National Bureau of Statistics (NBS): Industrial Value Added of Enterprises Above Designated Size Increased by 4.8% in November, National Economy Sustained Steady and Progressive Development Momentum

According to data from the National Bureau of Statistics (NBS), in November, the value added of industrial enterprises above the designated size actually increased by 4.8% year-on-year. On a month-on-month basis, the value added of industrial enterprises above the designated size increased by 0.44% compared to the previous month. From January to November, the value added of industrial enterprises above the designated size increased by 6.0% year-on-year. In November, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, deeply implemented more proactive and effective macro policies, advanced the construction of a unified national market in greater depth, focused on promoting high-quality development, maintained generally stable production and supply, kept the employment situation generally stable, continued to improve market prices, steadily developed new quality productive forces, and sustained the overall stable and progressive development trend of the economy.

Value Added of Industrial Enterprises Above Designated Size Increased by 4.8% in November 2025

In November, the value added of industrial enterprises above the designated size actually increased by 4.8% year-on-year (the growth rate of value added is the actual growth rate after deducting price factors). On a month-on-month basis, the value added of industrial enterprises above the designated size increased by 0.44% compared to the previous month. From January to November, the value added of industrial enterprises above the designated size increased by 6.0% year-on-year.

By 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, heat, gas, and water increased by 4.3%.

By type of ownership, in November, the value added of state-controlled enterprises increased by 4.2% year-on-year; that of joint-stock enterprises increased by 5.2%, that of enterprises with foreign, Hong Kong, Macao, and Taiwan investments increased by 3.4%; and that of private enterprises increased by 3.2%.

By sector, in November, among 41 major sectors, 30 sectors saw year-on-year growth in value added. Specifically, the growth rates were as follows: coal mining and washing (7.5%), extraction of petroleum and natural gas (5.1%), processing of agricultural and sideline food (1.7%), manufacture of liquor, beverages, and refined tea (down 0.6%), textile industry (1.8%), manufacture of raw chemical materials and chemical products (6.7%), manufacture of non-metallic mineral products (down 1.8%), smelting and pressing of ferrous metals (0.9%), smelting and pressing of non-ferrous metals (4.8%), manufacture of general-purpose machinery (7.5%), manufacture of special-purpose machinery (4.8%), manufacture of automobiles (11.9%), manufacture of railway, ship, aerospace, and other transport equipment (11.9%), manufacture of electrical machinery and apparatus (4.4%), manufacture of computers, communication, and other electronic equipment (9.2%), and production and supply of electricity and heat (4.2%).

By product, in November, output of 310 out of 623 major industrial products increased YoY. Among them, crude steel output was 115.91 million mt, down 2.6% YoY; cement output was 154.34 million mt, down 8.2% YoY; output of ten nonferrous metals was 6.99 million mt, up 4.7% YoY; ethylene output was 3.09 million mt, up 7.3% YoY; automobile output was 3.519 million units, up 2.4% YoY, including 1.841 million NEVs, up 17.0% YoY; power generation was 779.2 billion kWh, up 2.7% YoY; crude oil processing volume was 60.83 million mt, up 3.9% YoY.

In November, the product sales ratio of industrial enterprises above the designated size was 96.5%, down 0.8 percentage points YoY; these enterprises achieved export deliveries worth 1,361 billion yuan, down 0.1% YoY in nominal terms.

National Economy Sustained Stable and Progressive Development in November

In November, under the strong leadership of the CPC Central Committee with Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, implemented more proactive and effective macro policies, advanced the development of a unified national market, focused on promoting high-quality development, maintained basically stable production and supply, kept the employment situation generally stable, continued to improve market prices, steadily developed new quality productive forces, and sustained overall stable and progressive economic performance.

I. Grain Output Increased for the Whole Year, Remaining Above 1.4 Trillion Jin

For the whole year, national grain output was 1,429.8 billion jin, up 16.75 billion jin or 1.2% from the previous year, remaining above 1.4 trillion jin. Among this, autumn grain output was 1,073.2 billion jin, up 16.36 billion jin or 1.5% from the previous year. National cereal output was 1,320.4 billion jin, up 15.84 billion jin or 1.2% from the previous year. Both grain sown area and yield per unit area increased. The national grain sown area was 1.791 billion mu, up 1.348 million mu or 0.1% from the previous year; grain yield per unit area was 399.1 kg/mu, up 4.4 kg/mu or 1.1% from the previous year.

