Read in Chinese

Speaker:

Mr. Fu Linghui, spokesperson of the National Bureau of Statistics (NBS) and head of the Department of Comprehensive Statistics of the NBS

Chairperson:

Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

Dec. 16, 2024

Xing Huina:

Ladies and gentlemen, good morning. Welcome to this press conference. This is a regular briefing on China's economic data. Today, we are joined by Mr. Fu Linghui, spokesperson of the National Bureau of Statistics (NBS) and head of the Department of Comprehensive Statistics of the NBS. Mr. Fu will brief you on China's economic performance in November 2024 and then take your questions.

Now, I'll give the floor to Mr. Fu for his introduction.

Fu Linghui:

Friends from the media, good morning. As usual, I will start by briefing you on the main economic indicators for this November and then take your questions.

The national economy saw steady recovery in November. 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 thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council by upholding a general approach of pursuing progress while maintaining stability, thoroughly and faithfully implementing the new development philosophy, quickly shaping a new development paradigm, and solidly promoting high-quality development. As a result, macro policies continued to take combined effects, the industrial and service sectors saw rapid growth, employment and prices were generally stable, social expectations were effectively boosted, new quality productive forces developed steadily, and the national economy continued with the trend of recovery that started in September.

First, another bumper grain harvest for the whole year was achieved 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 the previous year, or up by 1.6%, 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 the previous year, or up by 1.4%. The output of cereal was 1,304.6 billion jin, an increase of 21.71 billion jin over the previous year, or up by 1.7%. The sown area of grain increased with the per-unit yield also rising. The sown area of grain was 1.790 billion mu, an increase of 5.258 million mu over the previous year, or up by 0.3%. The per-unit yield of grain was 394.7 kilograms per mu, increasing by 5.1 kilograms per mu, or up by 1.3%.

Second, industrial production growth accelerated and equipment manufacturing and high-tech manufacturing grew quickly.

In November, the total value added of industrial enterprises above designated size grew by 5.4% year on year, 0.1 percentage point faster than the previous month, or up by 0.46% month on month. In terms of sectors, the value added of mining went up by 4.2% year on year, manufacturing up by 6.0% and the production and supply of electricity, thermal power, gas and water up by 1.6%. The value added of equipment manufacturing increased by 7.6% year on year, 1.0 percentage point faster than the previous month; and that of high-tech manufacturing increased by 7.8%, 2.4 percentage points faster than industrial enterprises above designated size. In terms of ownership, the value added of state holding enterprises increased by 3.9% year on year; that of share-holding enterprises increased by 6.0%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan increased by 3.4%; and that of private enterprises increased by 4.5%. In terms of products, the production of new energy vehicles, industrial robots and integrated circuits grew by 51.1%, 29.3% and 8.7% year on year, respectively. In the first 11 months, the total value added of industrial enterprises above designated size grew by 5.8% year on year. In November, the Manufacturing Purchasing Managers’ Index stood at 50.3%, 0.2 percentage point higher than the previous month; the Production and Operation Expectation Index was 54.7%, up by 0.7 percentage point. In the first 10 months, the total profits made by industrial enterprises above designated size were 5,868.0 billion yuan, down by 4.3% year on year.

Third, the service sector grew rapidly and the modern service industry developed well.

In November, the Index of Services Production grew by 6.1% 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%, 9.3% and 8.8% year on year, respectively, or 3.2 percentage points, 3.2 percentage points and 2.7 percentage points faster than the Index of Services Production; while that of real estate, and transport, storage and postal services grew by 2.9% and 6.0%, respectively, 2.1 percentage points and 1.3 percentage points faster than that of the previous month. In the first 11 months, the Index of Services Production grew by 5.1% year on year. In the first 10 months, the business revenue of service enterprises above designated size grew by 7.4% year on year. In November, the Business Activity Index for Services was 50.1%, the same level as the previous month, and the Business Activity Expectation Index for Services was 57.3%, 1.1 percentage points higher than 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% and above.

Fu Linghui:

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

Fifth, investment in fixed assets increased steadily and investment in manufacturing and high-tech industries grew quickly.

