Industrial Production Operation in November 2025

In November, the total value added of industrial enterprises above the designated size increased by 4.8% year on year in real terms (the growth rates of value added are the real growth rates after deducting price factors). On a month-on-month basis, in November, the total value added of industrial enterprises above the designated size increased by 0.44% over the previous month. From January to November, the total value added of industrial enterprises above the designated size increased by 6.0% year on year.

In terms of three sectors, in November, the value added of the mining industry increased by 6.3% year on year, that of the manufacturing industry increased by 4.6%, and that of the production and supply of electricity, thermal power, gas and water increased by 4.3%.

In terms of economic types, in November, the value added of state-holding enterprises increased by 4.2% year on year; that of share-holding enterprises increased by 5.2%; that of enterprises funded by foreign investors and investors from Hong Kong, Macao and Taiwan increased by 3.4%; and that of private enterprises increased by 3.2%.

In terms of industries, in November, the value added of 30 out of 41 major industries continued to show year-on-year growth. Among them, the value added of the mining and washing of coal went up by 7.5%, that of the extraction of petroleum and natural gas up by 5.1%, that of the processing of food from agricultural and sideline products up by 1.7%, that of the manufacture of liquor, beverages and refined tea down by 0.6%, that of the textile industry up by 1.8%, that of the manufacture of raw chemical materials and chemical products up by 6.7%, that of the manufacture of non-metallic mineral products down by 1.8%, that of the smelting and pressing of ferrous metals up by 0.9%, that of the smelting and pressing of non-ferrous metals up by 4.8%, that of the manufacture of general-purpose machinery up by 7.5%, that of the manufacture of special-purpose machinery up by 4.8%, that of the manufacture of automobiles up by 11.9%, that of the manufacture of railway, ship, aerospace and other transport equipment up by 11.9%, that of the manufacture of electrical machinery and apparatus up by 4.4%, that of the manufacture of computers, communication equipment and other electronic equipment up by 9.2%, and that of the production and supply of electricity and thermal power up by 4.2%.

In terms of products, in November, the output of 310 out of 623 products produced by industrial enterprises above the designated size increased year on year. Among them, the output of rolled steel was 115.91 million tons, down by 2.6% year on year; that of cement was 154.34 million tons, down by 8.2%; that of ten kinds of non-ferrous metals was 6.99 million tons, up by 4.7%; that of ethylene was 3.09 million tons, up by 7.3%; that of motor vehicles was 3.519 million sets, up by 2.4%, including 1.841 million new energy vehicles, up by 17.0%; the electricity generation was 779.2 billion kWh, up by 2.7%; and the crude oil processing capacity was 60.83 million tons, up by 3.9%.

In November, the product sales ratio of industrial enterprises above the designated size was 96.5%, a year-on-year decrease of 0.8 percentage points; and the export delivery value realized by industrial enterprises above the designated size stood at 1,361.0 billion yuan, a nominal decrease of 0.1% year on year.

Industrial Production Operation in November 2025

Annotations:

1. Notes on indicators

Growth rate of total value added of the industrial enterprises, also known as industrial growth rate, is used to reflect the degree of increase or decrease in industrial output over a given period. The indicator can be used to estimate the short-term trend of the industrial economy and the overall business climate. It is also an important reference and basis for the formulation and adjustment of economic policies and the implementation of macroeconomic adjustment and control.

Product sales ratio: refers to a ratio of sales value to total industrial output value, which reflects the coordination between production and sales of industrial products.

Export delivery value: refers to the value of exports by industrial enterprises (self-operated or entrusted), including those sold to Hong Kong, Macao and Taiwan, or handed over to foreign trade departments for export, as well as the value of products produced through processing with foreign-supplied samples and supplied materials, assembling with supplied parts, and compensation trade.

Average daily output: the total output 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 statistical coverage of industrial enterprises above the designated size includes industrial enterprises with annual main business revenue of 20 million yuan or above.

As the coverage of industrial enterprises above the designated size changes every year, to ensure the comparability between the data of the current year and those of the previous year, the year-on-year growth rates of product output and other indicators are calculated using the statistical coverage that is as consistent as possible with that of the current period; therefore, the results may differ from the data published for the previous year. The main reasons are: (1) Statistical coverage changes over time. Some enterprises are included in the survey after reaching the designated standard, while others are excluded from the survey due to their smaller scale. There are also influences of enterprises that are newly-established, bankrupt, and have their business licenses canceled (revoked). (2) Cross-regional duplicated calculations exist in the output data of some enterprise groups (companies). Based on specific surveys, such duplications have been eliminated.

3. Survey Method

Statistics on industrial production for enterprises above the designated size are collected through a comprehensive monthly survey (with reporting exempted for January).

4. Industrial Classification Standard

The Industrial Classification for National Economic Activities (GB/T 4754-2017) is implemented.

5. Revision of Month-on-Month Data

According to the results of automatic correction of the seasonal adjustment model, the month-on-month growth rates of the total value added of the industrial enterprises above the designated size from November 2024 to October 2025 have been revised. The revised results and month-on-month data for November 2025 are as follows: