Industrial Production Growth in January-August Turned Positive for Manufacturing Industries Such as Automobiles to Provide Strong Support

Economic Daily - China Economic Network September 17 - The National Bureau of Statistics recently released data showing that in August, the value added of industries above the national scale increased by 5.6% YoY, 0.8 percentage points faster than the previous month, the growth rate is close to the previous year's average;

"In August, China's overall epidemic prevention and control and economic and social development policies and measures continued to show results, industrial production continued to improve, most products and industries continued to rebound." Changjiang Yuan, deputy director of the Industry Department of the National Bureau of Statistics, said the equipment manufacturing sector continued to grow better, strongly supporting industrial growth.

In August, the value added of the equipment manufacturing industry increased by 10.8% year-on-year, continuing double-digit growth. Among them, electrical machinery, automobiles and general equipment grew by 15.1%, 14.8% and 10.9% respectively, ranking in the top three of the 41 industrial sectors.

Data show that in August, auto production reached 2.088 million units, up 7.6% year-on-year, with cargo vehicles and new energy vehicles up 49.4% and 31.6%, respectively. But from January to August, cumulative car production fell 9 per cent year-on-year to 14.036m vehicles.

Jiang Yuan pointed out that at present, the domestic and foreign economic environment is still complex and severe, industrial production continues to be stable and good still facing some pressure. In the next stage, we should maintain the continuity of macroeconomic policy, actively build a new development pattern with domestic and international double cycle as the main body, stabilize the supply chain of industrial chain, constantly stimulate the vitality of market subjects, give full play to domestic super-large-scale market advantages, promote new types of consumption, and consolidate the industrial economy to develop in depth.