Industrial Production Operation in May 2023

In May, the added value of industries above designated size increased by 3.5 percent year-on-year (the growth rates of added value are the actual growth rates after deducting price factors). On a month-on-month basis, in May, the added value of industries above designated size increased by 0.63 percent over the previous month. From January to May, the added value of industries above designated size increased by 3.6 percent year-on-year.

In terms of three categories, in May, the added value of the mining industry decreased by 1.2 percent year-on-year, the manufacturing industry increased by 4.1 percent, and the production and supply of electricity, heat power, gas and water increased by 4.8 percent.

In terms of ownership, in May, the added value of state-holding enterprises increased by 4.4 percent year-on-year; share-holding enterprises increased by 3.5 percent, and enterprises funded by foreign investors and investors from Hong Kong, Macao and Taiwan increased by 4.2 percent; and private enterprises increased by 0.7 percent.

From the perspective of industries, in May, the added value of 21 of the 41 major industries kept year-on-year growth. Among them, the mining and washing of coal decreased by 1.6 percent, the extraction of petroleum and natural gas increased by 3.7 percent, the processing of food from agricultural and sideline products decreased by 1.3 percent, the manufacture of wines, beverages and refined tea were flat, the textile industry decreased by 1.8 percent, the manufacture of raw chemical materials and chemical products increased by 3.9 percent, the manufacture of non-metallic mineral products decreased by 2.6 percent, the smelting and pressing of ferrous metals increased by 3.1 percent, and the smelting and pressing of non-ferrous metals increased by 7.1 percent, the manufacture of general-purpose machinery increased by 6.1 percent, the manufacture of special-purpose machinery increased by 3.9 percent, the manufacture of automobiles increased by 23.8 percent, the manufacture of railway, ship, aerospace and other transport equipment increased by 7.6 percent, the manufacture of electrical machinery and apparatus increased by 15.4 percent, the manufacture of computers, communication equipment and other electronic equipment were flat, and the production and supply of electricity and heat power increased by 5.2 percent.

In terms of products, in May, the output of 339 of 620 products increased year-on-year. Among them, 118.47 million tons of rolled steel, a year-on-year decrease of 1.3 percent; 196.38 million tons of cement, down 0.4 percent; there were 6.15 million tons of ten kinds of non-ferrous metals, up 5.1 percent; ethylene was 2.62 million tons, up 7.1 percent; there were 2.307 million motor vehicles, up 17.3 percent, including 675,000 new energy vehicles, up 43.6 percent; the power generation was 688.6 billion kwh, a year-on-year increase of 5.6 percent; the crude oil processing volume was 62 million tons, a year-on-year increase of 15.4 percent.

In May, the product sales rate of industrial enterprises was 96.6 percent, a year-on-year decrease of 0.3 percentage point; industrial enterprises realized an export delivery value of 1,190.3 billion yuan, a year-on-year nominal decrease of 5.0 percent.

Industrial Production Operation in May 2023

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 ratio of sales output to total industrial output, 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. Standard on industrial classification

NBS enforces New Standard on Industrial Classification for National Economic Activities" (GB/T4754-2017). 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 May 2022 to April 2023 was revised according to the results of automatic revision of seasonal adjustment model. The revised results and the month-on-month data in May 2023 are as follows: