SMM News: China's industrial added value in October increased by 6.9% compared with the same period last year, and is expected to grow by 6.7%. The previous value increased by 6.9%. It is worth noting that in October, the added value of the equipment manufacturing industry increased by 10.8% compared with the same period last year, which was 3.9 percentage points faster than that of industries above scale. In terms of product output, the output of new energy vehicles, industrial robots, digging and shoveling transportation machinery, microcomputer equipment, and integrated circuits increased by 94.1%, 38.5%, 30.2%, 28.0% and 20.4% respectively compared with the same period last year.
The added value of above-scale industries increased by 6.9% in October 2020.
In October, the added value of industries above scale increased by 6.9% in real terms compared with the same period last year (the following growth rates are all real growth rates excluding price factors), the growth rate is the same as in September. On a month-on-month basis, the added value of industries above scale increased by 0.78% in October over the previous month. From January to October, the added value of industries above scale increased by 1.8% compared with the same period last year.
Divided into three major categories, in October, the added value of the mining industry increased by 3.5% year-on-year, 1.3 percentage points faster than in September; the manufacturing industry grew 7.5%, down 0.1%; and the electricity, heat, gas and water production and supply industry grew 4.0%, down 0.5 percentage points.
In terms of economic type, in October, the added value of state-owned holding enterprises increased by 5.4% compared with the same period last year; joint-stock enterprises grew by 6.9%; foreign investors and Hong Kong, Macao and Taiwan business investment enterprises increased by 7.0%; and private enterprises grew by 8.2%.
In October, the added value of 34 of the 41 major industries maintained year-on-year growth. The agricultural and non-staple food processing industry grew by 4.8%, the textile industry by 9.5%, the chemical raw materials and chemical products manufacturing industry by 8.8%, the non-metallic mineral products industry by 9.3%, the ferrous metal smelting and Calendering processing industry by 11.2%, the non-ferrous metal smelting and Calendering processing industry by 4.7%, the general equipment manufacturing industry by 13.1%, and the special equipment manufacturing industry by 8.0%. The automobile manufacturing industry grew by 14.7 percent, the railway, shipping, aerospace and other transport equipment manufacturing industries decreased by 0.7 percent, the electrical machinery and equipment manufacturing industry grew by 17.6 percent, and the computer, communications and other electronic equipment manufacturing industries grew by 5.0 percent. Electricity, thermal production and supply increased by 3.6%.
From a regional point of view, in October, the added value of the eastern region increased by 7.6% compared with the same period last year, the central region grew by 7.0%, the western region grew by 6.1%, and the northeast region grew by 5.9%.
From a product-by-product point of view, 427 of the 612 products increased in October compared with the same period last year. 118.48 million tons of steel, up 14.2 percent over the same period last year; 241 million tons of cement, up 9.6 percent; 5.45 million tons of 10 non-ferrous metals, up 9.0 percent; 2.02 million tons of ethylene, up 16.5 percent; 2.481 million cars, up 11.1 percent, including 165000 new energy vehicles, up 94.1 percent; power generation 609.4 billion kilowatt hours, up 4.6 percent; crude oil processing volume 59.82 million tons, up 2.6 percent.
In October, the product sales rate of industrial enterprises was 98.4%, up 0.8% over the same month last year; the export delivery value of industrial enterprises was 1.1268 trillion yuan, a nominal increase of 4.3% over the same period last year.
The national economy continued to recover steadily in October
In October, under the guidance of Xi Jinping's thinking on socialism with Chinese characteristics in the new era, all localities and departments resolutely implemented the decision-making plan of the CPC Central Committee and the State Council, and the positive results of overall epidemic prevention and control and economic and social development continued to show, and production rose steadily. Demand has stabilized and picked up, employment continues to improve, prices are generally stable, market expectations are good, and the operation of the national economy continues to recover steadily.
I. steady and rapid growth of industry and high growth rate of equipment manufacturing industry
In October, the added value of industries at and above the national scale increased by 6.9% compared with the same period last year, the same growth rate as in September; the month-on-month growth rate was 0.78%. From January to October, the added value of industries at and above the national scale increased by 1.8% compared with the same period last year, 0.6 percentage points higher than that in January-September. In October, according to the type of economy, the added value of state-controlled enterprises increased by 5.4% compared with the same period last year; joint-stock enterprises grew by 6.9%; foreign investors and Hong Kong, Macao and Taiwan business investment enterprises increased by 7.0%; and private enterprises grew by 8.2%. Divided into three major categories, the added value of the mining industry increased by 3.5% compared with the same period last year, the manufacturing industry increased by 7.5%, and the electricity, heat, gas and water production and supply industries increased by 4.0%. In October, the added value of the equipment manufacturing industry increased by 10.8% compared with the same period last year, which was 3.9 percentage points faster than that of industries above scale. In terms of product output, the output of new energy vehicles, industrial robots, digging and shoveling transportation machinery, microcomputer equipment, and integrated circuits increased by 94.1%, 38.5%, 30.2%, 28.0% and 20.4% respectively compared with the same period last year.
