In October, China's industrial added value above designated size increased by 4.9% year-on-year, with a good growth momentum in high-tech manufacturing, while crude steel production decreased by 12% year-on-year

On November 20th, the National Bureau of Statistics released data showing that in October, the value added of industrial enterprises above designated size increased by 4.9% year-on-year in real terms (the growth rate of value added is the actual growth rate after excluding price factors). Month-on-month, in October, the value added of industrial enterprises above designated size grew by 0.17% compared to the previous month. From January to October, the value added of industrial enterprises above designated size increased by 6.1% year-on-year.

The high-tech manufacturing industry showed good momentum, with the value added of high-tech manufacturing enterprises above designated size increasing by 7.2% year-on-year in October, continuing to outpace the growth of industrial enterprises above designated size; in terms of exports, in the first 10 months, the export value of high-tech products increased by 7.3%.

The modern service industry developed well, with the production index of information transmission, software and information technology services, and leasing and business services increasing by 13% and 8.2% year-on-year in October, respectively, continuing to maintain rapid growth. The integration of digital and real sectors is steadily advancing, with the value added of the digital product manufacturing industry above designated size increasing by 6.7% year-on-year in October. The effects of green transformation are becoming evident, with the production of new energy vehicles and lithium-ion batteries for vehicles increasing by 19.3% and 30.4%, respectively, in October.

In addition, the growth rate of steel and cement production has declined, with crude steel production in October decreasing by 12% year-on-year to 72 million tons, and the cumulative production from January to October down 3.9% compared to the same period last year, marking five consecutive months of decline in crude steel production. Cement production also saw a decline, with crude steel production in October down 15.8% year-on-year, and cumulative production from January to October down 6.7%.

Looking at the three major sectors, in October, the value added of the mining industry increased by 4.5%, manufacturing grew by 4.9%, and the production and supply of electricity, heat, gas, and water increased by 5.4%.

By economic type, in October, the value added of state-controlled enterprises increased by 6.7%; joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 4.0%; and private enterprises grew by 2.1%.

By industry, in October, 29 out of 41 major industries saw year-on-year growth in value added.

Among them, the coal mining and washing industry grew by 6.5%, the oil and natural gas extraction industry grew by 1.9%, the processing of agricultural and sideline products grew by 2.5%, the wine, beverage, and refined tea manufacturing industry decreased by 1.9%, the textile industry grew by 0.2%, the chemical raw materials and chemical products manufacturing industry grew by 7.1%, the non-metallic mineral products industry decreased by 3.2%, the black metal smelting and rolling processing industry grew by 1.4%, the non-ferrous metal smelting and rolling processing industry grew by 3.7%, the general equipment manufacturing industry grew by 6.9%, the special equipment manufacturing industry grew by 0.7%, the automobile manufacturing industry grew by 16.8%, the manufacturing of railway, ship, aerospace, and other transportation equipment grew by 15.2%, the electrical machinery and equipment manufacturing industry grew by 4.9%, and the manufacturing of computers, communications, and other electronic equipment grew by 8.9%, while the production and supply of electricity and heat grew by 5.9%From the perspective of products, in October, among the 623 products of industrial enterprises above designated size, 313 products saw a year-on-year increase in output.

Among them, steel was 118.64 million tons, a decrease of 0.9% year-on-year; cement was 147.75 million tons, a decrease of 15.8%; ten types of non-ferrous metals were 6.95 million tons, an increase of 2.9%; ethylene was 3.14 million tons, an increase of 11.7%; automobiles were 3.279 million units, an increase of 11.2%, of which new energy vehicles were 1.71 million units, an increase of 19.3%; electricity generation was 800.2 billion kilowatt-hours, an increase of 7.9%; crude oil processing was 63.43 million tons, an increase of 6.4%.

In October, the product sales rate of industrial enterprises above designated size was 96.4%, a year-on-year decrease of 1.0 percentage points; the export delivery value of industrial enterprises above designated size reached 1,324.5 billion yuan, a nominal year-on-year decrease of 2.1%.