National Economy Maintained Recovering Momentum in October
National Bureau of Statistics of China2022-11-15 10:00




National Bureau of Statistics of China

15 November 2022

 

In October, faced with multiple tests of increasingly complex and challenging international environment and new and frequent outbreaks of COVID-19 pandemic at home, 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 studied and implemented the spirits of the 20th CPC National Congress, firmly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, effectively coordinated COVID-19 prevention and control with economic and social development, and reinforced the implementation of the measures for stabilizing the economy based on the requirements of ensuring effective COVID-19 containment, economic stability and development security. As a result, the national economy sustained recovering momentum. The industrial investment grew steadily, employment and prices were generally stable, the accumulation of new drivers of growth sped up, people’s livelihood was strongly and effectively safeguarded and the overall economic and social stability was maintained.

 

1. Industrial Production Continued to Grow and the Growth of High-tech Manufacturing Fastened.

 

The total value added of industrial enterprises above the designated size grew by 4.0 percent year on year in the first ten months, 0.1 percentage point faster than that in the first nine months. In terms of sectors, the value added of mining increased by 7.9 percent year on year, that of manufacturing increased by 3.4 percent, and that of production and supply of electricity, thermal power, gas and water increased by 5.5 percent. The value added of high-tech manufacturing increased by 8.7 percent year on year, 0.2 percentage point faster than that in the first nine months. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.7 percent year on year; that of share-holding enterprises was up by 5.0 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 0.1 percent; and that of private enterprises was up by 3.4 percent. In terms of products, the production of green and smart products like new-energy vehicles, solar cells and mobile communication base stations went up by 108.4 percent, 35.6 percent and 19.3 percent year on year respectively. In October, the value added of industrial enterprises above the designated size grew by 5.0 percent year on year, 0.2 percentage point faster than that in the third quarter, or an increase of 0.33 percent month on month. Specifically, the value added of mining increased by 4.0 percent year on year, that of manufacturing increased by 5.2 percent, and that of production and supply of electricity, thermal power, gas and water increased by 4.0 percent. The value-added of high-tech manufacturing increased by 10.6 percent year on year, 1.3 percentage points faster than that of the previous month. In October, the Manufacturing Purchasing Managers’ Index stood at 49.2 percent and the Production and Operation Expectation Index was 52.6 percent. In the first nine months, the total profits made by industrial enterprises above the designated size were 6,244.2 billion yuan, down by 2.3 percent year on year.

 

2. Service Sector Continued to Recover and Modern Service Industries Registered Good Momentum of Growth.

 

The Index of Services Production went up by 0.1 percent year on year in the first ten months, maintaining the same as that in the first nine months. Specifically, that of information transmission, software and information technology services and financial intermediation grew by 11.1 percent and 5.3 percent respectively. In October, the Index of Services Production went up by 0.1 percent year on year and that of information transmission, software and information technology services and financial intermediation grew by 9.2 percent and 6.4 percent respectively, 0.7 percentage point and 1.5 percentage points faster than that of the previous month respectively. In the first nine months, the business revenue of service enterprises above the designated size grew by 4.7 percent year on year. Specifically, that of enterprises engaged in health and social services, information transmission, software and information technology services and scientific research and technical service grew by 8.9 percent, 8.0 percent and 7.9 percent respectively. In October, the Business Activity Index for Services was 47.0 percent. Specifically, the Business Activity Index for water transportation, telecommunication, broadcast, television and satellite transmission services and monetary and financial services stayed within the high expansion range of 55.0 percent and above. From the perspective of market expectation, the Business Activity Expectation Index for Services was 56.7 percent.

 

3. Market Sales Slowed Down and Sales of Goods for Basic Living and Online Retail Sales Grew Fast.

 

In the first ten months, the total retail sales of consumer goods reached 36,057.5 billion yuan, up by 0.6 percent year on year, 0.1 percentage point lower than that in the first nine months. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 31,264.9 billion yuan, up by 0.5 percent year on year, and that in rural areas reached 4,792.6 billion yuan, up by 0.8 percent. Grouped by consumption patterns, the retail sales of goods were 32,522.7 billion yuan, up by 1.2 percent year on year; the income of catering was 3,534.8 billion yuan, down by 5.0 percent. The consumption for basic living grew steadily, with the retail sales of grain, oil and food and that of beverage by enterprises above the designated size up by 9.0 percent and 6.6 percent respectively. The online retail sales reached 10,954.2 billion yuan, up by 4.9 percent. Specifically, the online retail sales of physical goods were 9,450.6 billion yuan, up by 7.2 percent, accounting for 26.2 percent of the total retail sales of consumer goods. In October, the total retail sales of consumer goods reached 4,027.1 billion yuan, down by 0.5 percent year on year, or a decrease of 0.68 percent month on month. Specifically, the retail sales of goods were 3, 617.1 billion yuan, up by 0.5 percent year on year; the income of catering was 409.9 billion yuan, down by 8.1 percent.

