Bloomberg:
My question is about the industrial output. Looking at the headline numbers, the rise is 3.9%. But if you look at the breakdown, according to my calculations, the electricity output only rose 0.1%, rolled steel output fell 3.7%, cement output fell over 17%, flat glass only rose 0.2%, semi-conductors fell, ores fell, smart production fell, what rose to drive total industrial output up 3.9% when so many industrial goods output fell over the same period? Thank you.
Fu Linghui:
This year, affected by the epidemic, industrial production declined in April, increased from the decline in May, and the growth rate accelerated notably in June. From the output and added value of industrial products, we can see the production of the auto industry rebounded remarkably in June. The industrial chain of the auto industry in the Yangtze River Delta was affected to a certain extent earlier this year due to the epidemic. However, as the economy in Shanghai and other regions has begun to recover recently, the production growth of the auto industry is accelerating both in its output and its added value compared with those in May, contributing to the rise of industrial production in June. You just talked about the decline of some products. However, in general, we see growth according to statistics for over 500 products, so we can tell that industrial production rebounded in June. From the perspective of structure, the equipment manufacturing industry rebounded remarkably. In particular, the rise of the auto industry has contributed greatly to the growth of the whole industry. As the economy gradually recovers, other industries have also played their supporting roles in the overall industrial growth. Thank you.
