The Bureau of Statistics explained that the industrial growth rate has obviously slowed down: the value-added tax was lowered in April and enterprises were stocked in advance.-Shanghai Metals Market

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The Bureau of Statistics explained that the industrial growth rate has obviously slowed down: the value-added tax was lowered in April and enterprises were stocked in advance.

Translation 11:56:52AM May 15, 2019 Source:Wall Street news
The content below was translated by Tencent automatically for reference.

According to data released by the National Bureau of Statistics on May 15, the added value of China's industries above scale increased by 5.40 percent in April compared with the same period last year, down 3.1 percentage points from the previous value of 8.50 percent, below the expected value of 6.50 percent. But it is still slightly higher than in January-February and growing at the same rate as in November 2018. On a month-on-month basis, the added value of industries above scale rose 0.37 per cent in April from the previous month. From January to April, the added value of industries above scale increased by 6.2% over the same period last year, the same rate as for the whole of last year.

According to the National Bureau of Statistics, China's economy continued to develop steadily and steadily in April, but the external environment is still complex, and the problem of unbalanced and inadequate domestic development in China is still prominent. The foundation for sustained and healthy economic development still needs to be consolidated.

On May 15, the Information Office of the State Council held a press conference on the operation of China's national economy in April. At the meeting, Liu Aihua, spokesman for the National Bureau of Statistics, said that corporate behavior caused by the VAT cut was the main factor contributing to the sharp rebound in industrial value added in March, so it was not difficult to explain the sharp decline in April. At the same time, from the cumulative point of view, the growth rate of industrial value added has accelerated steadily and slightly:

With the reduction of VAT in April, many enterprises have actively adjusted their production and business activities in order to fully enjoy the benefits of VAT reduction, and have prepared goods ahead of time and accelerated production in March, so the data for April looks set to fall back some.

On the whole, it still takes a longer period of time to judge the situation of the industry. A relatively simple and easy way is to use cumulative growth. Between January and April, industrial production rose 6.2 percent from a year earlier, up 0.5 percentage points from 5.7 percent in the fourth quarter of last year and unchanged from the previous year. Judging from the trend, industrial production is still maintaining a steady or even slightly accelerating momentum.

Divided into three categories, in April, the added value of the mining industry increased by 2.9% compared with the same period last year, down 1.7 percentage points from March, and the manufacturing industry increased by 5.3%, down 3.7 percentage points. The electricity, heat, gas and water production and supply sectors increased by 9.5 percent, an increase of 1.8 percentage points.

In terms of economic types, the added value of state-owned holding enterprises increased by 6.0% in April compared with the same period last year; joint-stock enterprises increased by 6.3%, foreign and Hong Kong, Macao and Taiwan investment enterprises increased by 2.5%, and private enterprises increased by 5.1%.

By industry, in April, 33 of the 41 major industries maintained year-on-year growth in value added, slightly less than the 40 industries in the previous month.

Specifically:

The agricultural and non-staple food processing industry increased by 3.4%, the textile industry decreased by 1.8%, the chemical raw materials and chemical products industry increased by 3.4%, the non-metallic mineral products industry increased by 8.8%, and the ferrous metal smelting and Calendering industry increased by 11.5%. The non-ferrous metal smelting and Calendering industry increased by 8.9%, the general equipment manufacturing industry increased by 2.0%, the special equipment manufacturing industry increased by 2.8%, and the automobile manufacturing industry decreased by 1.1%. The railway, shipping, aerospace and other transport equipment industry grew by 5.8 percent, the electrical machinery and equipment industry by 7.1 percent, and the computer, communications and other electronic equipment industry by 12.4 percent. The electricity, thermal production and supply sectors increased by 9.1 per cent.

Among them, the growth rate of textile industry, rubber and plastic products industry and automobile industry changed from positive to negative. Earlier, March data showed that the textile industry, rubber and plastic products industry, automobile industry growth rate of 9%, 12.6%, 2.6%.

From a regional point of view, the growth rate of industrial added value in the eastern, western and northeast regions has slowed down considerably. In April, the added value of the eastern region increased by 2.5% compared with the same period last year, the central region increased by 7.7%, and the western region increased by 4.0%. In addition, the northeast region fell by 0.1%, compared with an increase of 8%.

In terms of products, 298 out of 605 products increased in April compared with the same period last year.

Specifically:

Steel 102.05 million tons, up 11.5 percent over the same period last year, cement 213.45 million tons, an increase of 3.4 percent, down from the peak in March, and their average daily output rose significantly for the second month in a row.

Ten kinds of non-ferrous metals 4.74 million tons, an increase of 4.9 percent;

There were 2.02 million cars, down 15.8 percent, and average daily production fell from last month's peak, but still higher than the January-February level of this year. Of these, 797000 cars, down 18.8 percent, and 89000 new energy vehicles, up 17.1 percent.

Electricity generation was 544 billion kWh, up 3.8 per cent, and crude oil processing capacity was 52.1 million tons, an increase of 5.1 per cent.

In April, the sales rate of industrial enterprises was 97.2 percent, down 2.4 percentage points from the same period last year. Industrial enterprises achieved export delivery value of 989.9 billion yuan, an increase of 7.6 per cent in nominal terms over the same period last year.

