National Economy Continued to Recover and Real Economy Showed Steady Growth in November
National Bureau of Statistics of China2021-12-15 10:00




National Bureau of Statistics of China

15 December 2021

 

In November, faced with multiple challenges of complicated and severe international environment and sporadic and repeated local outbreaks of COVID-19, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, enhanced cross-cyclical adjustment of macro policies, continued to stabilize the six fronts (employment, finance, foreign trade, foreign investment, domestic investment and market expectations) and safeguard the six areas (residential employment, people’s livelihood, market entities, food and energy security, stability of industrial and supply chains and operations at grassroots levels), and doubled the efforts to ensure the supply and price stability and to help ease the difficulties of businesses. As a result, the national economy continued to maintain the recovery momentum with industrial and agricultural production growing amid stability, the employment generally steady, consumer prices mildly up, balance of payments further improved, high-quality development advancing steadily, development resilience continuously reinforced and the economy generally stable.

 

1. The Grain Output Reached Another Record High and Industrial Production Continued to Pick up.

 

The national autumn grain witnessed another bumper harvest with its output reaching 1,017.8 billion jin, 19.1 billion jin more than the previous year, up by 1.9 percent year on year. The total output of grain in 2021 reached another record high, totaling 1,365.7 billion jin, an increase of 26.7 billion jin or up by 2.0 percent year on year, staying over 1.3 trillion jin for 7 years in a row.

 

In November, the total value added of industrial enterprises above the designated size grew by 3.8 percent year on year, 0.3 percentage point faster than the previous month; the average two-year growth was 5.4 percent, 0.2 percentage point faster than the previous month; and the month-on-month growth was 0.37 percent. In terms of sectors, the value added of mining was up by 6.2 percent year on year, the manufacturing up by 2.9 percent, and the production and supply of electricity, thermal power, gas and water up by 11.1 percent. The value added of high-tech manufacturing grew by 15.1 percent year on year, 0.4 percentage point faster than the previous month; or an average two-year growth of 12.9 percent. In term of products, the production of new-energy automobiles, industrial robots and integrated circuits grew by 112.0 percent, 27.9 percent and 11.9 percent year on year respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.6 percent year on year; that of share-holding enterprises was up by 4.5 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 1.9 percent; and that of private enterprises was up by 3.9 percent. In the first eleven months, the total value added of industrial enterprises above the designated size grew by 10.1 percent year on year with an average two-year growth of 6.1 percent. In November, the Manufacturing Purchasing Managers’ Index (PMI) stood at 50.1 percent. In the first ten months, the profits made by industrial enterprises above the designated size totaled 7,165.0 billion yuan, up by 42.2 percent year on year, or an average two-year growth of 19.7 percent. The profit rate of the business revenue of industrial enterprises above the designated size was 7.01 percent, 1.04 percentage points higher year on year.

 

2. Service Sector Recovered in General and Emerging Services Developed Fast.

 

In November, the Index of Services Production increased by 3.1 percent year on year, down by 0.7 percentage point than the previous month; the average two-year growth was 5.6 percent, 0.1 percentage point faster than the previous month. Specifically, the Index of Services Production of information transmission, software and information technology services went up by 12.0 percent year on year and that of leasing and business services up by 7.7 percent. In the first eleven months, the Index of Services Production increased by 14.0 percent year on year, with an average two-year growth of 6.0 percent. In the first ten months, the business revenue of services enterprises above the designated size grew by 22.1 percent year on year with the average two-year growth reaching 10.6 percent, the same level as that of the first nine months. In November, the Business Activity Index for services was 51.1 percent. Specifically, the Business Activity Index for producer services that were closely related to manufacturing activities stayed within the high expansion range of 55.0 percent and above.

 

3. Market Sales Witnessed Mild Growth amid Stability and Online Retail Sales was Active.

 

In November, the total retail sales of consumer goods reached 4,104.3 billion yuan, up by 3.9 percent year on year, down by 1.0 percentage point than the previous month; the average two-year growth was 4.4 percent, down by 0.2 percentage point than the previous month; and the month-on-month growth was 0.22 percent. Analyzed by different areas, the retail sales in urban areas reached 3,533.7 billion yuan, up by 3.7 percent year on year; the retail sales in rural areas reached 570.6 billion yuan, up by 4.8 percent year on year. Grouped by types of consumption, the retail sales of goods was 3,620.0 billion yuan, up by 4.8 percent year on year; the income of catering was 484.3 billion yuan, down by 2.7 percent year on year. The basic living consumption grew fast. The retail sales of beverages and grain, oil and food by enterprises above the designated size increased by 15.5 percent and 14.8 percent year on year respectively. The consumption of upgraded goods went up rapidly. The retail sales of cultural and office appliances and cosmetics by enterprises above the designated size were up by 18.1 percent and 8.2 percent year on year respectively. In the first eleven months, the total retail sales of consumer goods reached 39,955.4 billion yuan, up by 13.7 percent year on year, with an average two-year growth of 4.0 percent. In the first eleven months, the total online retail sales was 11,874.9 billion yuan, up by 15.4 percent year on year. Specifically, the online retail sales of physical goods were 9,805.6 billion yuan, a year-on-year growth of 13.2 percent, accounting for 24.5 percent of the total retail sales of consumer goods, 0.8 percentage point higher than the first ten months.

