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China national economy sustained stable recovery in November
Dec 15, 2020 13:51CST
Total value added of the industrial enterprises above the designated size grew by 7.0 percent year on year in November

SHANGHAI, Dec 15 (SMM) – China’s economic recovery improved in November, on the back of accelerated growth across  retail sales and industrial production.

1. Industrial production showed positive growth

In November, the total value added of the industrial enterprises above the designated size grew by 7.0% year on year, 0.1 percentage points faster than October, or up by 1.03% month on month. In the first eleven months, the total value added of the industrial enterprises above the designated size grew by 2.3% year on year, 0.5 percentage points faster compared with that of the first ten months.

In the first ten months, the total profits made by the industrial enterprises above the designated size was 5,012.4 billion yuan, up by 0.7% year on year, featuring the first positive growth in the year. In October, the total profits of industrial enterprises above the designated size went up by 28.2% year on year. In November, the Manufacturing Purchasing Managers’ Index stood at 52.1%, the highest in the year and above the threshold for nine months in a ro

2. Service industry continued to recover and Business Activity Index remained high

In November, the Index of Services Production increased by 8% year on year, 0.6 percentage points higher than that of October. In the first eleven months, the Index of Services Production dropped by 0.7% year on year, 0.9 percentage points slower than the decline of the first ten months.

By main sectors, in November, the production index for wholesale and retail, leasing and business services went up by 6.5% and 3.6% respectively, or both 1.8 percentage points faster than that of October. In November, the Business Activity Index for business services was 55.7%, 0.2 percentage points higher than in October.

By sectors, the Business Activity Index for railway transportation, air transportation, telecommunication, radio, TV and satellite transmission and financial intermediation all stayed within the expansion range of 60% and above. In term of market expectation, the Business Activity Expectation Index was 61.1%, above the expansion range for five months in a row.

3. Market sales improved further

In November, the total retail sales of consumer goods reached 3,951.4 billion yuan, up by 5% year on year, 0.7 percentage points faster compared with that in October, and the month-on-month growth was 1.31%. In the first eleven months, the total retail sales of consumer goods reached 35,141.5 billion yuan, down by 4.8% year on year, a decline narrowed by 1.1 percentage points over the first ten months.

The retail sales of upgraded consumer goods grew fast. The retail sales of communication equipment, cosmetics and gold, silver and jewelry went up by 43.6%, 32.3% and 24.8% respectively. The online retail sales continued to grow. The online retail sales in the first eleven months reached 10,537.4 billion yuan, up by 11.5%  year on year, 0.6 percentage points faster than that of the first ten months. Of the total, the online retail sales of physical goods went up by 15.7 percent, taking up 25% of the total retail sales.

4. Investment in fixed assets continued to pick up, private investment registered the positive growth

In the first eleven months, the investment in fixed assets (excluding rural households) grew by 2.6% year on year, 0.8 percentage points faster than that of the first ten months; and the month-on-month growth in November was 2.8%. Specifically, the investment in infrastructure grew by 1% year on year, 0.3 percentage points faster than the first ten months; and in manufacturing down by 3.5%, a decline narrowed by 1.8 percentage points compared with that of the first ten months.

The investment in real estate development went up by 6.8%, 0.5 percentage points faster than that of the first ten months. The floor space of commercial buildings sold reached 1,508.34 million square metres, up by 1.3% year on year, maintaining the same speed as that of the first ten months and the total sales of commercial buildings were 14,896.9 billion yuan, up by 7.2%, 1.4 percentage points faster compared with that of the first ten months.

5. Import and export of goods improved

In November, the total value of imports and exports of goods was 3,091.9 billion yuan, an increase of 7.8% year on year. Specifically, the total value of exports was 1,799.5 billion yuan, up by 14.9 percent; the total value of imports was 1,292.4 billion yuan, down by 0.8%. The trade balance was 507.1 billion yuan in surplus. In the first eleven months, the total value of imports and exports of goods was 29,043.9 billion yuan, up by 1.8% year on year. Specifically, the value of exports was 16,129.1 billion yuan, up by 3.7%; the value of imports was 12,914.8 billion yuan, down by 0.5%.

In the first eleven months, the exports of mechanical and electrical products grew by 5.4%, accounting for 59.3% of the total export. The value of imports and exports of general trade accounted for 59.9% of the total value of imports and exports, 0.8 percentage points higher than the same period last year. The total value of imports and exports by private enterprises accounted for 46.4% of the total value of imports and exports, 4 percentage points higher than the same period last year. 

6. Unemployment rate continued to decline

In the first eleven months, the newly increased employed people in urban areas numbered 10.99 million, accounting for 122.1% of the annual target. In November, the urban surveyed unemployment rate was 5.2%, 0.1 percentage points lower than that of October, falling for four months in a row.

Macroeconomics
china
data

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