The Bureau of Statistics explained that the industrial growth rate has obviously slowed down: the value-added tax was lowered in April and enterprises were stocked in advance.

Translation 11:56:52AM May 15, 2019 Source:Wall Street news
The content below was translated by Tencent automatically for reference.

According to data released by the National Bureau of Statistics on May 15, the added value of China's industries above scale increased by 5.40 percent in April compared with the same period last year, down 3.1 percentage points from the previous value of 8.50 percent, below the expected value of 6.50 percent. But it is still slightly higher than in January-February and growing at the same rate as in November 2018. On a month-on-month basis, the added value of industries above scale rose 0.37 per cent in April from the previous month. From January to April, the added value of industries above scale increased by 6.2% over the same period last year, the same rate as for the whole of last year.

According to the National Bureau of Statistics, China's economy continued to develop steadily and steadily in April, but the external environment is still complex, and the problem of unbalanced and inadequate domestic development in China is still prominent. The foundation for sustained and healthy economic development still needs to be consolidated.

On May 15, the Information Office of the State Council held a press conference on the operation of China's national economy in April. At the meeting, Liu Aihua, spokesman for the National Bureau of Statistics, said that corporate behavior caused by the VAT cut was the main factor contributing to the sharp rebound in industrial value added in March, so it was not difficult to explain the sharp decline in April. At the same time, from the cumulative point of view, the growth rate of industrial value added has accelerated steadily and slightly:

With the reduction of VAT in April, many enterprises have actively adjusted their production and business activities in order to fully enjoy the benefits of VAT reduction, and have prepared goods ahead of time and accelerated production in March, so the data for April looks set to fall back some.

On the whole, it still takes a longer period of time to judge the situation of the industry. A relatively simple and easy way is to use cumulative growth. Between January and April, industrial production rose 6.2 percent from a year earlier, up 0.5 percentage points from 5.7 percent in the fourth quarter of last year and unchanged from the previous year. Judging from the trend, industrial production is still maintaining a steady or even slightly accelerating momentum.

Divided into three categories, in April, the added value of the mining industry increased by 2.9% compared with the same period last year, down 1.7 percentage points from March, and the manufacturing industry increased by 5.3%, down 3.7 percentage points. The electricity, heat, gas and water production and supply sectors increased by 9.5 percent, an increase of 1.8 percentage points.

In terms of economic types, the added value of state-owned holding enterprises increased by 6.0% in April compared with the same period last year; joint-stock enterprises increased by 6.3%, foreign and Hong Kong, Macao and Taiwan investment enterprises increased by 2.5%, and private enterprises increased by 5.1%.

By industry, in April, 33 of the 41 major industries maintained year-on-year growth in value added, slightly less than the 40 industries in the previous month.

Specifically:

The agricultural and non-staple food processing industry increased by 3.4%, the textile industry decreased by 1.8%, the chemical raw materials and chemical products industry increased by 3.4%, the non-metallic mineral products industry increased by 8.8%, and the ferrous metal smelting and Calendering industry increased by 11.5%. The non-ferrous metal smelting and Calendering industry increased by 8.9%, the general equipment manufacturing industry increased by 2.0%, the special equipment manufacturing industry increased by 2.8%, and the automobile manufacturing industry decreased by 1.1%. The railway, shipping, aerospace and other transport equipment industry grew by 5.8 percent, the electrical machinery and equipment industry by 7.1 percent, and the computer, communications and other electronic equipment industry by 12.4 percent. The electricity, thermal production and supply sectors increased by 9.1 per cent.

Among them, the growth rate of textile industry, rubber and plastic products industry and automobile industry changed from positive to negative. Earlier, March data showed that the textile industry, rubber and plastic products industry, automobile industry growth rate of 9%, 12.6%, 2.6%.

From a regional point of view, the growth rate of industrial added value in the eastern, western and northeast regions has slowed down considerably. In April, the added value of the eastern region increased by 2.5% compared with the same period last year, the central region increased by 7.7%, and the western region increased by 4.0%. In addition, the northeast region fell by 0.1%, compared with an increase of 8%.

In terms of products, 298 out of 605 products increased in April compared with the same period last year.

Specifically:

Steel 102.05 million tons, up 11.5 percent over the same period last year, cement 213.45 million tons, an increase of 3.4 percent, down from the peak in March, and their average daily output rose significantly for the second month in a row.

Ten kinds of non-ferrous metals 4.74 million tons, an increase of 4.9 percent;

There were 2.02 million cars, down 15.8 percent, and average daily production fell from last month's peak, but still higher than the January-February level of this year. Of these, 797000 cars, down 18.8 percent, and 89000 new energy vehicles, up 17.1 percent.

Electricity generation was 544 billion kWh, up 3.8 per cent, and crude oil processing capacity was 52.1 million tons, an increase of 5.1 per cent.

In April, the sales rate of industrial enterprises was 97.2 percent, down 2.4 percentage points from the same period last year. Industrial enterprises achieved export delivery value of 989.9 billion yuan, an increase of 7.6 per cent in nominal terms over the same period last year.