China Macro Flash

Macro Flash: China Economic statistics (Jan.-Feb. 2021)

From January to February, due to factors such as the low base in the same period in 2020 , the year-on-year growth rate of China's economy main indicators is relatively high.

Source: NBS Press release

1. The growth of industrial production is accelerating, and the equipment manufacturing industry and high-tech manufacturing industry are growing well.

Large enterprises industrial added value increased 35.1% on a year-on-year basis in Jan-Feb. 2021. Compared with 2019 01-02 it grew by 16.9%. The value added of state-owned holding companies increased by 23.0% year-on-year ; for joint-stock companies increased by 34.2% , for foreign companies, Hong Kong, Macao and Taiwan-invested companies it increased by 41.4% ; finally, for private companies it increased by 43.8% . The value added of the mining industry increased by 17.5% year-on-year - an average increase of 4.8% in two years - the VA of the manufacturing industry increased by 39.5%. The added value of the equipment manufacturing industry and high-tech manufacturing industry increased by 59.9% and 49.2% year-on-year respectively. 

In terms of product output, the growth rate of new energy (EV) vehicles, trucks, industrial robots, excavating and shovelling transportation machinery, and microcomputer equipment all exceeded100%. From a month-on-month perspective, the added value of industries above designated size nationwide in February increased by 0.69% over the previous month. In February, China's Manufacturing Purchasing Managers Index was 50.6%, which was higher than the threshold for 12 consecutive months; the expected index of enterprise production and operation activities rose to 59.2% , 1.3 percentage points higher than the previous month .

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