National Bureau of Statistics of China

15 November 2024

In October, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, and fully and faithfully applied the new development philosophy on all fronts. With the synergy created by the existing policies and incremental policies unfolding, major economic indicators of consumption, services and imports and exports recovered markedly, employment and prices were basically stable, social expectations continued to improve, high-quality development witnessed solid progress and positive factors were accumulated. The national economy registered steady progress and recovery.

1. Industrial Production Saw a Stable Momentum of Growth and Equipment Manufacturing and High-Tech Manufacturing Grew Fast.

In October, the total value added of the industrial enterprises above the designated size grew by 5.3 percent year on year, 0.1 percentage points lower than that of last month, or up by 0.41 percent month on month. In terms of sectors, the value added of mining went up by 4.6 percent year on year, manufacturing up by 5.4 percent and the production and supply of electricity, thermal power, gas and water up by 5.4 percent. The value added of equipment manufacturing increased by 6.6 percent year on year, and that of high-tech manufacturing increased by 9.4 percent, 1.3 percentage points and 4.1 percentage points faster than the total value added of the industrial enterprises above the designated size. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.8 percent year on year; that of share-holding enterprises was up by 5.9 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 2.9 percent; and that of private enterprises was up by 4.8 percent. In terms of products, the production of new-energy vehicles, industrial robots and integrated circuits grew by 48.6 percent, 33.4 percent and 11.8 percent respectively. In the first ten months, the total value added of the industrial enterprises above the designated size went up by 5.8 percent year on year, the same as that of the first nine months. In October, the Manufacturing Purchasing Managers’ Index stood at 50.1 percent, 0.3 percentage points higher than that of last month; and the Production and Operation Expectation Index was 54.0 percent, 2.0 percentage points higher. In the first nine months, the total profits made by industrial enterprises above the designated size were 5,228.2 billion yuan, down by 3.5 percent year on year.

2. Service Sector Accelerated Notably and Modern Services Developed Well.

In October, the Index of Services Production grew by 6.3 percent year on year, 1.2 percentage points higher than that of last month. Specifically, that of financial intermediation, information transmission, software and information technology services, and leasing and business services grew by 10.2 percent, 9.5 percent and 8.8 percent year on year respectively, 3.9 percentage points, 3.2 percentage points and 2.5 percentage points faster than the Index of Services Production. In the first ten months, the Index of Services Production increased by 5.0 percent year on year, 0.1 percentage points faster than that of the first nine months. In the first nine months, the business revenue of service enterprises above the designated size went up by 7.2 percent year on year. In October, the Business Activity Index for Services was 50.1 percent, 0.2 percentage points higher than that of last month. The Business Activity Expectation Index for Services was 56.2 percent, 1.6 percentage points higher. Specifically, the Business Activity Index for railway transportation, water transportation, air transportation, postal services, capital market services, ecological protection and public facilities management stayed within the high expansion range of 55.0 percent and above.

3. Market Sales Recovered Rapidly and Sales of Trade-in Goods Accelerated.

In October, the total retail sales of consumer goods reached 4,539.6 billion yuan, up by 4.8 percent year on year, 1.6 percentage points faster than that of last month; or up by 0.41 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,925.5 billion yuan, up by 4.7 percent year on year; and that in rural areas reached 614.1 billion yuan, up by 4.9 percent. Grouped by types of consumption, the retail sales of goods were 4,044.4 billion yuan, up by 5.0 percent; the income of catering was 495.2 billion yuan, up by 3.2 percent. Upgraded goods sold well. The retail sales of cosmetics and of sports and recreational articles by enterprises above the designated size went up by 40.1 percent and 26.7 percent respectively. Driven by the trade-in programmes of consumer goods, the retail sales of household appliances and audio-video equipment, cultural and office supplies, furniture and automobiles by enterprises above the designated size went up by 39.2 percent, 18.0 percent, 7.4 percent and 3.7 percent respectively, 18.7 percentage points, 8.0 percentage points, 7.0 percentage points and 3.3 percentage points higher than that of last month respectively. In the first ten months, the total retail sales of consumer goods reached 39,896.0 billion yuan, up by 3.5 percent year on year, 0.2 percentage points faster than that of the first nine months. The online retail sales were 12,363.2 billion yuan, up by 8.8 percent year on year. Specifically, the online retail sales of physical goods were 10,333.0 billion yuan, up by 8.3 percent, accounting for 25.9 percent of the total retail sales of consumer goods. In the first ten months, the retail sales of services grew by 6.5 percent year on year.

4. Investment in Fixed Assets Increased Steadily with Fast Growth in High-Tech Industries.

In the first ten months, the investment in fixed assets (excluding rural households) reached 42,322.2 billion yuan, up by 3.4 percent year on year, the same as that of the first nine months; the investment in fixed assets was up by 7.6 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 4.3 percent year on year, that in manufacturing grew by 9.3 percent, and that in real estate development declined by 10.3 percent. The floor space of newly-built commercial buildings sold was 779.30 million square meters, down by 15.8 percent year on year, 1.3 percentage points lower compared with that of the first nine months; the total sales of newly-built commercial buildings were 7,685.5 billion yuan, down by 20.9 percent, 1.8 percentage points lower. By industry, the investment in the primary industry went up by 2.5 percent year on year, that in the secondary industry up by 12.2 percent, and that in the tertiary industry down by 0.9 percent. The private investment declined by 0.3 percent year on year, and increased by 6.3 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 9.3 percent year on year, of which the investment in high-tech manufacturing and high-tech services grew by 8.8 percent and 10.6 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicles and equipment and in manufacturing of electronic and communication equipment grew by 34.5 percent and 9.4 percent respectively. In terms of high-tech services, the investment in professional technical services and in e-commerce services grew by 32.0 percent and 16.3 percent respectively. In October, the investment in fixed assets (excluding rural households) increased by 0.16 percent month on month.