In the first 11 months, investment in fixed assets (excluding rural households) reached 46,583.9 billion yuan, up by 3.3% year on year; and investment in fixed assets was up by 7.4% with investment in real estate development deducted. Specifically, investment in infrastructure grew by 4.2% year on year, that in manufacturing grew by 9.3%, and that in real estate development declined by 10.4%. The floor space of newly-built commercial buildings sold was 861.18 million square meters, down by 14.3% year on year, with the decline narrowing by 1.5 percentage points compared with the first 10 months; the total sales of newly-built commercial buildings were 8,512.5 billion yuan, down by 19.2%, with the decline narrowing by 1.7 percentage points. By industry, investment in the primary industry went up by 2.4% year on year, that in the secondary industry was up by 12.0%, and that in the tertiary industry was down by 1.0%. Private investment declined by 0.4% year on year, or increased by 6.2% with investment in real estate development deducted. Investment in high-tech industries grew by 8.8% year on year, of which investment in high-tech manufacturing and high-tech services grew by 8.2% and 10.2%, respectively. In terms of high-tech manufacturing, investment in manufacturing of aerospace vehicles and equipment and in manufacturing of electronic and communication equipment grew by 35.4% and 8.8%, respectively. In terms of high-tech services, investment in professional technical services and in e-commerce services grew by 27.9% and 12.5%, respectively. In November, investment in fixed assets (excluding rural households) increased by 0.10% month on month.

Sixth, imports and exports of goods maintained growth and the trade structure continued to be optimized.

In November, the total value of imports and exports of goods was 3,750.6 billion yuan, up by 1.2% year on year. The value of exports was 2,221.7 billion yuan, up by 5.8%, and the value of imports was 1,528.9 billion yuan, down by 4.7%. In the first 11 months, the total value of imports and exports of goods was 39,786.1 billion yuan, up by 4.9% year on year. The total value of exports was 23,038.3 billion yuan, up by 6.7%. The total value of imports was 16,747.7 billion yuan, up by 2.4%. In the first 11 months, the imports and exports in general trade went up by 3.7%, accounting for 64.1% of the total value of imports and exports. Imports and exports by private enterprises went up by 8.7%, accounting for 55.3% of the total value of imports and exports, and 2.0 percentage points higher than that of the same period last year. Exports of mechanical and electrical products went up by 8.4%, accounting for 59.5% of the total value of exports.

Fu Linghui:

Seventh, employment was generally stable and urban surveyed unemployment rate maintained the same level as the previous month.

In the first 11 months, the urban surveyed unemployment rate averaged 5.1%, 0.1 percentage point lower than that of the same period last year. In November, the urban surveyed unemployment rate was 5.0%, the same as the previous month. The surveyed unemployment rate of population with local household registration was 5.2% and that of population with non-local household registration was 4.6%, among which, the rate of the population with non-local agricultural household registration was 4.4%. The urban surveyed unemployment rate in 31 major cities was 5.0%, the same as the previous month. The employees of enterprises worked an average of 48.9 hours per week.

Eighth, consumer prices increased slightly and the decline of producer prices for industrial products narrowed year on year.

In November, the consumer price index (CPI) increased by 0.2% year on year, or decreased by 0.6% month on month. Grouped by commodity categories, prices for food, tobacco and alcohol were up by 0.9% year on year; clothing up by 1.1%; housing down by 0.1%; articles and services for daily use down by 0.3%; transportation and communication down by 3.6%; education, culture and recreation up by 1.0%; medical services and health care up by 1.1%; and other articles and services up by 5.2%. Among the prices for food, tobacco and alcohol, the price for grain went down by 1.1%, fresh fruits were down by 0.3%, fresh vegetables were up by 10.0%, and pork was up by 13.7%. The core CPI excluding the prices of food and energy went up by 0.3% year on year, 0.1 percentage point higher than that of the previous month. In the first 11 months, the CPI increased by 0.3% year on year.

In November, the producer prices for industrial products went down by 2.5% year on year, the decline narrowing by 0.4 percentage point compared with the previous month; or up by 0.1% month on month. The purchasing prices for industrial producers went down by 2.5% year on year, the decline narrowing by 0.2 percentage point; or down by 0.1% month on month. In the first 11 months, producer prices for industrial products and purchasing prices for industrial producers dropped by 2.1% and 2.2% 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 becoming increasingly complicated, domestic demand is insufficient, some enterprises have encountered difficulties in production and operation, and the foundation for continuous economic recovery and growth needs to be further consolidated. In the next stage, we must follow 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, 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 development pattern, 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 economic and social development targets. Thank you.