Since August, the Ministry of Industry and Information Technology and other departments have intensively issued work plans for the steady growth of ten key industries, and the steady growth of industry has continued to increase. With the implementation of various policies, China's industrial production has steadily recovered, the industrial structure has been continuously optimized, and business confidence has gradually recovered. Experts believe that with the implementation of a new round of policy measures to stabilize growth, the supply and demand relationship in the industrial field is expected to gradually improve, and the growth of industrial production and corporate profits will also have better support.
"This year, the Ministry of Industry and Information Technology actively responded to various risks and challenges, and focused on stabilizing growth, improving quality, and optimizing structure." In August, the value added of industrial enterprises above designated size increased by 4.5 per cent year-on-year, 0.8 percentage points faster than the previous month." Said Tao Qing, director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology. Industrial stabilization and recovery, key industries to pull the role is very large. In the first eight months, the added value of 27 of the 41 industrial categories increased year-on-year. Among the top 10 manufacturing industries with a proportion of GDP, 7 industries' production growth rate was higher than the national average, and the contribution rate of the top 10 industries to the overall industrial growth reached 87.4%.
The big provinces also play an important role. In the first eight months, nine of the top 15 provinces in terms of industrial added value further accelerated their production growth compared with the first half of the year. Taking Zhejiang as an example, in August, the industrial added value above designated size in Zhejiang increased by 8.4% year-on-year, a growth rate of 2.5 percentage points higher than that of the previous month. Among them, the added value of private industrial enterprises increased by 10.6%, and the added value of manufacturing industries such as core industries of the digital economy and new energy industries all achieved double-digit growth, with emerging industries leading the growth trend. "Overall, there are some twists and turns in the recovery process of China's industrial economy, but it is still leading in the world's major economies, and the trend of sustained recovery has not changed." Tao Qing analysis said that since September, from the high-frequency data such as labor and electricity consumption, whether it is year-on-year or month-on-month, industrial production continues to maintain a stable recovery trend.
At present, the positive factors for stable industrial growth are further accumulating, and business confidence is gradually increasing. Data show that in August, the decline of the industrial producer price index narrowed by 1.4 percentage points compared with the previous month, and the sales rate of industrial enterprises above designated size was 97.4%, which has recovered to the level of more than 97% for two consecutive months. Manufacturing PMI further picked up, including the production index and new orders index of 51.9 percent and 50.2 percent, respectively, both rose to a near five-month high. Corporate profits have also improved further. In the first seven months, the profits of industrial enterprises above designated size fell by 15.5% year-on-year, but the decline has narrowed continuously. With the decline in upstream raw material prices, corporate revenue has improved, and corporate cost pressures have eased.
Zhou Maohua, macro researcher of the financial market department of Everbright Bank, believes that the recovery of industrial operation data is the reflection of the overall recovery of domestic market demand, and it is also the reflection of the tilted effect of macro rescue support policies to small and medium-sized enterprises. The reporter learned that since the third quarter, the Ministry of Industry and Information Technology has held several symposiums on manufacturing enterprises and a roundtable meeting on specialized new enterprises, and the participating entrepreneurs are generally confident in the follow-up development. Next, the Ministry of Industry and Information Technology will put steady growth in a more prominent position, and strive to achieve effective improvement of the quality of industrial economy and reasonable growth in quantity.