5. Imports and Exports of Goods Grew Fast and Trade Structure Continued to Optimize.

In October, the total value of imports and exports of goods was 3,700.7 billion yuan, up by 4.6 percent year on year, 3.9 percentage points faster than that of last month. The value of exports was 2,189.9 billion yuan, up by 11.2 percent, and the value of imports was 1,510.8 billion yuan, down by 3.7 percent. In the first ten months, the total value of imports and exports of goods was 36,021.9 billion yuan, up by 5.2 percent year on year. The total value of exports was 20,802.8 billion yuan, up by 6.7 percent. The total value of imports was 15,219.1 billion yuan, up by 3.2 percent. In the first ten months, the imports and exports of general trade went up by 3.9 percent, accounting for 64.1 percent of the total value of imports and exports. The imports and exports by private enterprises went up by 9.3 percent, accounting for 55.1 percent of the total value of imports and exports, 2.1 percentage points higher than that of the same period last year. The exports of mechanical and electrical products went up by 8.5 percent, accounting for 59.4 percent of the total value of exports.

6. Employment Was Generally Stable and Urban Surveyed Unemployment Rate Declined.

In the first ten months, the urban surveyed unemployment rate averaged 5.1 percent, 0.2 percentage points lower than that of the same period last year. In October, the urban surveyed unemployment rate was 5.0 percent, 0.1 percentage points lower than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.1 percent and that of population with non-local household registration was 4.8 percent, among which, the rate of the population with non-local agricultural household registration was 4.7 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent, 0.1 percentage points lower than that of the previous month. The employees of enterprises worked 48.6 hours per week on average.

7. Consumer Price Increased Slightly and Producer Prices for Industrial Products Declined Year on Year.

In October, the consumer price index (CPI) went up by 0.3 percent year on year, 0.1 percentage points lower than that of last month; or down by 0.3 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol were up by 2.0 percent year on year; clothing up by 1.1 percent; housing down by 0.1 percent; articles and services for daily use up by 0.1 percent; transportation and communication down by 4.8 percent; education, culture and entertainment up by 0.8 percent; medical services and health care up by 1.1 percent; and other articles and services up by 4.7 percent. Among the prices for food, tobacco and alcohol, the price for grain went down by 0.7 percent, fresh fruits up by 4.7 percent, pork up by 14.2 percent and fresh vegetables up by 21.6 percent. The core CPI excluding the prices of food and energy went up by 0.2 percent year on year, 0.1 percentage points higher than that of last month. In the first ten months, the CPI went up by 0.3 percent year on year.

In October, the producer prices for industrial products went down by 2.9 percent year on year, or down by 0.1 percent month on month. The purchasing prices for industrial producers went down by 2.7 percent year on year, or down by 0.3 percent month on month. In the first ten months, the producer prices and the purchasing prices for industrial products both dropped by 2.1 percent compared with that of the same period last year.

Generally speaking, with the accelerated implementation of the existing policies and the introduction of a raft of incremental policies in October, the national economy showed stable growth trend with major indicators recovering notably and positive factors accumulated. However, we should be aware that the external environment is increasingly complicated and severe, effective demands are still weak at home and the foundation for continuous economic recovery needs to be strengthened. In the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the guiding principles of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee, adhere to the principle of pursuing progress while ensuring stability, and fully and faithfully apply the new development philosophy on all fronts. We must advance the high-quality development in solid steps, accelerate the efforts to create a new pattern of development and double the efforts to implement the raft of incremental policies so as to consolidate and enhance the momentum for economic recovery and growth and achieve the annual target of economic and social development.

Notes:

1. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

2. Industrial enterprises above designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, is as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

3. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

4. The scope of the total retail sales of consumer goods includes all legal entities, establishments and self-employed individuals involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses, self-employed individuals), retail enterprises (businesses, self-employed individuals) and lodging and catering enterprises (businesses, self-employed individuals) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

As the wholesale, retail, and lodging and catering enterprises (businesses, self-employed individuals) above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are: some enterprises (businesses, self-employed individuals) are included in the survey as they meet the threshold, while some enterprises (businesses, self-employed individuals) are removed from the survey because of downsizing every year. Besides, enterprises (businesses, self-employed individuals) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

Online retail sales refer to the retail sales of goods and services realized through internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (e.g. virtual goods and services).

The total retail sales of consumer goods include the online retail sales of physical goods, but not the non-physical goods.

5. The retail sales of services refer to the total value of services directly provided by enterprises (establishments, self-employed units) to individuals and other units for non-production and non-operating purposes in the form of transactions. It aims to reflect the value of services with the nature of consumption sold by service providers in monetary terms, including the retail sales of services in transportation, accommodation, catering, education, health, sports, entertainment, and other fields.

6. The growth rates of investment in fixed assets are calculated on a comparable basis.

7. Data of imports and exports are from the General Administration of Customs.

8. Employed people refer to people aged 16 and above who have the ability to work and engage in gainful employment for remuneration payment or business income.

9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.