From January to September, the total profits of large-scale industrial enterprises nationwide totaled 4.3665 trillion yuan, down 2.4 percent from the same period last year, which was 2.0 percentage points lower than that in January-August, of which the total profits of industrial enterprises above scale increased 10.1 percent in September compared with the same period last year. In October, China's manufacturing purchasing managers' index was 51.4%, above the tipping point for eight consecutive months.
2. the recovery of the service industry has been accelerated, and the growth of the modern service industry is good.
In October, the national service industry production index rose 7.4% from a year earlier, up 2.0 percentage points from September. From January to October, the service sector production index fell 1.6% from a year earlier, 1.0 percentage points lower than in January-September. In terms of major industries, in October, the production index of real estate, transportation, warehousing and post, and other service industries increased by 9.9%, 9.2% and 8.4% respectively over the same period last year, which was 3.4%, 3.1% and 1.9% higher than that in September. The production index of rental and business services changed from negative to positive for the first time this year, while the decline in the production index of accommodation and catering continued to narrow. In October, the service sector business activity index was 55.5%, up 0.3 percentage points from September. From the perspective of the industry, the business activity index of railway transport, air transport, accommodation, catering, culture, sports and entertainment and other industries is above 59.0%. The business activity index of wholesale and retail, ecological protection and environmental governance continues to be above the critical point. From the perspective of market expectations, the expected index of business activities in the service industry is 62.2%, which is in the high prosperity range of more than 60.0% for four consecutive months.
From January to September, the business income of service enterprises above scale fell 1.0% from the same period last year, which was 1.5 percentage points lower than that in January-August. Of this total, the business income of information transmission, software and information technology services increased by 12.1%.
Third, market sales continue to pick up, and the monthly growth rate of catering revenue has changed from negative to positive compared with the same period last year.
In October, retail sales of consumer goods totaled 3.8576 trillion yuan, up 4.3 percent from the same period last year, 1.0 percent higher than in September, and 0.68 percent higher than the previous month. From January to October, retail sales of consumer goods totaled 31.1901 trillion yuan, down 5.9 percent from the same period last year, or 1.3 percentage points lower than in January-September. In October, retail sales of consumer goods in cities and towns totaled 3.3498 trillion yuan, up 4.2 percent over the same period last year, according to the location of the business unit, while retail sales of rural consumer goods totaled 507.8 billion yuan, up 5.1 percent. According to the type of consumption, catering income was 437.2 billion yuan, an increase of 0.8% over the same period last year, and the growth rate became a regular employee for the first time this year; retail sales totaled 3.4204 trillion yuan, an increase of 4.8%, a positive growth for four consecutive months. The sales of consumer upgrading commodities increased rapidly. In October, cosmetics, gold and silver jewelry and automobiles increased by 18.3%, 16.7% and 12.0% respectively compared with the same period last year. Online retail continues to increase. From January to October, the country's online retail sales totaled 9.1275 trillion yuan, an increase of 10.9 percent over the same period last year, 1.2 percentage points higher than that of January-September. Among them, online retail sales of physical goods increased by 16.0 percent, 0.7 percent higher than that of January-September, and accounted for 24.2 percent of the total retail sales of consumer goods.
IV. Investment in fixed assets has rebounded steadily, and the investment structure has continued to improve.
From January to October, national fixed asset investment (excluding farmers) increased by 1.8% compared with the same period last year, 1.0 percentage points higher than in January-September, and increased by 3.22% month-on-month in October. In terms of sectors, infrastructure investment increased 0.7 percent year on year, 0.5 percentage points higher than in January-September; manufacturing investment fell 5.3 percent, 1.2 percentage points lower than in January-September; and investment in real estate development increased by 6.3 percent, 0.7 percentage points higher than in January-September. The sales area of commercial housing nationwide was 1.33294 billion square meters, unchanged from the same period last year, down 1.8 percent from January to September, while sales of commercial housing totaled 13.1665 trillion yuan, up 5.8 percent, 2.1 percentage points faster than in January-September. In terms of sub-industries, investment in the primary industry increased by 17.3% over the same period last year, 2.8 percentage points higher than in January-September; investment in the secondary industry decreased by 2.1%, narrowing by 1.3 percentage points compared with January-September; and investment in the tertiary industry increased by 3.0%, 0.7 percentage points higher than in January-September. Investment in high-tech industries increased by 9.7 percent over the same period last year, 0.6 percentage points higher than in January-September, of which investment in high-tech manufacturing and high-tech services increased by 10.0 percent and 9.4 percent respectively. In high-tech manufacturing, investment in pharmaceutical manufacturing, computer and office equipment manufacturing increased by 22.8% and 14.8% respectively; in high-tech services, investment in e-commerce services and scientific and technological achievements transformation services increased by 26.5% and 17.2% respectively. Investment in the social sector increased by 10.6% compared with the same period last year, of which investment in health and education increased by 24.1% and 13.1% respectively.
