Is inflation coming: China’s major economic indicators in October

The following is the report released by the National Bureau of Statistics of China about major economic indicators in October, 2010

1. The industrial production realized steady growth.

In October, the total value added of the industrial enterprises above designated size was up 13.1 percent year-on-year, or 0.2 percentage point lower than that in September 2010. In the first ten months of this year, it was up 16.1 percent year-on-year, which was down by 0.2 percentage point over that in the first nine months of 2010.

Analysis on different types of enterprises showed that in October 2010, the growth of the state-owned and state holding enterprises went up by 10.6 percent; collective enterprises, 7.9 percent; share-holding enterprises, 14.3 percent; and 11.2 percent growth for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan province. The year-on-year growth of heavy industry in October was 13.2 percent, and 12.9 percent for the light industry.

Grouped by different sectors, in October all the 39 industrial divisions kept year-on-year growth. Of this total, the growth of textile industry was 10.5 percent; the manufacture of raw chemical materials and chemical products, up by 13.3 percent; the manufacture of non-metallic mineral products, up by 17.0 percent; the manufacture of general machinery, 18.8 percent; the manufacture of transport equipment, 16.4 percent; the manufacture of electric machinery and equipment, 16.3 percent; the manufacture of communication equipment, computers and other electronic equipment, 13.3 percent; the production and supply of electricity, gas and water, up 6.8 percent; and the ferrous metal smelting and pressing, up by 4.6 percent.

In terms of different products, of the total 503 products, the output of 398 products in October showed a year-on-year growth. Of this total, the output of crude oil was 17.76 million tons, up by 8.8 percent; that of electricity was 332.9 billion kilowatt-hours, up by 5.9 percent; that of pig iron was 50.30 million tons, down by 3.8 percent; that of cement was 170.30 million tons, up by 10.5 percent; that of motor vehicles was 1,593 thousand, up by 23.0 percent, of which, the output of cars was 837 thousand, up by 20.4 percent.

The sales ratio of industrial products in October was 97.8 percent, or 0.3 percentage point lower than that in last October. The total export delivery value of industrial enterprises was 812.4 billion yuan, up by 21.6 percent year-on-year.

2. The growth rate of urban investment in fixed assets came down from a high level.

In the first ten months of this year, the urban investment in fixed assets reached 18,755.6 billion yuan, up by 24.4 percent year-on-year, or 0.1 percentage point lower than that in the first nine months of this year. Of this total, that in the state-owned and state holding enterprises reached 7,795.0 billion yuan, a rise of 19.2 percent; that in the real estate development was 3,807.0 billion yuan, up by 36.5 percent.

Grouped by jurisdiction of project management, in the first ten months of this year, the central investment reached 1,484.5 billion yuan, the year-on-year growth was 10.0 percent while the local investment was 17,271.1 billion yuan, up by 25.9 percent. Grouped by status of registration, in the first ten months of this year, the investment by domestic enterprises was 17,424.3 billion yuan, up by 25.7 percent; investment by funds from Hong Kong, Macao and Taiwan was 600.1 billion yuan, up by 18.2 percent; and the investment by foreign funds was 652.1 billion yuan, up by 4.9 percent.

In the first ten months of this year, the investment in primary industry, secondary industry and the tertiary industry went up by 17.2 percent, 22.3 percent and 26.4 percent respectively. Grouped by different sectors, in the first ten months of this year, the investment in production and supply of electric power and heat power was 899.2 billion yuan, up by 6.4 percent; that in extraction of petroleum and natural gas 194.7 billion yuan, up 6.9 percent; and that in railway transport 518.1 billion yuan, up 27.8 percent.

Analysis on projects under construction or started this year showed that in the first ten months of this year, projects under construction numbered 415,234, an increase of 13,030 over the same period of last year; the total planned investment in projects under construction reached 47,601.3 billion yuan, up by 25.7 percent year-on-year; projects newly started this year totaled 280,276, a decrease of 13,136; the total planned investment in newly started projects was 15,427.0 billion yuan, up by 23.8 percent over the same period of last year.

In terms of funds in place for investment, in the first ten months of this year, 21,521.9 billion yuan had been invested, a year-on-year growth of 25.6 percent. Of this total, the growth of government budgetary funds went up by 11.8 percent; investment from domestic loans went up by 22.7 percent; that from self-raising funds went up by 30.1 percent and that from foreign investment rose by 3.3 percent.