 

4. Investment in Fixed Assets Maintained Growth and High-tech Industry Investment Enjoyed Accelerated Growth.

 

In the first eleven months, the investment in fixed assets (excluding rural households) reached 49,408.2 billion yuan, up by 5.2 percent year on year, 0.9 percentage point slower compared with the first ten months, with an average two-year growth of 3.9 percent, 0.1 percentage point faster compared with the first ten months; and the month-on-month growth in November was 0.19 percent. Specifically, in the first eleven months, the investment in infrastructure grew by 0.5 percent year on year, the investment in manufacturing grew by 13.7 percent, and the investment in real estate development grew by 6.0 percent. The floor space of commercial buildings sold reached 1,581.31 million square meters, up by 4.8 percent year on year with an average two-year growth of 3.1 percent; and the total sales of commercial buildings were 16,166.7 billion yuan, up by 8.5 percent year on year with an average two-year growth of 7.8 percent. By industry, the investment in the primary industry went up by 9.3 percent year on year; the secondary industry up by 11.1 percent; the tertiary industry up by 2.5 percent. The private investment went up by 7.7 percent year on year, an average two-year growth of 3.8 percent, the same level as that of the first ten months. The investment in high-tech industry grew by 16.6 percent year on year, an average two-year growth of 14.2 percent, 0.7 percentage point faster compared with that of the first ten months. Specifically, the investment in high-tech manufacturing and high-tech services grew by 22.2 percent and 6.4 percent year on year respectively. In terms of high-tech manufacturing, the investment in manufacturing of computers and office devices and manufacturing of electronic and communication equipment grew by 26.1 percent and 24.7 percent year on year respectively; In terms of high-tech services, the investment in e-commerce services and testing services went up by 47.5 percent and 14.8 percent year on year respectively. The investment in social sectors grew by 10.3 percent year on year with an average two-year growth of 10.8 percent. Specifically, the investment in health sector and education sector grew by 26.6 percent and 9.5 percent year on year respectively.

 

5. Imports and Exports of Goods Registered Sound Growth and Trade Structure Continued to Optimize.

 

In November, the total value of imports and exports of goods was 3,716.4 billion yuan, up by 20.5 percent year on year. The value of exports was 2,088.5 billion yuan, up by 16.6 percent year on year, and the value of imports was 1,627.9 billion yuan, up by 26.0 percent year on year. The trade balance was 460.7 billion yuan in surplus. In the first eleven months, the total value of imports and exports of goods was 35,390.3 billion yuan, up by 22.0 percent year on year. The value of exports was 19,576.3 billion yuan, up by 21.8 percent year on year, and the value of imports was 15,814.0 billion yuan, up by 22.2 percent year on year. In the first eleven months, the import and export of general trade accounted for 61.6 percent of the total value of imports and exports, 1.6 percentage points higher than the same period of the previous year. The imports and exports by private enterprises accounted for 48.5 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 21.2 percent year on year, accounting for 59 percent of the total exports.

 

6. Urban Employment Continued to Increase and Employment Was Generally Stable.

 

In the first eleven months, the newly increased employed people in urban areas totaled 12.07 million, exceeding the expected whole-year target. In November, the urban surveyed unemployment rate was 5.0 percent, 0.1 percentage point higher than that of the previous month, or 0.2 percentage point lower than the same period of the previous year. The surveyed unemployment rate of population with local household registration was 5.1 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 14.3 percent, 0.1 percentage point higher than that of the previous month; and the surveyed unemployment rate of population aged from 25 to 59 were 4.3 percent, 0.1 percentage point higher than that of the previous month. The urban surveyed unemployment rate in 31 major cities was 5.1 percent, the same as that of the previous month. The employees of enterprises worked 47.8 hours per week on average.

 

7. Consumer Price Was Generally Stable and Growth of the Producer Prices for Industrial Products Slowed Down.

 

In November, the consumer price (CPI) rose by 2.3 percent year on year, 0.8 percentage point faster than the previous month; and the month-on-month growth was 0.4 percent. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 1.7 percent year on year, clothing up by 0.5 percent, housing up by 1.7 percent, articles and services for daily use up by 0.5 percent, transport and communication up by 7.6 percent, education, culture and recreation up by 3.0 percent, medical services and health care up by 0.6 percent, and other articles and services down by 0.6 percent. Among the prices for food, tobacco and alcohol, the price for pork went down by 32.7 percent year on year, grain up by 1.5 percent, fresh fruit up by 4.1 percent, and fresh vegetables up by 30.6 percent. The core CPI excluding the price of food and energy rose 1.2 percent year on year, 0.1 percentage point slower than the previous month. In the first eleven months, the consumer price went up by 0.9 percent year on year.

 

In November, the producer prices for industrial products rose by 12.9 percent year on year, 0.6 percentage point slower than the previous month, the same month-on-month growth as that of October. The purchasing prices for industrial producers rose by 17.4 percent year on year, 0.3 percentage point faster than the previous month, and up by 1.0 percent month on month. In the first eleven months, the producer prices for industrial products and the purchasing prices for industrial producers increased by 7.9 percent and 10.7 percent year on year respectively.

 

Generally speaking, the national economy maintained the recovery momentum in November and the major macro indicators stayed within a reasonable range. However, we must note that the international environment is increasingly complex and severe and there are still many constraints on the domestic economic 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, fully implement the guiding principles of the sixth plenary session of the 19th CPC Central Committee and the Central Economic Work Conference, pursue the general working guideline of making progress while maintaining stability, implement the new development philosophy in a full, accurate and comprehensive way, expedite the building of a new development paradigm, comprehensively deepen the reform and opening-up, pursue innovation-driven development, promote high quality development, continuously make endeavors to stabilize the six fronts and maintain security in six areas, and combine the cross-cyclical and counter-cyclical macro policy adjustments so as to stabilize the overall macro economy, keep the economy performing within a reasonable range, maintain the overall social stability, and facilitate the steady and sound 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 of 20 million yuan and above.

 

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