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<Econ> China's Added Value of Industries Above Designated Scale +4.5% YoY in May, Above Forecast
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China's National Bureau of Statistics announced that in May, the Added Value of Industries Above Designated Scale rose 4.5% YoY in real terms (all growth rates of value-added are real growth rates after deducting price factors), accelerating by 0.4 ppts from April and slightly above market expectations of a 4.4% increase. On a MoM basis, the Added Value of Industries Above Designated Scale in May grew 0.4% from April. In the first five months, the Added Value of Industries Above Designated Scale increased 5.4% YoY. By sector, in May the value added of the mining industry grew 2.3% YoY, manufacturing increased 4.4%, and electricity, heat, gas and water production and supply rose 7.6%. By ownership type, in May the value added of state-controlled enterprises increased 3.7% YoY; shareholding enterprises rose 5.2%, foreign-invested enterprises and enterprises invested by Hong Kong, Macau and Taiwan grew 1.9%; and private enterprises increased 2.7%. By industry, among 41 major industries in May, 28 recorded YoY growth in value added. Coal mining and washing grew 3.5%, oil and natural gas extraction rose 1.5%, agro-food processing increased 1.5%, liquor, beverage and refined tea manufacturing fell 2.7%, textiles rose 2.6%, raw chemical materials and chemical products manufacturing increased 0.3%, non-metallic mineral products declined 5.6%, ferrous metal smelting and rolling processing rose 1.6%, non-ferrous metal smelting and rolling processing fell 4.5%, general equipment manufacturing grew 6.7%, special equipment manufacturing rose 9.1%, automobile manufacturing increased 8.3%, railway, shipbuilding, aerospace and other transportation equipment manufacturing rose 7.4%, electrical machinery and equipment manufacturing increased 4.7%, computer, communications and other electronic equipment manufacturing surged 17.0%, and electricity and heat production and supply rose 8.7%. By product, among 626 products of industrial enterprises above designated scale in May, output of 300 products recorded YoY growth. Steel products totaled 123 million tonnes, down 2.8% YoY; cement reached 150 million tonnes, down 8.1%; ten types of non-ferrous metals amounted to 6.98 million tonnes, up 2.2%; ethylene was 3.38 million tonnes, up 2.1%; automobile output was 2.582 million units, down 3.2%, of which new energy vehicles reached 1.489 million units, up 17.8%; power generation totaled 784.3 billion kilowatt-hours, up 4.2%; and crude oil processing volume was 53.72 million tonnes, down 9.1%. In May, the product sales ratio of industrial enterprises above designated scale was 96%, down 0.1 ppts YoY; industrial enterprises above designated scale achieved export delivery value of RMB1.39 trillion, representing a nominal increase of 10.1% YoY.(jl/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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