law enforcement and inspection, and the regulations of statistical programmes. The growth rates are calculated on a comparable basis.

 

7. Data of imports and exports are from the General Administration of Customs. Data of newly increased employed people in urban areas are from the Ministry of Human Resources and Social Security.

 

8. Employed people refer to people aged 16 and above who have the ability to work and engage in gainful employment for remuneration payment or business income.

 

9. 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.

 

Annex
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