Cover Image Attribute: The file photo of workers welding components at a workshop of an automobile manufacturing plant in Qingzhou City, East China’s Shandong province, on Feb 28, 2021. Source: Xinhua
According to a press conference held on Friday by China’s National Bureau of Statistics (NBS/国家统计局), the added value of industrial enterprises in China that were over the required size in August climbed by 4.2% year on year, which is 0.4 percent higher than the previous month.
The figure, which measures the activity of designated large firms with an annual turnover of at least 20 million yuan (about $2.85 million), was higher than the anticipation of 3.8 percent found in a Reuters poll of analysts.
Industrial Output
The mining industry’s output increased by 5.3 percent compared to the previous year, while the manufacturing sector’s output rose by 3.1 percent. According to the data provided by the NBS, the electricity, heat, gas, and water production and supply sector increased by 13.6%.
When broken down by ownership, the output level in the private sector increased by 1.1 percent year on year in the most recent month, while the production level in state-holding firms jumped by 5.6 percent.
Retail Sales
In August, retail sales in China increased by 5.4 percent, significantly more than the markets’ projections of 3.5 percent. These figures can be broken down into subregions; Retail sales in urban areas increased by 5.5% from the previous year, while retail sales in rural areas increased by 5%.
The sales of goods increased by 5.1 percent, while the sales of catering jumped by 8.4 percent.
In the first eight months, retail sales amounted to around 28.26 trillion yuan, a 0.5 percent increase over the same period last year. On the other hand, catering sales decreased by 5 percent year on year due to the pandemic’s effects.