China maintains steady economic growth as the indicators for October particularly show positive trends. China’s economy has consistently displayed a steady growth trend, driven by incremental policy measures that contributed to the recovery of major economic indicators. The Chinese government remains focused on consolidating this momentum to achieve its annual targets for economic and social development.
Firstly elaborating on the food prices, they have exhibited mixed results: grain prices decreased by 0.7%, while fresh fruit and pork prices rose by 4.7% and 14.2%, respectively. The core Consumer Price Index (CPI), excluding food and energy prices, saw a slight increase of 0.2% year-on-year.
The urban surveyed unemployment rate stood at 5% in October, a slight improvement from the previous month. The average unemployment rate for the first 10 months was 5.1%, 0.2 percentage points lower than last year. The unemployment rates varied slightly based on household registration status, with local household registrants at 5.1% and non-local registrants at 4.8%.
China’s foreign trade showed positive growth in the first 10 months, with total imports and exports reaching 36,021.9 billion yuan, up by 5.2% year on year. Exports increased by 6.7%, while imports grew by 3.2%. The exports of mechanical and electrical products rose by 8.5%, accounting for over half of the total export value. In October, the total value of imports and exports of goods increased by 4.6% year on year.
Investment in fixed assets (excluding rural households) reached 42,322.2 billion yuan, up by 3.4% year on year. Investment in infrastructure and manufacturing grew by 4.3% and 9.3%, respectively, while real estate investment declined by 10.3%.
Industrial and retail trends
In October, industrial producer prices fell by 2.9% compared to the same month last year, with purchasing prices for industrial producers also dropping by 2.7%. Over the first 10 months of the year, both producer prices and purchasing prices dropped by 2.1%, indicating a continued downward trend.
October saw a 4.8% increase in retail sales of consumer goods, with urban areas contributing a 4.7% increase and rural areas a 4.9% increase. Online retail sales of physical goods surged by 8.3%, accounting for 25.9% of total retail sales. The first 10 months of the year also saw a 6.5% year-on-year growth in retail services.
High Tech Industrial growth
Investment in high-tech industries grew by 9.3% year on year, with high-tech manufacturing and services showing particular strength. In terms of industry distribution, investment in the secondary industry rose by 12.2%, while the tertiary industry saw a slight decline of 0.9%.
Additionally, in October, the service sector continued to show growth, with the production index for services increasing by 6.3%. Financial services, information transmission, and software services saw particularly strong performance, with year-on-year growth rates of 10.2%, 9.5%, and 8.8%, respectively.
The Purchasing Managers’ Index (PMI) stood at 50.1% in October, indicating slight expansion in the manufacturing sector. The total value added by industrial enterprises grew by 5.3% year on year, with mining, manufacturing, and high-tech manufacturing sectors all showing positive growth.
Overall the economic data demonstrates a stable recovery with positive growth across several sectors, from trade and industry to services and consumer spending. The Chinese government is determined to continue this positive trajectory and consolidate these gains to meet its annual economic goals.
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