National Bureau of Statistics of China

16 December 2024

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, fully and faithfully applied the new development philosophy on all fronts, accelerated the efforts to create a new pattern of development, and solidly advanced high-quality development. The combined effects of macro policies continued to manifest, industrial and service sectors witnessed rapid growth, employment and prices were generally stable, social expectations were effectively boosted, and new quality productive forces grew steadily. The national economy has sustained the recovery momentum since September.

1. Another Good Harvest of Grain was Witnessed with the Output Reaching New Heights.

The total grain output in 2024 was 1,413.0 billion jin, an increase of 22.18 billion jin over that of the previous year, or up by 1.6 percent, reaching a new height of 1.4 trillion jin for the first time. Specifically, the output of autumn grain totaled 1,056.9 billion jin, an increase of 15.03 billion jin over that of the previous year, or up by 1.4 percent. The output of cereal was 1,304.6 billion jin, an increase of 21.71 billion jin over that of the previous year, or up by 1.7 percent. The sown area of grain increased with per unit yield going up. The sown area of grain was 1.790 billion mu, an increase of 5.258 million mu over that of the previous year, or up by 0.3 percent. The per unit yield of grain was 394.7 kilograms per mu, an increase of 5.1 kilograms per mu, or up by 1.3 percent.

2. Industrial Production Witnessed Accelerated Growth and Equipment Manufacturing and High-Tech Manufacturing Grew Fast.

In November, the total value added of the industrial enterprises above the designated size grew by 5.4 percent year on year, 0.1 percentage points faster than that of the previous month, or up by 0.46 percent month on month. In terms of sectors, the value added of mining went up by 4.2 percent year on year, manufacturing up by 6.0 percent and the production and supply of electricity, thermal power, gas and water up by 1.6 percent. The value added of equipment manufacturing increased by 7.6 percent year on year, 1.0 percentage point faster than that of the previous month; that of high-tech manufacturing increased by 7.8 percent, 2.4 percentage points faster than that 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 3.9 percent year on year; that of share-holding enterprises was up by 6.0 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.4 percent; and that of private enterprises was up by 4.5 percent. In terms of products, the production of new-energy vehicles, industrial robots and integrated circuits grew by 51.1 percent, 29.3 percent and 8.7 percent year on year respectively. In the first eleven months, the total value added of the industrial enterprises above the designated size went up by 5.8 percent year on year. In November, the Manufacturing Purchasing Managers’ Index stood at 50.3 percent, 0.2 percentage points higher than that of the previous month; the Production and Operation Expectation Index was 54.7 percent, up by 0.7 percentage points. In the first ten months, the total profits made by industrial enterprises above the designated size were 5,868.0 billion yuan, down by 4.3 percent year on year.

3. Service Sector Grew Fast and Modern Services Developed Well.

In November, the Index of Services Production grew by 6.1 percent year on year. Specifically, the Index of Services Production of information transmission, software and information technology services, leasing and business services and financial intermediation grew by 9.3 percent, 9.3 percent and 8.8 percent year on year respectively, 3.2 percentage points, 3.2 percentage points and 2.7 percentage points faster than the Index of Services Production; that of real estate, transport, storage and postal services grew by 2.9 percent and 6.0 percent respectively, 2.1 percentage points and 1.3 percentage points faster than that of the previous month. In the first eleven months, the Index of Services Production increased by 5.1 percent year on year. In the first ten months, the business revenue of service enterprises above the designated size went up by 7.4 percent year on year. In November, the Business Activity Index for Services was 50.1 percent, the same level as the previous month. The Business Activity Expectation Index for Services was 57.3 percent, 1.1 percentage points higher than that of the previous month. Specifically, the Business Activity Index for industries like telecommunications, broadcast, television and satellite transmission services, internet software and information technology services, monetary and financial services, capital market services and insurance stayed within the high expansion range of 55.0 percent and above.

4. Market Sales Continued to Increase and Trade-in Goods Showed Good Sales.

In November, the total retail sales of consumer goods reached 4,376.3 billion yuan, up by 3.0 percent year on year, or up by 0.16 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,759.6 billion yuan, up by 2.9 percent year on year; and that in rural areas reached 616.7 billion yuan, up by 3.2 percent. Grouped by consumption patterns, the retail sales of goods were 3,796.1 billion yuan, up by 2.8 percent; the income of catering was 580.2 billion yuan, up by 4.0 percent. The effects of trade-in of consumer goods continued to manifest, with the retail sales of household appliances and audio-visual equipment, furniture, automobiles, building and decoration materials by enterprises above the designated size growing by 22.2 percent, 10.5 percent, 6.6 percent and 2.9 percent respectively. In the first eleven months, the total retail sales of consumer goods reached 44,272.3 billion yuan, up by 3.5 percent year on year. The online retail sales reached 14,030.8 billion yuan, up by 7.4 percent year on year. Specifically, the online retail sales of physical goods were 11,805.9 billion yuan, up by 6.8 percent, accounting for 26.7 percent of the total retail sales of consumer goods. In the first eleven months, the retail sales of services grew by 6.4 percent year on year.

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

In the first eleven months, the investment in fixed assets (excluding rural households) reached 46,583.9 billion yuan, up by 3.3 percent year on year; the investment in fixed assets was up by 7.4 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 4.2 percent year on year, that in manufacturing grew by 9.3 percent, and that in real estate development declined by 10.4 percent. The floor space of newly-built commercial buildings sold was 861.18 million square meters, down by 14.3 percent year on year, a decline narrowed by 1.5 percentage points compared with that in the first ten months; the total sales of newly-built commercial buildings were 8,512.5 billion yuan, down by 19.2 percent, a decline narrowed by 1.7 percentage points. By industry, the investment in the primary industry went up by 2.4 percent year on year, that in the secondary industry up by 12.0 percent, and that in the tertiary industry down by 1.0 percent. The private investment declined by 0.4 percent year on year, or up by 6.2 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 8.8 percent year on year, of which the investment in high-tech manufacturing and high-tech services grew by 8.2 percent and 10.2 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicle and equipment and in manufacturing of electronic and communication equipment grew by 35.4 percent and 8.8 percent respectively. In terms of high-tech services, the investment in professional technical services and in e-commerce services grew by 27.9 percent and 12.5 percent respectively. In November, the investment in fixed assets (excluding rural households) increased by 0.10 percent month on month.

6. Imports and Exports of Goods Maintained Growth and Trade Structure Continued to Optimize.

In November, the total value of imports and exports of goods was 3,750.6 billion yuan, up by 1.2 percent year on year. The value of exports was 2,221.7 billion yuan, up by 5.8 percent, and the value of imports was 1,528.9 billion yuan, down by 4.7 percent. In the first eleven months, the total value of imports and exports of goods was 39,786.1 billion yuan, up by 4.9 percent year on year. The total value of exports was 23,038.3 billion yuan, up by 6.7 percent. The total value of imports was 16,747.7 billion yuan, up by 2.4 percent. In the first eleven months, the imports and exports of general trade went up by 3.7 percent, accounting for 64.1 percent of the total value of imports and exports. The imports and exports by private enterprises went up by 8.7 percent, accounting for 55.3 percent of the total value of imports and exports, 2.0 percentage points higher than that of the same period last year. The exports of mechanical and electrical products went up by 8.4 percent, accounting for 59.5 percent of the total value of exports.

7. Employment was Generally Stable and Urban Surveyed Unemployment Rate Maintained the Same Level as the Previous Month.

In the first eleven months, the urban surveyed unemployment rate averaged 5.1 percent, 0.1 percentage points lower than that of the same period last year. 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 5.2 percent and that of population with non-local household registration was 4.6 percent, among which, the rate of the population with non-local agricultural household registration was 4.4 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent, the same as that of the previous month. The employees of enterprises worked 48.9 hours per week on average.

8. Consumer Price Increased Slightly Year on Year and Decline of Producer Prices for Industrial Products Narrowed Year on Year.

In November, the consumer price index (CPI) went up by 0.2 percent year on year, or down by 0.6 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol were up by 0.9 percent year on year; clothing up by 1.1 percent; housing down by 0.1 percent; articles and services for daily use down by 0.3 percent; transportation and communication down by 3.6 percent; education, culture and recreation up by 1.0 percent; medical services and health care up by 1.1 percent; and other articles and services up by 5.2 percent. Among the prices for food, tobacco and alcohol, the price for grain went down by 1.1 percent, fresh fruits down by 0.3 percent, fresh vegetables up by 10.0 percent, and pork up by 13.7 percent. The core CPI excluding the prices of food and energy went up by 0.3 percent year on year, 0.1 percentage points higher than that of the previous month. In the first eleven months, the CPI went up by 0.3 percent year on year.

In November, the producer prices for industrial products went down by 2.5 percent year on year, a decline narrowed by 0.4 percentage points compared with that of the previous month; or up by 0.1 percent month on month. The purchasing prices for industrial producers went down by 2.5 percent year on year, a decline narrowed by 0.2 percentage points; or down by 0.1 percent month on month. In the first eleven months, the producer prices for industrial products and purchasing prices for industrial producers dropped by 2.1 percent and 2.2 percent respectively year on year.

Generally speaking, as the existing and incremental policies continued to take combined effects in November, the national economy was generally stable with steady progress, accumulating more positive changes. However, we should be aware that the external environment is increasingly complicated, demand is insufficient at home, some enterprises encounter difficulties in production and operation, and the foundation for continuous 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, adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, accelerate the efforts to create a new pattern of development, and solidly advance high-quality development. We must further deepen reform comprehensively, promote high-standard opening-up, expand domestic demand, stabilize expectations and boost vitality, so as to promote sustained economic recovery and growth, and ensure the successful achievement of major annual targets 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, are 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 include 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.