National Bureau Of Statistics: Industrial Production Picked Up In January And February, And The Cultivation Of New Quality Productivity Was Accelerated

The national economy rose steadily from January to February (March 18, 2024)

In January and February, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, all regions and departments resolutely implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general tone of seeking progress while maintaining stability, fully implemented the new development concept, accelerated the construction of a new development pattern, solidly promoted high-quality development, and focused on expanding domestic demand, optimizing the structure, and boosting confidence Risk prevention and mitigation, the effect of macro portfolio policy continued to release, production demand increased steadily, employment prices remained generally stable, the quality of development continued to improve, and economic operation continued to pick up and start steadily.

　　 1、 Industrial production accelerated, consumer goods manufacturing and high-tech manufacturing rebounded

In January and February, the added value of industries above designated size increased by 7.0% year on year, 0.2 percentage points faster than that in December of last year. In terms of three categories, the added value of the mining industry increased by 2.3% year on year, the manufacturing industry increased by 7.7%, and the power, heat, gas and water production and supply industries increased by 7.9%. The added value of consumer goods manufacturing increased by 4.7%, 4.4 percentage points faster than that in December of last year; The added value of high-tech manufacturing increased by 7.5%, 1.1 percentage points faster. In terms of economic types, the added value of state-owned holding enterprises increased by 5.8%; Joint stock enterprises increased by 7.3%, and foreign enterprises and enterprises invested by Hong Kong, Macao and Taiwan increased by 6.2%; Private enterprises grew by 6.5%. By product, the output of 3D printing equipment, charging posts and electronic components increased by 49.5%, 41.8% and 41.5% year on year respectively. On a month on month basis, the added value of industries above designated size in February increased by 0.56% over the previous month. In February, the purchasing managers' index of manufacturing industry was 49.1%, and the expected index of enterprise production and operation activities was 54.2%.

　　 2、 The service industry is growing well, and the modern service industry is developing well

In January and February, the national service industry production index increased by 5.8% year on year. In terms of industries, the production index of accommodation and catering, information transmission, software and information technology services, finance, transportation, warehousing and postal services, wholesale and retail increased by 12.1%, 10.4%, 8.2%, 7.1% and 7.0% year on year respectively. In February, the business activity index of the service industry was 51.0%, up 0.9 percentage points over the previous month; The expected index of service business activities is 58.1%. Among them, the business activity index of road transport, air transport, catering, monetary and financial services, ecological protection and public facilities management, culture, sports and entertainment and other industries are all in a high boom zone of more than 55.0%.

　　 3、 Market sales continued to recover and service consumption grew rapidly

In January and February, the total retail sales of consumer goods reached 8130.7 billion yuan, up 5.5% year on year. The retail sales of consumer goods in cities and towns were 7043.7 billion yuan, up 5.5%, according to the location of business units; The retail sales of rural consumer goods reached 1087 billion yuan, up 5.8%. By type of consumption, retail sales of goods reached 7182.6 billion yuan, up 4.6%; Catering revenue was 948.1 billion yuan, up 12.5%. The sales of upgraded commodities were relatively fast. Among the retail sales of commodities above the designated size, the sales of communication equipment, sports and entertainment products and automobiles increased by 16.2%, 11.3% and 8.7% respectively. The national online retail sales reached 2153.5 billion yuan, up 15.3% year on year. Among them, the online retail sales of physical goods reached 1820.6 billion yuan, up 14.4%, accounting for 22.4% of the total retail sales of consumer goods. In January and February, the retail sales of services increased by 12.3% year on year. On a month on month basis, the total retail sales of consumer goods in February increased by 0.03% over the previous month.

