Industrial Production Operation in March 2021

In March, the added value of industries above designated size increased by 14.1 percent year-on-year (the growth rate of added value below is the real growth rate excluding price factor). On a month-on-month basis, in March, the added value of industries above designated size increased by 0.60 percent over the previous month. In the first quarter, the added value of industries above designated size increased by 24.5 percent year on year, 14.0 percent over the same period in 2019, and 6.8 percent on average in two years.

In terms of three categories, in March, the added value of mining industry increased by 2.9 percent year-on-year, that of manufacturing industry increased by 15.2 percent, and that of power, heat, gas and water production and supply industry increased by 13.9 percent.

In terms of economic types, in March, the added value of state-owned holding enterprises increased by 10.9 percent year-on-year; that of joint stock enterprises increased by 13.4 percent, that of foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan increased by 17.4 percent; and that of private enterprises increased by 16.8 percent.

In terms of industry, in March, the added value of 37 of 41 major industries maintained a year-on-year growth. Agricultural and sideline food processing industry increased by 8.3 percent, textile industry increased by 7.5 percent, chemical raw materials and chemical products manufacturing industry increased by 11.9 percent, non-metallic mineral products industry increased by 24.5 percent, ferrous metal smelting and processing industry increased by 12.3 percent, non-ferrous metal smelting and processing industry increased by 5.9 percent, general equipment manufacturing industry increased by 20.2 percent, special equipment manufacturing industry increased by 17.9 percent, automobile manufacturing industry increased by 40.4 percent, the railway, shipping, aerospace and other transportation equipment manufacturing industry grew by 9.8 percent, the electrical machinery and equipment manufacturing industry grew by 24.1 percent, the computer, communication and other electronic equipment manufacturing industry grew by 12.2 percent, and the power and heat production and supply industry grew by 13.6 percent.

In terms of products, in March, 505 of 612 products increased year on year. Steel was 119.87 million tons, a year-on-year increase of 20.9 percent; cement was 197.02 million tons, an increase of 33.1 percent; ten kinds of non-ferrous metals was 5.48 million tons, an increase of 12.7 percent; ethylene was 2.49 million tons, an increase of 27.8 percent; automobile 2.517 million sets, an increase of 69.8 percent, including 233,000 new energy vehicles, an increase of 237.7 percent; power generation was 657.9 billion kwh, an increase of 17.4 percent; crude oil processing was 59.79 million tons, an increase of 19.7 percent.

In March, the product sales rate of industrial enterprises was 96.5 percent, up 1.4 percentage points year on year; the export delivery value of industrial enterprises was 1,194.7 billion yuan, up 15.9 percent in nominal terms year on year.

Industrial Production Operation of March 2021

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 sale value and industrial output value, 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.

Two years average growth rate: it refers to the growth rate calculated by geometric average method with the corresponding number of the same period in 2019 as the base. 

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/T 4754-2017). 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 March 2020 to February 2021 was revised according to the results of automatic revision of seasonal adjustment model. The results are as follows: