October Industrial Value Added Increased by Only 5.3%! Hidden Crises Behind Growth in 35 Industries

According to data released by the National Bureau of Statistics on November 15, the value-added of industrial enterprises above designated size increased by 5.3% year-on-year in October, up 0.41% from the previous month. By industry, the manufacturing of chemical raw materials and chemical products increased by 6.9%, and the oil and gas extraction industry increased by 5.8%.

Across three categories, mining added 4.6 per cent year on year in October, manufacturing 5.4 per cent and electricity, heat, gas and water production and supply 5.4 per cent.

Divided by economic type, the added value of state-owned enterprises in October increased by 3.8% year-on-year; Joint-stock enterprises grew by 5.9%, and enterprises with foreign investment and investment from Hong Kong, Macao and Taiwan increased by 2.9%. Private companies grew by 4.8%.

Among the 41 major categories of industries, 35 industries increased their added value year-on-year. Among them, the coal mining and washing industry increased by 4.5%, the oil and natural gas mining industry increased by 5.8%, the agricultural and sideline food processing industry increased by 1.3%, the wine, beverage and refined tea manufacturing industry increased by 3.0%, the textile industry increased by 3.8%, the chemical raw materials and chemical products manufacturing industry increased by 6.9%, and the non-metallic mineral products industry decreased by 2.6%. Ferrous metal smelting and calendering industry grew by 4.0%, non-ferrous metal smelting and calendering industry by 7.7%, general equipment manufacturing by 2.4%, special equipment manufacturing by 3.0%, automobile manufacturing by 6.2%, railway, ship, aerospace and other transportation equipment manufacturing by 4.4%. The manufacturing of electrical machinery and equipment increased by 5.1%, the manufacturing of computers, communications and other electronic equipment increased by 10.5%, and the production and supply of electricity and heat increased by 5.5%.

Among the 619 types of industrial products above designated size, 343 types of products saw year-on-year growth in output. Specifically, steel production was 11.41 million tons, an increase of 3.5%; Cement output was 174.98 million tons, down 7.9%; The output of ten non-ferrous metals was 6.69 million tons, up 0.6%; Ethylene production was 2.73 million tons, down 5.5%; The output of automobiles was 2.954 million, up by 4.8%, among which the output of new energy vehicles was 1.428 million, up by 48.6%; Electricity generation was 731 billion KWH, up 2.1%; Crude oil processing volume was 59.54 million tons, down 4.6 percent.

In October, the sales rate of industrial enterprises above designated size was 97.3 percent, down 0.2 percentage points year on year. The value of export delivery was 1,343.8 billion yuan, a nominal increase of 3.7%.

From January to October, the value added of industrial enterprises above designated size increased by 5.8% year-on-year.