　　 4、 Fixed asset investment growth picked up, and investment in manufacturing and high-tech industries maintained a rapid growth

In January and February, the national fixed asset investment (excluding farmers) was 5084.7 billion yuan, an increase of 4.2% year on year, 1.2 percentage points faster than the previous year; Excluding real estate development investment, national fixed asset investment increased by 8.9% year on year. In terms of sectors, infrastructure investment increased by 6.3% year on year, manufacturing investment increased by 9.4%, and real estate development investment decreased by 9.0%. The sales area of newly built commercial housing nationwide was 113.69 million square meters, down 20.5% year on year; The sales volume of new commercial housing was 1056.6 billion yuan, down 29.3%. By industry, investment in the primary industry decreased by 5.7% year on year, that in the secondary industry increased by 11.9%, and that in the tertiary industry increased by 1.2%. Private investment increased by 0.4%; Excluding real estate development investment, private investment increased by 7.6%. Investment in high-tech industries increased by 9.4% year on year, of which investment in high-tech manufacturing and high-tech service industries increased by 10.0% and 7.8% respectively. Among high-tech manufacturing industries, investment in information chemicals manufacturing, aviation, spacecraft and equipment manufacturing increased by 43.2% and 33.1% respectively; In high-tech service industry, investment in professional technology service industry and information service industry increased by 36.2% and 16.1% respectively. On a month on month basis, fixed asset investment (excluding farmers) in February increased 0.88% over the previous month.

　　 5、 The import and export of goods grew rapidly, and the trade structure continued to be optimized

In January and February, the total import and export of goods was 6613.8 billion yuan, up 8.7% year on year. Among them, the export was 3752.3 billion yuan, up 10.3%; Imports reached 2861.5 billion yuan, up 6.7%. Import and export balance, with a trade surplus of 890.9 billion yuan. The import and export of general trade increased by 10.0% year on year, accounting for 65.7% of the total import and export, 0.8 percentage points higher than the same period of the previous year. The import and export of private enterprises increased by 17.7%, accounting for 54.6% of the total import and export volume, 4.2 percentage points higher than the same period last year. The export of mechanical and electrical products increased by 11.8%, accounting for 59.1% of the total export.

　　 6、 The employment situation is generally stable, and the urban survey unemployment rate is stable

In January and February, the average unemployment rate of the national urban survey was 5.3%. In February, the unemployment rate of the national urban survey was 5.3%, up 0.1 percentage points over the previous month and down 0.3 percentage points over the same month of the previous year. The unemployment rate of local registered labor force survey is 5.5%; The unemployment rate of migrant registered labor force is 4.8%, of which the unemployment rate of migrant agricultural registered labor force is 4.8%. The unemployment rate in 31 large cities and towns was 5.1%. The average weekly working hours of enterprise employees nationwide are 48.0 hours.

　　 7、 Consumer prices have turned from falling to rising, and core CPI has rebounded

In January and February, the national consumer price (CPI) was flat year on year, with a decrease of 0.8% in January and an increase of 0.7% in February. By category, in January and February, the prices of food, tobacco and alcohol fell by 1.9% year on year, the prices of clothing rose by 1.6%, the prices of housing rose by 0.3%, the prices of daily necessities and services rose by 0.7%, the prices of transportation and communication fell by 1.4%, the prices of education, culture and entertainment rose by 2.6%, the prices of medical care rose by 1.4%, and the prices of other supplies and services rose by 2.9%. Among the food, tobacco and alcohol prices, the price of pork dropped by 9.1%, the price of fresh fruit dropped by 6.6%, the price of fresh vegetables dropped by 5.1%, and the price of grain rose by 0.4%. After deducting the food and energy prices, the core CPI rose by 0.8% year on year, of which the year-on-year growth in February was 1.2%, 0.8 percentage points higher than that in the previous month. On a month on month basis, the national consumer prices rose 0.3% and 1.0% respectively in January and February.

In January and February, the ex factory price of industrial producers across the country dropped 2.6% year on year. On a monthly basis, January saw a year-on-year decrease of 2.5% and a month on month decrease of 0.2%; In February, the year-on-year decrease was 2.7%, and the month on month decrease was 0.2%. In January and February, the purchase price of national industrial producers fell 3.4% year on year.

