National Bureau of Statistics: China's Industrial Growth in the First Quarter
National Bureau of Statistics: China's Industrial Growth in the First Quarter
Recently, Jiang Yuan, Deputy Director of the Industrial Statistics Department of the National Bureau of Statistics, answered questions from reporters about China's industrial growth in the first quarter.
1、 The industrial economy steadily recovered in the first quarter
Industrial production is steadily growing. In the first quarter, the added value of industrial enterprises above designated size in China increased by 3.0% year-on-year, accelerating by 0.3 percentage points compared to the fourth quarter of last year. The added value of the mining industry increased by 3.2% year-on-year, the manufacturing industry increased by 2.9%, and the production and supply of electricity, heat, gas, and water increased by 3.3%.
Most industries maintain growth. In the first quarter, 23 out of 41 major industrial sectors achieved growth in added value, with a growth rate exceeding 50%; Compared with the fourth quarter of last year, the growth rate of added value in 20 industries has accelerated or the decline has narrowed.
The equipment manufacturing industry has obvious support. In the first quarter, the added value of the equipment manufacturing industry increased by 4.3% year-on-year, 1.3 percentage points higher than all industries above designated size, and contributed 42.5% to the growth of industries above designated size. Among the 8 major categories of equipment manufacturing industries, 7 industries have achieved growth. From a product perspective, the production of solar cells (photovoltaic cells), medical equipment and devices, optical fibers, industrial instruments, and other products has grown rapidly, with year-on-year increases of 53.2%, 31.0%, 16.0%, and 11.3%, respectively.
Small and micro enterprises have resumed production and operation. The prosperity index of small and micro industrial enterprises is 95.8, an increase of 1.7 points compared to the fourth quarter of 2022; Among the surveyed small and micro enterprises, the proportion of enterprises with good production and operation conditions increased by 1.2 percentage points compared to the fourth quarter of last year, while the proportion of enterprises with poor production and operation conditions decreased by 0.5 percentage points.
Industrial enterprises are expected to improve. The expected index of comprehensive operating conditions for industrial enterprises in the second quarter was 64.6, an increase of 4.4 points from the fourth quarter of the previous year.
2、 Industrial production continues to accelerate in March
Industrial production is accelerating its recovery. From January to February and March, the added value of industrial enterprises above designated size in China increased by 2.4% and 3.9% respectively year-on-year, with growth rates rebounding for two consecutive months.
Key industries such as automobiles and electronics have shifted from decline to increase. In March, the production of the automotive industry quickly recovered, and the added value changed from a decrease of 1.0% from January to February to a growth of 13.5%. In terms of production, automobile production increased by 11.2% year-on-year, with a decrease of 14.0% from January to February; The production of new energy vehicles increased by 33.3%, an increase of 17.0 percentage points compared to January to February. In addition, the added value of industries such as electronics, metal products, and general equipment has also shifted from decline to increase.
The raw material manufacturing industry is steadily growing. In March, the added value of the raw material manufacturing industry increased by 5.2% year-on-year. From an industry perspective, the steel, non-ferrous, and building materials industries grew by 6.0%, 7.0%, and 3.8% respectively; The petroleum processing industry has shifted from a decline to an increase, with a growth rate of 1.3%.
Foreign funded enterprises have shifted from decline to increase, while small and micro enterprises continue to recover. In March, the added value of foreign-funded industrial enterprises above designated size increased by 1.4% year-on-year, ending the continuous downward trend since November last year. Small and micro industrial enterprises above designated size continue to recover, with a 4.1% increase in added value for the month.
Industrial production steadily recovered in the first quarter, achieving a smooth start. However, the industrial economy still faces difficulties such as insufficient market demand and declining profitability. In the next stage, we must vigorously promote the transformation and upgrading of traditional industries and the cultivation and growth of strategic emerging industries, in order to enhance the competitiveness and profitability of enterprises.
