CHINA China's national economy maintains steady growth in November

CHINA

China's national economy maintains steady growth in November

CGTN

14:44, December 16, 2019

Fresh data from the National Bureau of Statistics (NBS) shows that China's national economy maintained overall stability in November, the NBS said at a press conference on Monday.

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File photos: VCG

China's industrial output expands 5.6 pct

China's value-added industrial output, an important economic indicator, expanded 5.6 percent year on year in the first 11 months, data from the NBS showed.

The value added of the state holding enterprises, share-holding enterprises and private enterprises rose 3.7 percent, 7.0 percent, and 8.9 percent, respectively, in November.

Also, the value added of high-tech manufacturing and equipment manufacturing grew 8.9 percent and 8.5 percent, respectively. The production of solar cell and integrated circuit grew 23.0 percent and 18.2 percent, respectively, in November.

Retail sales up eight pct

China's retail sales of consumer goods increased eight percent year on year to reach 37.29 trillion yuan in the first 11 months, the NBS said. Excluding sales of automobiles, the growth rate reached 9.1 percent during the same period.

Retail sales in rural areas rose 9.1 percent to 574.8 billion yuan, outpacing the 7.9-percent expansion in urban areas.

The online total retail sales in the first 11 months reached 9.4 trillion yuan, up 16.6 percent year-on-year.

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Total online retail sales in the first 11 months up 16.6 percent year on year.

Fixed asset investment up 5.2 pct

Fixed asset investment grew 5.2 percent to reach 53.37 trillion yuan in the January-November period, said the NBS.

Investment in infrastructure, manufacturing and real estate grew 4.0 percent and 2.5 percent and 10.2 percent year on year, respectively.

Private sector fixed asset investment, which accounts for 60 percent of the country's total investment, grew 4.5 percent in January-November period to 30.38 trillion yuan.

Meanwhile, China's investment in social sectors rose 12.6 percent year on year, 7.4 percentage points higher than that of the total investment, of which the investment in education and in cultural, sports and recreation grew 17.5 percent and 13.4 percent respectively.

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Fixed asset investment grew 5.2 percent in the first 11 months.

Employment generally stable

In the first 11 months, the newly increased employed people in urban areas numbered 12.79 million, accounting for 116.3 percent of the whole-year target. 

In November alone, the urban surveyed unemployment rate was 5.1 percent. Specifically, the surveyed unemployed rate for population aged from 25 to 59 was 4.6 percent, and the urban surveyed unemployment rate in 31 major cities was 5.1 percent, the same level as those of last month.

The employees of enterprises worked averagely 46.7 hours per week, an increase of 0.5 hour year-on-year, said the NBS.

Meanwhile, home prices in 70 major Chinese cities remained generally stable in November. New home prices in four first-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou - increased 0.6 percent month on month in November, 0.5 percentage points faster than the previous month.

In November, China's consumer price index (CPI) expanded 4.5 percent year on year, 0.7 percentage point higher than that of last month. The producer price index (PPI) dropped 1.4 percent year on year, 0.2 percentage point lower than that of last month.

In addition, China's foreign trade expanded 2.4 percent year on year to reach 28.5 trillion yuan during the first 11 months. It means the downward trend for imports and exports was reversed and the trade structure was further optimized.

The value of imports and exports by private enterprises went up by 10.4 percent, accounting for 42.5 percent of the total value of exports and imports. The export delivery value of major industrial enterprises reached 11.23 trillion yuan, an increase of 1.5 percent year on year.

China held the annual Central Economic Work Conference from December 10-12, during which the country reviewed achievements and challenges in 2019 and chartered a new course for 2020. The country said it will continue to transform its growth model, improve its economic structure, and foster new drivers of growth.

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