National Bureau of Statistics of China

15 December, 2023

In November, 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. All regions and departments accelerated efforts to foster a new development pattern, took solid steps to promote high-quality development, endeavored to expand domestic demand, optimize structure, boost confidence and fend off risks. As a result, the macro-control policies continued to show effects, production and supply increased steadily, market demands kept improving, employment and prices were generally stable, people’s well-being was robustly and effectively guaranteed, transformation and upgrades were advanced solidly, and the national economy further consolidated its good momentum of recovering and turning for the better.

1. Agricultural Production Was Generally Good and the Grain Output Reached Another Record High.

The total output of grain in 2023 was 1,390.8 billion jin, an increase of 17.76 billion jin than that of last year, or up by 1.3 percent, staying above 1.3 trillion jin for nine years in a row. Specifically, the output of autumn grain totaled 1,041.8 billion jin, an increase of 19.84 billion jin than that of last year, or up by 1.9 percent. The output of cereal was 1,282.9 billion jin, up by 1.3 percent; the output of bean was 47.7 billion jin, up by 1.4 percent, and of the total, that of soybean went up by 2.8 percent. The sown area of grain increased with per unit yield going up. The sown area was 1.785 billion mu, an increase of 9.546 million mu over that of last year, or up by 0.5 percent. The per unit yield of grain was 389.7 kilogram/mu, up by 2.9 kilogram/mu, an increase of 0.8 percent. The autumn and winter sowing proceeded smoothly and timely sowing was basically realized, with winter wheat enjoying stable sown area and good growth in general.

2. Industrial Production Saw Accelerated Recovery and Equipment Manufacturing and High-tech Manufacturing Rebounded.

In November, the total value added of industrial enterprises above the designated size grew by 6.6 percent year on year, 2.0 percentage points higher than that of last month, or up by 0.87 percent month on month. In terms of sectors, the value added of mining increased by 3.9 percent year on year, manufacturing went up by 6.7 percent and the production and supply of electricity, thermal power, gas and water grew by 9.9 percent. The value added of equipment manufacturing went up by 9.8 percent year on year, 3.6 percentage points faster than that of last month. The value added of high-tech manufacturing went up by 6.2 percent year on year, 4.4 percentage points faster. An analysis by types of ownership showed that the value added of state holding enterprises was up by 7.3 percent year on year; that of share-holding enterprises was up by 7.2 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 4.4 percent; and that of private enterprises was up by 5.2 percent. In terms of products, the output of solar cells, service robots and integrated circuits went up by 44.5 percent, 33.3 percent and 27.9 percent year on year respectively. In the first eleven months, the total value added of industrial enterprises above the designated size increased by 4.3 percent year on year, 0.2 percentage points faster than that of the first ten months. In the first ten months, the total profits made by industrial enterprises above the designated size went down by 7.8 percent year on year, a decline narrowed by 1.2 percentage points compared with that in the first nine months. Specifically, that for October went up by 2.7 percent, an increase for three months in a row. In November, the Manufacturing Purchasing Managers’ Index stood at 49.4 percent and the Production and Operation Expectation Index was 55.8 percent.

3. Service Sector Grew Fast and Contact-and-Gathering-Based Services Saw a Rapid Recovery.

In November, the Index of Services Production increased by 9.3 percent year on year, 1.6 percentage points faster than that of the previous month. Specifically, that of accommodation and catering, transport, storage and postal services, information transmission, software and information technology services, wholesale and retail grew by 30.6 percent, 15.1 percent, 13.3 percent and 11.9 percent year on year respectively, 9.3 percentage points, 1.9 percentage points, 2.4 percentage points and 1.9 percentage points faster than that of the previous month respectively. In the first eleven months, the Index of Services Production increased by 8.0 percent year on year, 0.1 percentage points higher than that of the first ten months. In the first ten months, the business revenue of service enterprises above the designated size grew by 7.7 percent year on year, 0.6 percentage points higher than that of the first nine months. In November, the Business Activity Index for Services stood at 49.3 percent and the Business Activity Expectation Index was 59.3 percent. Specifically, the Business Activity Index for water transportation, telecommunication, broadcast, television and satellite transmission services and monetary and financial services stayed within the high expansion range of 55.0 percent and above.

4. Market Sales Showed Increasing Momentum and Consumption of Services Continued the Fast Growth.

In November, the total retail sales of consumer goods reached 4,250.5 billion yuan, up by 10.1 percent year on year, 2.5 percentage points higher than that of the previous month, or down by 0.06 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,653.0 billion yuan, up by 10.0 percent year on year, and that in rural areas reached 597.5 billion yuan, up by 10.4 percent. Grouped by consumption patterns, the retail sales of goods were 3,692.5 billion yuan, up by 8.0 percent; the income of catering was 558.0 billion yuan, up by 25.8 percent. Of the total retail sales of commodities by business above the designated size, the retail sales of clothes, shoes, hats, textiles, communication equipment, sports, recreational articles, automobiles and gold, silver and jewelry went up by 22.0 percent, 16.8 percent, 16.0 percent, 14.7 percent and 10.7 percent respectively. In the first eleven months, the total retail sales of consumer goods reached 42,794.5 billion yuan, up by 7.2 percent year on year, 0.3 percentage points higher than that of the first ten months. The online retail sales reached 13,957.1 billion yuan, up by 11.0 percent year on year. Specifically, the online retail sales of physical goods were 11,770.9 billion yuan, up by 8.3 percent, accounting for 27.5 percent of the total retail sales of consumer goods. In the first eleven months, the retail sales of services went up by 19.5 percent year on year, 0.5 percentage points higher than that of the first ten months.