3. Total retail sales of consumer goods maintained fast growth.

In October, the total retail sales of consumer goods reached 1,428.5 billion yuan, a year-on-year rise of 18.6 percent, or 0.2 percentage point lower than that in the previous month of this year. In the first ten months of this year, the total retail sales of consumer goods were 12,531.3 billion yuan, a year-on-year growth of 18.3 percent, which maintained the same level as that in the first nine months of this year.

Analyzed by different areas, the retail sales in urban areas reached 1,239.6 billion yuan in October, up by 18.9 percent, and the retail sales in rural areas stood at 188.9 billion yuan, up by 16.8 percent.

Grouped by consumption patterns, the total income of catering services was 168.1 billion yuan in October, up by 19.4 percent year-on-year, and that of retail goods was 1,260.4 billion yuan, up 18.5 percent. Of this total, the total retail sales of enterprises (units) above designated size stood at 538.2 billion yuan, up 29.6 percent.

4. The growth of consumer prices expanded.

In October, the consumer price index went up by 4.4 percent year-on-year, or 0.8 percentage point higher over that in September this year. The price grew by 4.2 percent in cities and 4.7 percent in rural areas. The food price went up by 10.1 percent while the non-food price increased by 1.6 percent. The prices of consumer goods went up by 5.0 percent and the prices of services grew up by 2.5 percent. Grouped by commodity categories, in October, of the eight categories of commodities, six of them experienced prices rise and two witnessed prices decline. Of which, prices for food went up by 10.1 percent; prices for tobacco, liquor and articles rose by 1.5 percent; price for clothing went down by 1.3 percent; prices for household facilities, articles and maintenance services went up by 0.5 percent; health care and personal articles grew by 3.7 percent; transportation and communication dropped by 0.5 percent; recreation, education, culture articles and services grew by 0.9 percent; and housing went up by 4.9 percent. In the first ten months, the year-on-year change of consumer price was up by 3.0 percent, or expanded by 0.1 percentage point as compared with that in the first nine months of this year.

In October this year, the month-on-month change of consumer price was up by 0.7 percent. Of which, price in cities went up by 0.7 percent and that in rural areas rose by 0.6 percent. The food price went up by 1.1 percent while the non-food price grew by 0.4 percent. The price of consumer goods rose by 0.7 percent, and the price of services went up by 0.4 percent. Grouped by commodity categories, in October, prices for food rose by 1.1 percent month-on-month, of which, that for fresh vegetables went up by 5.3 percent in particular; prices for tobacco, liquor and articles rose by 0.2 percent; price for clothing went up by 1.0 percent; prices for household facilities, articles and maintenance services maintained the same level of growth; health care and personal articles grew by 0.5 percent; transportation and communication showed no change of growth; recreation, education, culture articles and services went up by 0.1 percent; and housing went up by 0.9 percent.

5. The growth rate of producer prices for manufactured goods rose to some extent.

In October, the producer prices for manufactured goods went up by 5.0 percent year-on-year, or 0.7 percentage point higher than that in the previous month this year. The producer prices for means of production went up by 5.8 percent year-on-year in October, of which that for mining and quarrying industry grew by 11.8 percent, raw materials industry went up by 8.5 percent and processing industry increased by 3.8 percent. The producer prices for means of livelihood increased by 2.6 percent, of which, the food prices grew by 5.3 percent, clothing went up by 1.8 percent, articles for daily use grew by 2.2 percent and durable consumer goods dropped by 0.7 percent. In October, the month-on-month change of the producer prices for manufactured good went up by 0.7 percent. In the first ten months of this year, the year-on-year change of the producer prices for manufactured goods was up by 5.5 percent, which maintained the same level as that in the first nine months of this year.

In October, the purchasing prices for raw materials, fuel and power went up by 8.1 percent year-on-year, or 1.0 percentage point higher than that in September 2010. The year-on-year change of prices for nonferrous metals and wire went up by 15.8 percent, fuel and power rose by 8.9 percent, 7.2 percent growth for raw chemical materials and 9.0 percent increase for ferrous metals. In the first ten months, the purchasing prices for raw materials, fuel and power grew by 9.6 percent year-on-year.

Source:  http://www.stats.gov.cn/english/newsandcomingevents/t20101111_402682646.htm

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