V. Import and export of goods have maintained growth, and trade structure has been continuously optimized.
In October, imports and exports of goods totaled 2.837 trillion yuan, an increase of 4.6 percent over the same period last year. Of this total, exports totaled 1.6194 trillion yuan, up 7.6 percent, and imports totaled 1.2176 trillion yuan, up 0.9 percent. There is a balance between imports and exports, resulting in a trade surplus of 401.8 billion yuan. From January to October, the total import and export volume of goods was 25.9521 trillion yuan, an increase of 1.1 percent over the same period last year. Of this total, exports totaled 14.3296 trillion yuan, up 2.4 percent, while imports totaled 11.6224 trillion yuan, down 0.5 percent. The trade structure has been continuously optimized. From January to October, exports of mechanical and electrical products increased by 3.8% compared with the same period last year, accounting for 59% of the export volume. General trade imports and exports accounted for 60.1% of the total import and export volume, an increase of 1 percentage point over the same period last year. Imports and exports of private enterprises accounted for 46.2 percent of the total import and export volume, an increase of 3.9 percentage points over the same period last year.
VI. The unemployment rate in urban survey continues to decline, and the employment situation is generally stable.
From January to October, 10.09 million new jobs were created in cities and towns across the country, fulfilling the target for the whole year ahead of schedule. In October, the unemployment rate in the national urban survey was 5.3%, down 0.1 percentage points from September, and the unemployment rate among people aged 25-59 was 4.8%, the same as in September. The unemployment rate surveyed in 31 major cities and towns was 5.3%, down 0.2 percentage points from September. In October, the average weekly working time of employees in enterprises across the country was 46.7 hours.
VII. the increase in consumer prices has slowed down from the same period last year, and the decline in ex-factory prices of industrial producers is the same as that of the previous month.
In October, consumer prices across the country rose 0.5% from a year earlier, 1.2 percentage points lower than in September, and 0.3% lower than the previous month. From January to October, consumer prices across the country rose 3.0% from a year earlier, 0.3 percentage points lower than in January-September. According to categories, in October, the prices of food, tobacco and alcohol rose 2.4% compared with the same period last year, clothing decreased 0.3%, housing dropped 0.7%, daily necessities and services dropped 0.1%, transportation and communications dropped 3.1%, education, culture and entertainment rose 1.1%, health care rose 1.5%, and other supplies and services rose 2.4%. Among the prices of food, tobacco and alcohol, pork fell 2.8%, fresh vegetables rose 16.7%, grain rose 1.5%, and fresh fruit rose 0.4%. Core CPI, excluding food and energy prices, rose 0.5%, the same rate as in September.
In October, producer prices across the country fell 2.1% from a year earlier, the same rate as in September; month-on-month. The purchase price of industrial producers fell 2.4 per cent from a year earlier, an increase of 0.1 percentage points from September; it rose 0.2 per cent from a month earlier. From January to October, the ex-factory prices and purchase prices of industrial producers across the country fell by 2.0% and 2.6% respectively compared with the same period last year.
On the whole, the national economy continued to grow in October, and the results of the implementation of the tasks of "six stability" and "six guarantees" were further demonstrated. However, it should also be noted that the spread of the global epidemic has caused a second impact in Europe, the United States and other countries, further slowing down the process of world economic and trade recovery; the domestic economy is still in the process of recovery, and the full recovery of the economy still faces many challenges. In the next stage, we should earnestly unify our thinking and actions with the major policy decisions of the Party Central Committee with Comrade Xi Jinping at the core, fully implement the spirit of the Fifth Plenary session of the 19th CPC Central Committee, accurately understand change, respond scientifically, and actively seek change. We should scientifically grasp the new stage of development, thoroughly implement the concept of new development, speed up the construction of a new development pattern, maintain the bottom line of "six guarantees", consolidate the foundation of "six stability", and stimulate new momentum through reform and innovation. We will expand opening up and cultivate new advantages, constantly consolidate and expand the achievements of epidemic prevention and control and economic recovery, ensure the successful conclusion of building a moderately prosperous society in an all-round way, and lay a good foundation for the beginning of the 14th five-year Plan.