II. Industrial Production Grew Steadily, with Equipment Manufacturing and High-Tech Manufacturing Recording Faster Growth

In November, the value added of industrial enterprises above the designated size increased by 4.8% YoY and 0.44% MoM. By sector, mining increased by 6.3% YoY, manufacturing by 4.6% YoY, and production and supply of electricity, thermal power, gas and water by 4.3% YoY. The value added of equipment manufacturing increased by 7.7% YoY, and that of high-tech manufacturing increased by 8.4% YoY, 2.9 and 3.6 percentage points faster than the overall industrial enterprises above the designated size, respectively. By economic type, the value-added of state-controlled enterprises increased by 4.2% YoY; joint-stock enterprises grew by 5.2%, enterprises with foreign, Hong Kong, Macao, or Taiwanese investment rose by 3.4%, and private enterprises increased by 3.2%. By product, the production of 3D printing equipment, industrial robots, and NEVs grew by 100.5%, 20.6%, and 17.0% YoY, respectively. In January-November, the value-added of industrial enterprises above the designated size nationwide increased by 6.0% YoY. In November, the manufacturing PMI stood at 49.2%, up 0.2 percentage points from the previous month; the production and business activity expectations index of enterprises was 53.1%, rising 0.3 percentage points. In January-October, the total profits of industrial enterprises above the designated size nationwide reached 5,950.3 billion yuan, up 1.9% YoY.

III. Steady Growth in the Service Sector and Positive Development of Modern Services

In November, the national service industry production index increased by 4.2% YoY. By sector, the production indices for information transmission, software and information technology services; leasing and business services; and financial services rose by 12.9%, 8.4%, and 5.1% YoY, respectively, outpacing the service industry production index by 8.7, 4.2, and 0.9 percentage points. In January-November, the national service industry production index increased by 5.6% YoY. In January-October, the operating revenue of service enterprises above the designated size grew by 7.6% YoY. In November, the service sector business activity index was 49.5%, while the service sector business activity expectations index stood at 55.9%. Among these, the business activity indices for railway transport, telecommunication, radio and television, and satellite transmission services, and monetary and financial services were in the high prosperity range above 55.0%.

IV. Expansion of Market Sales Scale and Accelerated Growth in Service Retail

In November, the total retail sales of consumer goods reached 4,389.8 billion yuan, up 1.3% YoY but down 0.42% MoM. By location of business units, retail sales of consumer goods in urban areas amounted to 3,768.4 billion yuan, up 1.0% YoY, while those in rural areas reached 621.4 billion yuan, increasing 2.8%. By consumption type, retail sales of goods were 3,784.1 billion yuan, up 1.0%, and catering revenue was 605.7 billion yuan, rising 3.2%. Sales of basic living necessities and some upgraded goods grew rapidly. Retail sales of grain and oil food, communication equipment, and cultural and office goods by units above the designated size increased by 6.1%, 20.6%, and 11.7% YoY, respectively. In January-November, the total retail sales of consumer goods reached 45,606.7 billion yuan, up 4.0% YoY. Online retail sales nationwide amounted to 14,458.2 billion yuan, increasing 9.1% YoY. Among these, online retail sales of physical goods were 11,819.3 billion yuan, up 5.7%, accounting for 25.9% of the total retail sales of consumer goods. From January to November, retail sales of services increased by 5.4% year-on-year, with the growth rate accelerating by 0.1 percentage points compared to the January–October period. Among them, retail sales in cultural, sports, and leisure services; communication and information services; tourism consulting and leasing services; and transportation services grew rapidly.

