Interpretation of industrial production data in November by Jiang Yuan

Industrial production has been significantly accelerated - Jiang Yuan, Senior Statistician of the industrial department of the National Bureau of statistics, interpreted the industrial production data in November 2019. In November 2019, the added value of industries above designated size increased by 6.2% year on year, 1.5 percentage points faster than last month, better than expected. The main characteristics of industrial production and operation: first, the growth rate of industrial production has obviously picked up. In November, the added value of industries above designated size increased by 6.2% year-on-year, 1.5 percentage points faster than last month, the third highest growth rate this year after March and June. Among them, the added value of mining industry increased by 5.7%, 1.8 percentage points faster than that of last month; the added value of manufacturing industry increased by 6.3%, 1.7 percentage points faster. Second, the growth rate of most industries has accelerated. In November, the added value of 38 of 41 major industries increased year-on-year, and the growth of 7 industries increased from last month, of which 33 industries grew faster than last month.

The added value of ferrous metal mine, electrical machinery, chemical fiber, instruments and meters and other industries achieved double-digit growth year on year, with growth rates of 13.3%, 12.6%, 11.7% and 11.0% respectively; the growth rate of ferrous metal mine, non-metal mine, textile and clothing industries was 5.0-5.3 percentage points higher than last month. Third, the growth of equipment manufacturing industry has accelerated significantly. In November, the added value of equipment manufacturing industry increased by 8.5% year on year, 2.0 percentage points higher than that of last month. Among them, the automobile manufacturing industry continued the recovery trend of last month, with a year-on-year growth of 7.7%, 2.8 percentage points faster than last month; the automobile production increased by 3.7% year-on-year, the first time since July last year from decline to growth. The growth rates of electrical machinery, computer electronics, special equipment, general equipment and other industries were 12.6%, 9.7%, 7.0% and 6.2% respectively, 1.5-3.1 percentage points higher than last month. Fourth, the high-tech manufacturing industry has maintained rapid growth. In November, the added value of high-tech manufacturing industry increased by 8.9% year-on-year, 2.7 percentage points higher than that of all industries above Designated Size, 0.6 percentage points higher than that of last month. Among them, the medical equipment and instrument manufacturing industry, electronic and communication equipment manufacturing industry increased by 12.6% and 10.8% respectively year on year, and the growth rate was significantly higher than that of all industries above designated scale.

Fifth, the output of industrial products has increased significantly. In November, 369 of the 605 major industrial products recorded a year-on-year growth of 61.0%, 8.9 percentage points higher than last month. Among them, the growth rate of industrial robots continued to pick up after last month's decline to growth; the growth rate of industrial furnaces, high-voltage switch boards, p-xylene, civil steel ships, large tractors, integrated circuit wafers, optical instruments, generator sets and other products increased by more than 20 percent over last month. Emerging products continue to grow at a high speed. Smart watches, 3D printing equipment, smart bracelets, superalloys, urban rail vehicles and charging Posts continue to grow at a high speed, with growth rates of 154.2%, 131.0%, 58.0%, 54.0%, 46.1% and 45.8%, respectively. In November, the growth rate of industrial production picked up, the decline of export delivery value narrowed, the purchasing manager index (PMI) of China's manufacturing industry returned to the expansion range, the production index and new order index reached a high since the second half of the year, and the manufacturing industry's outlook rebounded. However, it should also be noted that since the industrial growth rate in November last year was the lowest in the whole year, the recovery of production in the same period this year was affected by certain base factors, and the current external environment is still complex, domestic economic structural contradictions are prominent, and there is still downward pressure on industrial production.