5. Investment in Fixed Assets Increased Steadily and Investment in High-tech Industries Grew Fast.

In the first eleven months, the investment in fixed assets (excluding rural households) reached 46,081.4 billion yuan, up by 2.9 percent year on year, the same as that of the first ten months. Specifically, the investment in infrastructure grew by 5.8 percent year on year; that in manufacturing grew by 6.3 percent; and that in real estate development declined by 9.4 percent. The floor space of commercial buildings sold reached 1,005.09 million square meters, down by 8.0 percent year on year; and the total sales of commercial buildings were 10,531.8 billion yuan, down by 5.2 percent. By industry, the investment in the primary industry went down by 0.2 percent year on year, that in the secondary industry up by 9.0 percent, and that in the tertiary industry up by 0.3 percent. The private investment went down by 0.5 percent. Deducting the investment in real estate development, the private investment grew by 9.1 percent year on year. The investment in high-tech industries grew by 10.5 percent year on year, of which the investment in high-tech manufacturing and high-tech services grew by 10.5 percent and 10.6 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicle and equipment and in manufacturing of medical equipment, measuring instrument and meter grew by 16.2 percent and 14.8 percent respectively. In terms of high-tech services, the investment in professional technical services and in services for transformation of scientific and technological achievements went up by 34.4 percent and 33.6 percent respectively. In November, the investment in fixed assets (excluding rural households) grew by 0.26 percent month on month.

6. Imports and Exports of Goods Increased Year on Year and Trade Structure Continued to Optimize.

In November, the total value of imports and exports of goods was 3,700.4 billion yuan, up by 1.2 percent year on year, 0.3 percentage points faster than that of the previous month. Specifically, the total value of exports was 2,095.6 billion yuan, up by 1.7 percent; the total value of imports was 1,604.8 billion yuan, up by 0.6 percent. The trade balance was 490.8 billion yuan in surplus. In the first eleven months, the total value of imports and exports of goods was 37,958.7 billion yuan, maintaining the same level year on year. Among that, the total value of exports was 21,603.8 billion yuan, up by 0.3 percent; the total value of imports was 16,354.9 billion yuan, down by 0.5 percent. In the first eleven months, the imports and exports of general trade increased by 1.6 percent year on year, accounting for 64.8 percent of the total value of imports and exports, 1.0 percentage point higher than that of the same period last year. The imports and exports by private enterprises grew by 6.1 percent, accounting for 53.3 percent of the total value of imports and exports, 3.1 percentage points higher than that of the same period last year. The exports of mechanical and electrical products grew by 2.8 percent, accounting for 58.6 percent of the total value of exports.

7. Employment Was Generally Stable and Urban Surveyed Unemployment Rate Was the Same as That of the Previous Month.

In November, the urban surveyed unemployment rate was 5.0 percent, the same as 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 4.7 percent, of which, the rate of population with non-local agricultural household registration stood at 4.4 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent. The employees of enterprises worked 48.9 hours per week on average.

8. Market Price Declined and the Core CPI Was Generally Stable.

In November, the consumer price index (CPI) went down by 0.5 percent year on year, or down by 0.5 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 2.2 percent year on year; clothing up by 1.3 percent; housing up by 0.3 percent; articles and services for daily use down by 0.5 percent; transportation and communication down by 2.4 percent; education, culture and recreation up by 1.8 percent; medical services and health care up by 1.3 percent; and other articles and services up by 3.0 percent. In terms of food, tobacco and alcohol prices, prices for pork were down by 31.8 percent, grain up by 0.5 percent, fresh vegetables up by 0.6 percent, and fresh fruits up by 2.7 percent. The core CPI excluding the prices of food and energy went up by 0.6 percent year on year, same as that of the previous month. In the first eleven months, the consumer price index went up by 0.3 percent year on year.

In November, the producer prices for industrial products dropped by 3.0 percent year on year, or down by 0.3 percent month on month. The purchasing prices for industrial producers dropped by 4.0 percent year on year, or down by 0.3 percent month on month. In the first eleven months, the producer prices for industrial products and the purchasing prices for industrial producers went down by 3.1 percent and 3.6 percent year on year respectively.

Generally speaking, in November, as the macro economic policies have been showing effects, the national economy continued to recover and progress for the better. However, we should be aware that many unstable and uncertain factors in the external environment still exist, the domestic demand remains insufficient and the foundation for economic recovery and growth needs to be further consolidated. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirits of the Central Economic Work Conference and carry out in high quality the major decisions and arrangements made by the CPC Central Committee on the economic work, make efforts to pursue progress while ensuring stability, consolidate stability through progress and establish the new before abolishing the old. We should apply the new development philosophy in full, in the right way and in all fields of endeavor, accelerate efforts to create a new pattern of development, strive to promote high-quality development, and intensify efforts on macro control. We must effectively enhance economic vitality, guard against and mitigate risks, improve social expectations, consolidate and boost the sound momentum of economic recovery and growth, in a bid to effectively upgrade the quality and appropriately expand the quantity of the national economy.

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.