 

4. Investment in Fixed Assets Increased Steadily and Investment in High-tech Industries Grew Fast.

 

In the first ten months, the investment in fixed assets (excluding rural households) reached 47,145.9 billion yuan, up by 5.8 percent year on year, or 0.1 percentage point lower than that of the first nine months. Specifically, the investment in infrastructure grew by 8.7 percent year on year; that in manufacturing grew by 9.7 percent; and that in real estate development declined by 8.8 percent. The floor space of commercial buildings sold reached 1,111.79 million square meters, down by 22.3 percent year on year; and the total sales of commercial buildings were 10,883.2 billion yuan, down by 26.1 percent. By industry, the investment in the primary industry went up by 1.4 percent year on year, that in the secondary industry up by 10.8 percent, and that in the tertiary industry up by 3.7 percent. The private investment went up by 1.6 percent. The investment in high-tech industries grew by 20.5 percent, of which the investment in high-tech manufacturing and high-tech services grew by 23.6 percent and 14.0 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of electronic and communication equipment and in manufacturing of medical equipment, measuring instrument and meter grew by 28.7 percent and 27.8 percent respectively. In terms of high-tech services, the investment in services for transformation of scientific and technological achievements and in research, development and design services went up by 24.7 percent and 22.5 percent respectively. The investment in social sectors grew by 13.1 percent. Specifically, the investment in health and education grew by 30.4 percent and 8.5 percent respectively. In October, the investment in fixed assets (excluding rural households) grew by 0.12 percent month on month.

 

5. Imports and Exports of Goods Scaled up and Trade Structure Continued to Optimize.

 

In the first ten months, the total value of imports and exports of goods was 34,616.5 billion yuan, an increase of 9.5 percent year on year. The total value of exports was 19,711.3 billion yuan, up by 13.0 percent. The total value of imports was 14,905.3 billion yuan, up by 5.2 percent. The imports and exports of general trade accounted for 63.8 percent of the total value of the imports and exports, 2.1 percentage points higher than that of the same period last year. The imports and exports by private enterprises accounted for 50.4 percent of the total value of 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 9.6 percent year on year, accounting for 57.1 percent of the total exports. In October, the total value of imports and exports of goods was 3,551.5 billion yuan, up by 6.9 percent year on year. Specifically, the value of exports was 2,069.1 billion yuan, up by 7.0 percent; and the value of imports was 1,482.3 billion yuan, up by 6.8 percent. The trade balance was 586.8 billion yuan in surplus.

 

6. Employment Was Generally Stable and Surveyed Unemployment Rate in Urban Areas Maintained the Same as Last Month.

 

In the first ten months, the urban surveyed unemployment rate averaged 5.6 percent. In October, the surveyed unemployment rate in urban areas was 5.5 percent, the same as that of the previous month. The surveyed unemployment rate of population with local household registration was 5.4 percent and that of population with non-local household registration was 5.7 percent, of which, the rate of population with non-local agricultural household registration stood at 5.5 percent. Specifically, the surveyed unemployment rate of population aged from 16 to 24 and from 25 to 59 was 17.9 percent and 4.7 percent respectively, both the same as that of the previous month. The urban surveyed unemployment rate in 31 major cities was 6.0 percent. The employees of enterprises worked 47.9 hours per week on average.

 

7. Consumer Price Saw Mild Growth and Producer Prices for Industrial Products Declined Year on Year.

 

In the first ten months, the CPI went up by 2.0 percent year on year. In October, the consumer price went up by 2.1 percent year on year, 0.7 percentage point lower compared with the previous month or up by 0.1 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 5.2 percent year on year; clothing up by 0.5 percent; housing down by 0.2 percent; articles and services for daily use up by 1.4 percent; transportation and communication up by 3.1 percent; education, culture and recreation up by 1.2 percent; medical services and health care up by 0.5 percent; and other articles and services up by 1.9 percent. In terms of food, tobacco and alcohol prices, prices for fresh vegetables went down by 8.1 percent, grain up by 3.6 percent, fresh fruits up by 12.6 percent, and pork up by 51.8 percent. The core CPI excluding the prices of food and energy went up by 0.6 percent year on year, the same as the previous month.

 

In the first ten months, the producer prices for industrial products and the purchasing prices for industrial producers went up by 5.2 percent and 7.5 percent year on year respectively. In October, the producer prices for industrial products decreased by 1.3 percent year on year, or up by 0.2 percent month on month. The purchasing prices for industrial producers went up by 0.3 percent year on year, or up by 0.3 percent month on month.

 

Generally speaking, the national economy withstood multiple shocks from domestic and international factors beyond expectation and sustained the momentum of recovery in October. However, we should be aware that the international environment is increasingly complicated and severe while the foundation of domestic economic recovery is not solid. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and fully study and implement the spirits of the 20th National Congress of the Communist Party of China, stick to the general principle of pursuing progress while maintaining stability, implement the new development philosophy, accelerate the creation of a new development pattern, promote high-quality development, intensify efforts on policy implementation, and effectively coordinate COVID-19 prevention and control with economic and social development in a scientific way. We must expand effective demands, deepen the supply-side structural reform, keep on maintaining stability in areas like employment, prices and market expectation, stimulate market vitality more profoundly, so as to consolidate the foundation for the sound momentum of economic recovery and endeavor to achieve better development results.

 

Notes:

 

1. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. 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, 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 is 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. 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, self-employed individuals), retail enterprises (businesses, self-employed individuals) and lodging and catering enterprises (businesses, self-employed individuals) 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, self-employed individuals) 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: some enterprises (businesses, self-employed individuals) are included in the survey as they meet the threshold, while some enterprises (businesses, self-employed individuals) are removed from the survey because of downsizing every year. Besides, enterprises (businesses, self-employed individuals) 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 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. 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.

 

7. 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  |  Terms of Service National Bureau of Statistics of China,2012