V. Fixed Asset Investment Declined Year-on-Year, While Manufacturing Investment Maintained Growth

From January to November, national fixed asset investment (excluding rural households) reached 44,403.5 billion yuan, down 2.6% year-on-year. Excluding real estate development investment, national fixed asset investment increased by 0.8%. By sector, infrastructure investment fell by 1.1% year-on-year, manufacturing investment rose by 1.9%, and real estate development investment dropped by 15.9%. The floor space of newly built commercial buildings sold nationwide amounted to 787.02 million m², a decrease of 7.8% year-on-year, while sales of newly built commercial buildings totaled 7,513 billion yuan, down 11.1%. By industry, investment in the primary industry grew by 2.7% year-on-year, investment in the secondary industry increased by 3.9%, and investment in the tertiary industry declined by 6.3%. Private investment fell by 5.3% year-on-year; excluding real estate development investment, private investment decreased by 0.7%. In high-tech industries, investment in information services and in the manufacturing of aircraft, spacecraft, and related equipment rose by 29.6% and 19.7% year-on-year, respectively. In November, fixed asset investment (excluding rural households) decreased by 1.03% month-on-month.

VI. Growth Rate of Goods Imports and Exports Rebounded, Trade Structure Continued to Optimize

In November, the total value of goods imports and exports was 3,898.7 billion yuan, up 4.1% year-on-year, accelerating by 4.0 percentage points from the previous month. Exports amounted to 2,345.6 billion yuan, increasing by 5.7%, while imports reached 1,553.1 billion yuan, rising by 1.7%. From January to November, the total value of goods imports and exports was 41,207.6 billion yuan, up 3.6% year-on-year. Exports totaled 24,457.9 billion yuan, growing by 6.2%, and imports stood at 16,749.8 billion yuan, edging up by 0.2%. From January to November, Ordinary Trade imports and exports increased by 2.1% year-on-year, accounting for 63.2% of the total import and export value. Imports and exports with countries participating in the Belt and Road Initiative grew by 6.0%. Imports and exports by private enterprises rose by 7.1%, making up 57.1% of the total import and export value, an increase of 1.8 percentage points compared to the same period last year. Exports of mechanical and electrical products increased by 8.8%, accounting for 60.9% of the total export value.

VII. Employment Situation Remained Generally Stable, Urban Surveyed Unemployment Rate Unchanged from the Previous Month

From January to November, the national average urban surveyed unemployment rate was 5.2%. In November, the national urban surveyed unemployment rate stood at 5.1%, unchanged from the previous month. The surveyed unemployment rate for local registered laborers was 5.3%, while that for non-local registered laborers was 4.7%, with the rate for non-local agricultural registered laborers at 4.4%. The surveyed urban unemployment rate in 31 major cities was 5.1%, unchanged from the previous month. The average weekly working hours of employees in enterprises nationwide stood at 48.6 hours.

VIII. The YoY Increase in Consumer Prices Expanded, While Industrial Producer Prices Continued to Rise MoM

In November, the national Consumer Price Index (CPI) rose 0.7% YoY, with the growth rate widening by 0.5 percentage points from the previous month; it fell 0.1% MoM. By category, prices for food, tobacco, and alcohol increased 0.3% YoY; clothing prices rose 1.9%; housing prices remained flat; prices for household goods and services increased 2.1%; prices for transportation and communication decreased 2.3%; prices for education, culture, and entertainment rose 0.8%; healthcare prices increased 1.6%; and prices for other goods and services rose 14.2%. Within food, tobacco, and alcohol prices, pork prices fell 15.0%, grain prices dropped 0.4%, fresh fruit prices rose 0.7%, and fresh vegetable prices increased 14.5%. The core CPI, which excludes food and energy prices, rose 1.2% YoY. From January to November, the national CPI remained flat YoY.

In November, the national Producer Price Index (PPI) for industrial producers fell 2.2% YoY but rose 0.1% MoM; the purchasing prices for industrial producers dropped 2.5% YoY and increased 0.1% MoM. From January to November, the national PPI and purchasing prices for industrial producers declined 2.7% and 3.1% YoY, respectively.

Overall, the national economy maintained stable performance in November, continuing the trend of steady progress. However, there are many external uncertainties and instabilities, and domestic effective demand remains insufficient, posing numerous challenges to economic operations. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and its plenary sessions, as well as the Central Economic Work Conference, uphold the general principle of pursuing progress while ensuring stability, implement more proactive and effective macro policies, continuously expand domestic demand and optimize supply, improve incremental quality and revitalize existing resources, focus on stabilizing employment, enterprises, markets, and expectations, and promote the effective improvement of economic quality and reasonable growth in quantity.