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Industrial output enjoys robust month on policies

Updated: October 25, 2022 14:05    China Daily

China's industrial output, an important economic indicator, grew 6.3 percent year-on-year in September, showcasing a strong recovery momentum as favorable government policies encouraging industrial production took effect, experts said on Oct 24.

It was the fifth straight month of growth in industrial output. The number also beat August's reading of 4.2 percent and July's reading of 3.8 percent, said the National Bureau of Statistics.

Jiang Yuan, deputy director of the industrial statistics department of the NBS, said that in the third quarter, with the implementation of a package of policies and measures to stabilize the economy, industrial production overcame adverse factors such as the COVID-19 pandemic and scorching temperatures, showing a trend of positive recovery and continuous improvement.

Supply and industrial chains recovered steadily. From July to September, industrial output grew 4.8 percent year-on-year, 4.1 percentage points faster than that in the second quarter, Jiang said.

Output from manufacturing, electricity, and gas — as well as water production and supply — all accelerated significantly. The manufacturing sector grew 4.1 percent in the third quarter.

New economic growth drivers are playing a bigger role in spurring the growth of the industrial economy, Jiang said, adding that in the third quarter, industrial output of high-tech manufacturing jumped by 6.7 percent year-on-year, 1.9 percentage points faster than that of overall industrial output.

New energy and new material products continued to grow at a high speed. For example, the output of new energy industrial products such as charging piles, wind turbines, and photovoltaic cells in the third quarter increased by 81.5 percent, 47.1 percent, and 30.8 percent year-on-year, respectively.

Liu Wenqiang, deputy head of the Beijing-based China Center for Information Industry Development, said auto manufacturing also recovered very rapidly in the third quarter, highlighting the resilience of local industrial chains amid pressure.

Specifically, in the third quarter, auto manufacturing output jumped 25.4 percent year-on-year, marking a reversal from the 7.6 percent decline in the second quarter, the NBS said.

Cui Dongshu, secretary-general of the China Passenger Car Association, said that as logistics and supply chains continued to improve since May, channel inventories in the car retail sector were abundant, effectively promoting the synchronous growth of automobile production and sales.

The preferential policies and measures related to vehicle purchase taxes gradually showed their effects, which helped the automobile market continue its rapid growth momentum in September, and automaker promotions remained at a high level, Cui said.

Zhou Maohua, an analyst at China Everbright Bank, said considering China's strong industrial system, the ultra-large domestic market, and strong government policy support, he expects the industrial recovery trend will continue.

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