On the whole, in January and February, the national economy continued to recover and improve with the effectiveness of various macro policies. However, it should also be noted that the complexity, severity and uncertainty of the external environment are rising, the problem of insufficient domestic effective demand still exists, and the foundation for the sustained recovery of the economy needs to be consolidated. In the next stage, we should adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the Central Economic Work Conference and the National "Two Sessions", adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, building first and breaking second, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, focus on promoting high-quality development, and increase macro-control efforts, We will effectively enhance economic vitality, prevent and defuse risks, improve social expectations, constantly consolidate and enhance the momentum of economic recovery, and continue to promote the quality and effective improvement of the economy and reasonable growth in quantity.

　　 note appended

(1) The added value of industries above designated size and the growth rate of their classified projects are calculated at comparable prices, which is the actual growth rate; Unless otherwise specified, other indicators are calculated at current prices and are nominal growth rates.

(2) The statistical scope of industries above designated size includes industrial enterprises with annual main business income of 20 million yuan and above.

As the scope of industrial enterprises above designated size changes every year, in order to ensure that the data of this year is comparable with that of last year, the number of the same period used to calculate the year-on-year growth rate of various indicators such as product output is as consistent as possible with the statistical scope of enterprises in this period, and there is a difference in caliber with the data published last year. Main reasons: First, the range of statistical units has changed. Every year, some enterprises reach the scale and are included in the scope of investigation, while some enterprises withdraw from the scope of investigation due to smaller scale, as well as the impact of newly built enterprises, bankruptcy, injection (suspension) and sales enterprises. Second, the product output data of some enterprise groups (companies) has the phenomenon of cross regional duplicate statistics. According to the special survey, the cross regional duplicate output of enterprise groups (companies) has been eliminated.

(3) The service industry production index refers to the output change of the service industry in the reporting period relative to the base period after excluding the price factor.

(4) The statistical scope of total retail sales of social consumer goods covers corporate enterprises, industrial activity units and self-employed individuals engaged in retail activities or providing catering services. Among them, units above the designated size refer to wholesale enterprises (units, self-employed enterprises) with annual main business income of 20 million yuan and above, retail enterprises (units, self-employed enterprises) with annual main business income of 5 million yuan and above, and accommodation and catering enterprises (units, self-employed enterprises) with annual main business income of 2 million yuan and above.

Since the scope of wholesale and retail enterprises above the designated size, accommodation and catering enterprises (units, self-employed households) changes every year, in order to ensure that the data of this year is comparable with that of the previous year, the number of the same period used to calculate the year-on-year growth rate of various indicators such as retail sales of consumer goods per unit above the designated size is consistent with the statistical scope of enterprises (units, self-employed households) in this period, There is a difference in caliber from the data published last year. The main reason is that every year, some enterprises (units and self-employed enterprises) are included in the scope of investigation when they reach the quota standard, while some enterprises (units and self-employed enterprises) withdraw from the scope of investigation because they cannot reach the quota standard due to their smaller scale, as well as the impact of newly opened enterprises, bankruptcy, and registered (suspended) enterprises (units and self-employed enterprises).

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

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

(5) The retail sales volume of services refers to the total value of services directly provided by enterprises (industrial activity units, self-employed households) to individuals and other units for non production and non business purposes in the form of transactions. It is intended to reflect the value of services sold by service providers in monetary form that belong to consumption, including transportation, accommodation, catering, education, health, sports Retail sales of service activities in entertainment and other fields.

(6) The growth rate of fixed asset investment is calculated on a comparable basis.

(7) The import and export data are from the General Administration of Customs.

(8) Employed personnel refer to those who are 16 years old and above, have the ability to work, and are engaged in certain social labor for the purpose of obtaining labor remuneration or operating income.

(9) Some data are not equal to the total due to rounding.

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(Source: National Bureau of Statistics)