National Economy Sustained the General Momentum of Recovery in November

National Bureau of Statistics of China

15 December 2022

In November, faced with multiple challenges such as the increasingly complicated and severe international environment as well as frequent and wide domestic outbreaks of Covid-19 pandemic, 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 thoroughly studied and implemented the spirit of the 20th CPC National Congress, conscientiously implemented the decisions and arrangements made by the CPC Central Committee and the State Council, effectively coordinated the Covid-19 prevention and control and the economic and social development, and carried out policies and measures to stabilize the economy. As a result, the national economy sustained the momentum of recovery, investment continued to expand, market prices were generally stable, new drivers kept growing, and people’s livelihood was strongly and effectively safeguarded. The general economic and social outlook was stable.

1. Agriculture Production Witnessed Good Momentum and the Grain Output Reached Another High.

The autumn grain had another bumper harvest. The total output of autumn grain was 1,022.0 billion jin, an increase of 4.25 billion jin over the previous year, or up by 0.4 percent. The total output of grain continued to increase. The total output of grain reached 1,373.1 billion jin, an increase of 7.36 billion jin over the previous year, or up by 0.5 percent, exceeding 1.3 trillion jin eight years in a row. The output of cereal was 1,266.5 billion jin, up by 0.1 percent. By species, the output of wheat was 275.4 billion jin, up by 0.6 percent; corn, 554.4 billion jin, up by 1.7 percent. The output of beans was 47.0 billion jin, up by 19.6 percent. The sown area of grain increased. The total sown area of grain reached 1.775 billion mu, up by 0.6 percent over the previous year, growing three years in a row. The sown area of beans was 178 million mu, up by 17.4 percent. Specifically, the sown area of soybean was 154 million mu, up by 21.7 percent over the previous year.

2. Industrial Production Continued to Grow and High-Tech Manufacturing Grew Fast.

In the first eleven months, the total value added of the industrial enterprises above the designated size grew by 3.8 percent year on year. In terms of sectors, the value added of mining went up by 7.6 percent year on year, manufacturing up by 3.3 percent and the production and supply of electricity, thermal power, gas and water up by 4.8 percent. The value added of high-tech manufacturing went up by 8.0 percent year on year. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.5 percent year on year; that of share-holding enterprises was up by 4.9 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was down by 0.3 percent; and that of private enterprises was up by 3.2 percent. In term of products, the production of green and smart products like new-energy vehicles, solar cells and mobile device base stations grew by 100.5 percent, 44.1 percent and 22.2 percent year on year respectively. In November, the total value added of the industrial enterprises above the designated size went up by 2.2 percent year on year, down by 0.31 percent month on month. Specifically, the value added of mining went up by 5.9 percent year on year, manufacturing up by 2.0 percent and the production and supply of electricity, thermal power, gas and water down by 1.5 percent. In November, the Manufacturing Purchasing Managers’ Index stood at 48.0 percent. In the first ten months, the total profits made by industrial enterprises above the designated size stood at 6,976.8 billion yuan, down by 3.0 percent year on year.

3. Production of Service Sector Slowed Down and Modern Service Industries Witnessed Good Momentum of Growth.

In the first eleven months, the Index of Services Production dropped by 0.1 percent year on year, and that of the first ten months was up by 0.1 percent. Specifically, that of information transmission, software and information technology services and that of financial intermediation grew by 11.0 percent and 5.4 percent respectively. In November, the Index of Services Production dropped by 1.9 percent year on year. Specifically, that of information transmission, software and information technology services and that of financial intermediation grew by 10.2 percent and 7.3 percent respectively, 1.0 percentage point and 0.9 percentage points faster than the previous month respectively. In the first ten months, the business revenue of service enterprises above the designated size went up by 4.2 percent year on year. Specifically, that of enterprises in health and social services, information transmission, software and information technology services, and scientific research and technical services grew by 8.9 percent, 8.2 percent and 8.2 percent respectively. In November, the Business Activity Index for Services was 45.1 percent. Specifically, the Business Activity Index for postal services, monetary and financial services, capital market services and insurance 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 53.1 percent.

4. Market Sales Dropped Slightly and the Sales of Goods for Basic Living as well as Online Retail Sales Grew Rapidly.

In the first eleven months, the total retail sales of consumer goods reached 39,919.0 billion yuan, down by 0.1 percent year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 34,585.3 billion yuan, down by 0.1 percent year on year; and that in rural areas reached 5,333.7 billion yuan, up by 0.2 percent. Grouped by types of consumption, the retail sales of goods was 35,940.6 billion yuan, up by 0.5 percent year on year; the income of catering was 3,978.4 billion yuan, down by 5.4 percent. The consumption for basic living grew steadily. The retail sales of grain, oil and food and that of beverage by enterprises above the designated size went up by 8.5 percent and 5.3 percent respectively. The online retail sales totaled 12,458.5 billion yuan, up by 4.2 percent. Specifically, the online retail sales of physical goods were 10,809.8 billion yuan, up by 6.4 percent, accounting for 27.1 percent of the total retail sales of consumer goods, 0.9 percentage points higher than that of first ten months. In November, the total retail sales of consumer goods reached 3,861.5 billion yuan, down by 5.9 percent year on year, or up by 0.15 percent month on month. Specifically, the retail sales of goods were 3,418.0 billion yuan, down by 5.6 percent; the income of catering was 443.5 billion yuan, down by 8.4 percent.

