Industrial Production Operation from January to February 2024

From January to February, the total value added of industrial enterprises above the designated size increased by 7.0 percent year on year (the growth rates of value added are the real growth rates after deducting price factors). On a month-on-month basis, in February, the total value added of industrial enterprises above the designated size increased by 0.56 percent over the previous month.

In terms of sectors, from January to February, the value added of the mining industry increased by 2.3 percent year on year, that of the manufacturing industry increased by 7.7 percent, and that of the production and supply of electricity, heat power, gas and water increased by 7.9 percent.

In terms of ownership, from January to February, the value added of state-holding enterprises increased by 5.8 percent year on year; that of share-holding enterprises increased by 7.3 percent, that of enterprises funded by foreign investors and investors from Hong Kong, Macao and Taiwan increased by 6.2 percent; and that of private enterprises increased by 6.5 percent.

From the perspective of industries, from January to February, the value added of 39 of the 41 major industries kept year-on-year growth. Among them, the value added of the mining and washing of coal went up by 1.4 percent, that of the extraction of petroleum and natural gas up by 3.0 percent, that of the processing of food from agricultural and sideline products up by 2.3 percent, that of the manufacture of liquor, beverages and refined tea up by 8.1 percent, that of the textile industry up by 6.6 percent, that of the manufacture of raw chemical materials and chemical products up by 10.0 percent, that of the manufacture of non-metallic mineral products up by 3.9 percent, that of the smelting and pressing of ferrous metals up by 8.7 percent, that of the smelting and pressing of non-ferrous metals up by 12.5 percent, that of the manufacture of general purpose machinery up by 4.1 percent, that of the manufacture of special purpose machinery up by 2.0 percent, that of the manufacture of automobiles up by 9.8 percent, that of the manufacture of railway, ship, aerospace and other transport equipment up by 11.0 percent, that of the manufacture of electrical machinery and apparatus up by 4.6 percent, that of the manufacture of computers, communication equipment and other electronic equipment up by 14.6 percent, and that of the production and supply of electricity and heat power up by 7.8 percent.

In terms of products, from January to February, the output of 418 out of 619 products increased year on year. Among them, the output of rolled steel was 213.43 million tons, up by 7.9 percent year on year; that of cement was 182.80 million tons, down by 1.6 percent; that of ten kinds of non-ferrous metals was 12.77 million tons, up by 5.7 percent; that of ethylene was 5.15 million tons, down by 0.9 percent; that of motor vehicles was 3.835 million sets, up by 4.4 percent, including 1.189 million new energy vehicles, up by 25.6 percent; the electricity generation was 1,487.0 billion kilowatt-hours, up by 8.3 percent; and the crude processing capacity was 118.76 million tons, up by 3.0 percent.

From January to February, the product sales rate of industrial enterprises was 96.0 percent, a year-on-year decrease of 0.1 percentage point; and industrial enterprises realized an export delivery value of 2,146.6 billion yuan, a nominal increase of 0.4 percent year on year.

Industrial Production Operation from January to February 2024

Annotations:

1. Explanatory Notes

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 range of the economic expansion, 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 a ratio of sales value to total industrial output, which reflects the situation between production and sales of industrial products.

Export delivery value: refers to the value of products exported by industrial enterprises (including those sold to Hong Kong, Macao and Taiwan) or handed over to foreign trade departments for export, and the value of products produced by foreign companies such as samples, materials processing, parts assembly and compensation trade.

Daily product output: the total production released by the industrial enterprises above the designated size in the current month divided by the number of days in the month.

2. Statistical Coverage

The standard starting point of industrial enterprises above the designated size was 20 million yuan of annual revenue from primary business.

Due to the annual changes of the coverage of industrial enterprises above the designated size, and in order to ensure that the data for this year is comparable with that for 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) The scope of statistical units changes. Each year, some enterprises will be included in the survey after having reached the requisite size, and some will exit the survey due to their smaller scale, and there are also the effects of enterprises that are newly established, bankrupt and enterprises with their business licenses cancelled (revoked); (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 the designated size are conducted with complete survey on a monthly basis (excluding the report for January).

4. Standard on industrial classification

The National Industrial Classification of All Economic Activities (GB/T4754-2017) was performed.

5. Revision on month-on-month data

The month-on-month growth rate of the total value added of the industrial enterprises above the designated size from January 2023 to December 2023 was revised according to the results of automatic revision of seasonal adjustment model. The revised results and the month-on-month data from January to February 2024 are as follows: