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Stable and Positive Operation of National Economy in November

Submit Time:03-02-2017 | Zoom In | Zoom Out

Author: | Source:National Bureau of Statistics

Abstract:

In November, under the effects of the supply-side structural reform, moderate expansion of aggregate demand and other polices, and with the efforts of enterprises and other market players, the national economy operated within a reasonable range and exhibited more positive changes, showing a development trend of stable performance on the whole while securing progress for the better. 

1. Industrial production rose steadily and enterprise revenue continued to improve 

In November, the added value (calculated at comparable prices) of industries above designated size nationwide increased by 6.2% on a year-on-year basis, up 0.1 percentage point over last month, with the growth rate being the same as that in the same period last year. In terms of the economic type, the added value of state-controlled enterprises increased by 4.2% on a year-on-year basis, the added value of collective enterprises decreased by 4.4%, the added value of shareholding enterprises increased by 6.6%, and the added value of foreign-invested enterprises and Hong Kong, Macao and Taiwan-invested enterprises increased by 5.6%. In terms of the three sectors, the added value of mining decreased by 2.9% on a year-on-year basis, the added value of manufacturing increased by 6.7%, and the added value of production and supply of electricity, heat, gas and water increased by 9.9%. The industrial structure continued to be optimized. The added value of high-tech industries and equipment manufacturing respectively increased by 10.6% and 10.5% on a year-on-year basis, up 4.4 and 4.3 percentage points over that of the industries above designated size, respectively. The sales-output ratio of industrial enterprises above designated size reached 97.8%. In November, the added value of industries above designated size nationwide increased by 0.51% over October. From January to November, the added value of industries above designated size increased by 6.0%. 

From January to October, industrial enterprises above designated size nationwide achieved total profits of RMB 5.2568 trillion, a year-on-year increase of 8.6%, and up 0.2 percentage point over January to September. The cost per RMB 100 of main business income of industrial enterprises above designated size was RMB 85.85, down RMB 0.17 over the same period last year. The profit margin of main business income was 5.71%, up 0.25 percentage point over the same period last year. At the end of October, stocks of finished goods of industrial enterprises above designated size fell by 0.3% on a year-on-year basis, representing a decline for 7 months in a row; the asset-liability ratio was 56.1%, down 0.7 percentage point over the same period last year. 

2. Investment in fixed assets grew steadily and private investment continued to stabilize 

From January to November, investment in fixed assets (excluding farmers) nationwide was RMB 53.8548 trillion, up 8.3 percentage points over the same period last year, with the growth rate being the same as that from January to October. Specifically, state-controlled investment was RMB 19.108 trillion, up 20.2 percentage points; private investment was RMB 33.1067 trillion, up 3.1 percentage points, with the growth rate being 0.2 percentage point higher than that from January to October, and private investment accounted for 61.5% of the total investment. In terms of industries, investment in the primary industry was RMB 1.7099 trillion, a year-on-year increase of 21.9%; investment in the secondary industry was RMB 21.0062 trillion, an increase of 3.3%, where investment in manufacturing was RMB 17.0152 trillion, an increase of 3.6%, up 0.5 percentage point over the period from January to October; investment in the tertiary industry was RMB 31.1387 trillion, an increase of 11.3%, where investment in infrastructure was RMB 10.5938 trillion, an increase of 18.9%. Investment in high-tech industries grew by 15.9% over the same period last year, up 7.6 percentage points over the total investment. Paid-in investment in fixed assets was RMB 54.8462 trillion, a year-on-year increase of 5.4%. Specifically, national budget funds increased by 16.5%, domestic loans increased by 8.9%, self-raised funds decreased by 0.4%, and foreign capital utilized decreased by 20.4%. Total planned investment in new projects was RMB 45.2548 trillion, a year-on-year increase of 21.0%. In November, investment in fixed assets (excluding farmers) increased by 0.54% over October. 

3. Growth of investment in real estate development fell slightly and the area of commercial housing for sale continued to decrease 

From January to November, investment in real estate development nationwide totaled RMB 9.3387 trillion, a year-on-year increase of 6.5%, down 0.1 percentage point over the period from January to October and up 5.2 percentage points over the same period last year, where investment in residential housing increased by 6.0%. The area of new housing construction was 1.51303 billion square meters, a year-on-year increase of 7.6%, where the area of new residential construction grew by 7.9%. The area of sold commercial housing nationwide was 1.35829 billion square meters, a year-on-year increase of 24.3%, where the area of sold residential housing increased by 24.5%. Sales volume of commercial housing nationwide reached RMB 10.2503 trillion, a year-on-year increase of 37.5%, where sale volume of residential housing increased by 39.3%. The area of land purchased by real estate development enterprises was 190.46 million square meters, a year-on-year decrease of 4.3%. At the end of November, the area of commercial housing for sale nationwide was 690.95 million square meters, a decrease of 4.27 million square meters compared with the end of October, representing a decline for 9 months in a row. From January to November, paid-in investment of real estate development enterprises reached RMB 12.9484 trillion, a year-on-year increase of 15.0%. 

4. Growth of market sales accelerated and sales of consumption upgrade goods grew well 

In November, total retail sales of social consumer goods reached RMB 3.0959 trillion, a nominal increase of 10.8% nominal (actual growth of 9.2% in real terms) over the same period last year, with the growth rate being 0.8 percentage point higher than last month. In terms of the location of business, retail sales of consumer goods in urban areas was RMB Location of business, a year-on-year increase of 10.8%, and that of consumer goods in rural areas was RMB 421 billion, up 11.0%. In terms of the consumption type, catering revenue was RMB 334.2 billion, a year-on-year increase of 10.1%; merchandise retail sales was RMB 2.7617 trillion, an increase of 10.9%, where commodity retail sales of enterprises above designated size reached RMB 1.394 trillion, an increase of 9.8%. Sales of consumption upgrade goods grew well, where sales of communications equipment increased by 17.8%, cultural and office goods 15.4%, household appliances and audio-video equipment 14.7%, and automobiles 13.1%. In November, total retail sales of social consumer goods increased by 0.97% over October. From January to November, total retail sales of social consumer goods increased by 10.4% over the same period last year. 

From January to November, online retail sales nationwide reached RMB 4.599 trillion, a year-on-year increase of 26.2%. Online retail sales of physical goods reached RMB 3.747 trillion, an increase of 25.7%, accounting for 12.5% of the total retail sales of social consumer goods, up 1.9 percentage points over the same period last year. 

5. CPI rose modestly and PPI grew aggressively 

In November, the consumer price index (CPI) rose by 2.3% over the same period last year, up 0.2 percentage point over the previous month. From January to November, the CPI increased by 2.0% on a year-on-year basis. Specifically, in November, food and tobacco prices rose by 3.2% on a year-on-year basis, clothing 1.4%, housing 2.0%, household goods and services 0.3%, transport and communications 0, education, culture and entertainment 2.2%, health care 4.4%, and other goods and services 4.2%. In food, alcoholic drinks and tobacco prices, grain prices rose by 0.7%, pork 5.6%, and fresh vegetables 15.8%. In November, the CPI increased by 0.1% over October. 

In November, the producer price index (PPI) rose by 3.3% on a year-on-year basis, up 2.1 percentage points over the previous month; the PPI increased by 1.5% over October. From January to November, the PPI decreased by 2.0% on a year-on-year basis. In November, the purchasing price index rose by 3.5% over the same period last year and increased by 1.8% over the previous month. From January to November, the purchasing price index decreased by 2.7% on a year-on-year basis. 

6. Export shifted from decline to increase and import growth accelerated 

In November, the total volume of import and export reached RMB 2.3467 trillion, a year-on-year increase of 8.9%. Specifically, gross export was RMB 1.3224 trillion, an increase of 5.9%, and it decreased by 3.4% in last month; gross import was RMB 1.0243 trillion, an increase of 13.0%, up 9.8 percentage points over last month. Balancing import and export yielded a surplus of RMB 298.1 billion. From January to November, the total volume of import and export reached RMB 21.8288 trillion, a year-on-year decrease of 1.2%. Specifically, gross export was RMB 12.47 trillion, a decrease of 1.8%; gross import was RMB 9.3589 trillion, a decrease of 0.3%. 

In November, the value of export delivery of industrial enterprises above designated size reached RMB 1.1037 trillion, a year-on-year increase of 1.7%; from January to November, the value of export delivery of industrial enterprises above designated size reached RMB 10.7489 trillion, an increase of 0.1%. 

On the whole, the national economy continued to maintain stable performance while securing progress for the better in November, and there were more positive changes in production, demand, expectation and other areas. However, it should be noted that international and domestic environments remain intricate with many unstable and uncertain factors. In the coming period, we should adhere to the new idea of development to lead the new normal; follow the general principle of making progress while working to keep performance stable; boost the supply-side structural reform; expand aggregate demand moderately; accelerate fundamental and key reforms; foster new drivers of growth at a higher speed; revitalize the real economy vigorously; consolidate and expand positive changes; and fuel the sustained and healthy development of the national economy. 

Notes 

(1) Growth rates of the added value of industries above designated size and its categorized items are calculated at comparable prices and mean actual growth rates; other indicators are calculated at current prices and mean nominal growth rates, unless otherwise specified. 

(2) For statistical purpose, industries above designated size cover industrial enterprises having the annual main business income of RMB 20 million and above. 

(3) In the statistics of total retail sales of social consumer goods, enterprises above designated size refer to wholesale enterprises having the annual main business income of RMB 20 million and above, retail enterprises having the annual main business income of RMB 5 million and above, and accommodation and catering enterprises having the annual main business income of RMB 2 million and above. 

Online retail sales refer to the sum of retail sales of goods and services realized through public network trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (such as virtual goods, services, etc.). 

Total retail sales of social consumer goods include online retail sales of physical goods, excluding online retail sales of non-physical goods. 

(4) Import and export data are from the General Administration of Customs. 

(5) Totals may be not equal to subtotals because some of the data are rounded. 


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