5. Investment in Fixed Assets Scaled up and Investment in High-Tech Industries Grew Fast.

In the first eleven months, the investment in fixed assets (excluding rural households) reached 52,004.3 billion yuan, up by 5.3 percent year on year. Specifically, the investment in infrastructure grew by 8.9 percent year on year, that in manufacturing grew by 9.3 percent, and that in real estate development declined by 9.8 percent. The floor space of commercial buildings sold was 1,212.50 million square meters, down by 23.3 percent year on year; the total sales of commercial buildings were 11,864.8 billion yuan, down by 26.6 percent. By industry, the investment in the primary industry went up by 0.7 percent year on year, that in the secondary industry up by 10.1 percent, and that in the tertiary industry up by 3.2 percent. The private investment went up by 1.1 percent. The investment in high-tech industries grew by 19.9 percent, of which the investment in high-tech manufacturing and high-tech services grew by 23.0 percent and 13.2 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of medical equipment, measuring instrument and meter and in manufacturing of electronic and communication equipment grew by 28.3 percent and 28.2 percent respectively. In terms of high-tech services, the investment in services for transformation of scientific and technological achievements, in e-commerce services, and in research, development design services went up by 26.1 percent 24.4 percent and 21.2 percent respectively. The investment in social sectors grew by 12.5 percent. Specifically, the investment in health sector and education sector grew by 29.3 percent and 7.5 percent respectively. In November, the investment in fixed assets (excluding rural households) dropped by 0.87 percent month on month.

6. Imports and Exports of Goods Kept Growing and Trade Structure Continued to Improve.

In the first eleven months, the total value of imports and exports of goods was 38,336.9 billion yuan, up by 8.6 percent year on year. Specifically, the value of exports was 21,833.5 billion yuan, up by 11.9 percent; and the value of imports was 16,503.3 billion yuan, up by 4.6 percent. The imports and exports of general trade accounted for 63.8 percent of the total value of imports and exports, 2.2 percentage points higher than that in the same period of the previous year. The imports and exports by private enterprises accounted for 50.6 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 8.4 percent year on year, accounting for 57.1 percent of the total exports. In November, the total value of imports and exports of goods was 3,704.8 billion yuan, up by 0.1 percent year on year. Specifically, the value of exports was 2,099.6 billion yuan, up by 0.9 percent; and the value of imports was 1,605.2 billion yuan, down by 1.1 percent. The trade balance was 494.3 billion yuan in surplus.

7. Employment was Generally Stable and Urban Surveyed Unemployment Rate Rose Slightly.

In the first eleven months, the urban surveyed unemployment rate was 5.6 percent on average. In November, the urban surveyed unemployment rate was 5.7 percent, 0.2 percentage points higher than the previous month. The surveyed unemployment rate of population with local household registration was 5.5 percent and that of population with non-local household registration was 6.2 percent, among which, the rate of the population with non-local agricultural household registration was 6.0 percent. Specifically, the surveyed unemployment rate of the population aged from 16 to 24 was 17.1 percent, 0.8 percentage points lower than that of the previous month; that for the population aged from 25 to 59 was 5.0 percent, 0.3 percentage points higher than that of the previous month. The urban surveyed unemployment rate in 31 major cities was 6.7 percent. The employees of enterprises worked 47.7 hours per week on average.

8. Year-on-Year Growth of Consumer Price Dropped and Producer Prices for Industrial Products Dropped Year on Year.

In the first eleven months, the consumer price index (CPI) went up by 2.0 percent year on year. In November, the consumer price index (CPI) went up by 1.6 percent year on year, 0.5 percentage points lower than the previous month, or down by 0.2 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 3.0 percent year on year; clothing up by 0.5 percent; housing down by 0.2 percent; articles and services for daily use up by 1.5 percent; transportation and communication up by 2.9 percent; education, culture and recreation up by 1.3 percent; medical services and health care up by 0.5 percent; and other articles and services up by 2.3 percent. In terms of food, tobacco and alcohol prices, prices for fresh vegetables were down by 21.2 percent, grain up by 3.0 percent, fresh fruits up by 9.6 percent and pork went up by 34.4 percent. The core CPI excluding the prices of food and energy went up by 0.6 percent year on year, same as that of the previous month.

In the first eleven months, the producer prices for industrial products and the the purchasing prices for industrial producers went up by 4.6 percent and 6.7 percent year on year respectively. In November, the producer prices for industrial products dropped by 1.3 percent year on year, or up by 0.1 percent month on month. The purchasing prices for industrial producers dropped by 0.6 percent year on year, same as that of the previous month.

Generally speaking, in November, the national economy withstood multiple pressure from domestic and international factors beyond expectation, sustained the momentum of recovery and performed within the reasonable range in general. 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, conscientiously implement the spirit of the 20th CPC National Congress, stick to the general principle of pursuing progress while maintaining stability, implement the new development philosophy in a complete, accurate and comprehensive manner, accelerate efforts to foster a new development pattern and pursue high-quality development. Efforts are also required to better coordinate epidemic prevention and control with the economic and social development, and development with security. Efforts are also needed to comprehensively deepen reform and opening-up, boost market confidence, and implement policies and measures to stabilize the economy. We must give priority to the work of ensuring steady growth, employment and stable prices, stimulate market vitality and promote the overall improvement in economic operation.

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.