China’s economic indicators beat expectations, suggesting stability
Print Edition
CHINA’S economic performance improved last month, beating forecasts and paving way for a rebound, official data from the National Bureau of Statistics showed yesterday.
Industrial production rose to 6.2 percent year or year in November, the third highest this year, from 4.7 percent in October.
Retail sales growth also advanced by 8.0 percent from 7.2 percent.
“China’s economic activity data are surprising, beating forecasts,” said Lu Ting, chief China economist of Nomura.
Fixed asset investment remained at 5.2 percent year on year in November.
In the January-November period, major industrial enterprises posted added value increasing by 5.6 percent from the same period last year, equaling that of the January-October period.
Industrial output growth in the utilities sector, including the electricity, heat, gas, water production and supply sectors, edged up to 6.7 percent year on year from 6.6 percent.
Output of the high-technology industry grew 8.9 percent, 2.7 percentage points faster than overall industrial output growth, indicating continuous optimization of the industrial structure, the bureau said.
The equipment manufacturing industry posted added value increasing by 8.5 percent year on year in November, 0.2 percentage points faster than the previous month.
The auto manufacturing industry continued its rebound since last month, growing 7.7 percent, 2.8 percentage points faster than in the previous month.
“Industrial production growth picked up in November, but it should be made clear that the industrial growth rate in November last year was the lowest of the year,” said Jiang Yuan, senior statistician at the bureau.
“The present rebound was due to number of factors. The current external environment is still complicated, the structural contradictions of the domestic economy are prominent, and downward pressure on industrial production still exists,” Jiang said.
Headline retail sales growth rebounded, mainly led by stronger auto and oil product sales.
Sales growth of oil and oil products rebounded to 0.5 percent year on year in November from minus 4.5 percent in October, mainly driven by a strong rebound in year-on-year oil price inflation. Brent oil price inflation jumped to minus 1.8 percent in November from minus 25.7 percent in October.
Auto sales dropped 1.8 percent year on year in November, improving from the fall of 3.3 percent in October, in line with the data reported by the China Passenger Car Association.
Headline fixed asset investment growth remained at 5.2 percent year on year in November, while it had risen from 3.7 percent in October month on month.
“November’s rise in year-on-year FAI growth was driven mainly by stronger infrastructure investment growth, more than offsetting the weaker growth rise in manufacturing and property investment growth,” said Nomura’s Lu.
Growth of infrastructure investment picked up to 5.2 percent year on year in November from 2.0 percent in October, while that of manufacturing investment slowed to 1.6 percent year on year in November from 3.4 percent year on year in October.
Growth in property investment weakened to 8.4 percent year on year in November from 8.8 percent year on year in October.
Growth in high-tech industry investment was 14.1 percent year on year, 8.9 percentage points higher than overall investment.
The service sector expanded 6.8 percent in November from a year earlier, while for the January-November period it grew 6.9 percent year on year.
Among them, information transmission, software and information technology services grew by 16.3 percent, and the leasing and business services industry rose 11.8 percent, outpacing overall service sector growth by 9.5 percentage points and 0.5 percentage points respectively.
China’s foreign trade added up to 2.86 trillion yuan (US$408.75 billion), an increase of 1.8 percent year on year. Export growth accelerated to post a 1.3 percent year-on-year growth while imports rebounded 2.5 percent.
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