Beijing, Dec. 16 – China's industrial output continued its steady expansion in November, buoyed by a series of measures to upgrade industrial equipment, according to official data released on Monday.
The National Bureau of Statistics (NBS) reported that the country's value-added industrial output, a key economic indicator, grew by 5.4 percent year-on-year in November.
Speaking at a press conference, NBS spokesperson Fu Linghui said that industrial output showed stable growth, driven by the increase in large-scale equipment and consumer goods trade-in programs.
NBS data showed that the output of the equipment manufacturing sector climbed 7.6 percent year-on-year in November, 1 percentage point higher than the previous month, accounting for nearly half of the overall industrial output growth.
The high-tech manufacturing industry also posted a remarkable performance, with output increasing by 7.8 percent year-on-year last month. This growth rate exceeded the overall industrial output by 2.4 percentage points.
Specifically, the production of new energy vehicles, industrial robots, and integrated circuits in China surged by 51.1 percent, 29.3 percent, and 8.7 percent, respectively, last month.
On a monthly basis, industrial output edged up 0.46 percent in November from the previous month, according to NBS data. Over the January-November period, the figure rose by 5.8 percent year-on-year.
Industrial output measures the activity of enterprises each with an annual main business turnover of at least 20 million yuan.
The purchasing managers' index (PMI) for the manufacturing sector last month stood at 50.3, up 0.2 percentage points from the previous month and exceeding the 50-point mark for the second time since returning to expansion in October after five consecutive months of contraction.
Driven by a series of policy measures, the Chinese economy has achieved generally stable growth while making progress, with positive factors accumulating, Fu said.
[Copyright (c) Global Economic Times. All Rights Reserved.]
