The slowdown in external demand, lack of domestic demand, and the consumption of surplus stocks in enterprises prompted the industrial added value to fall below the bottom formed by the Asian financial crisis in November. Since China still adopts the production method to calculate GDP, although the consumption calculated from the retail sales of social consumer goods has maintained a steady growth, and there is a possibility that the industrial added value may bottom out in December, the economic growth in the fourth quarter may still be the lowest this year.
According to the "Finance" report, the industrial added value continued to fall in November, up only 5.4% year-on-year, and the growth rate was down 11.9 percentage points from the same period of last year. Excluding the seasonal fluctuations caused by January-February each year, this is the second single-digit increase since 2002 (for the first time in October this year). The industrial added value is already lower than the low level after the Asian financial crisis.
In terms of sub-industries, the top three most-reduced industrial added value in November compared with October were: transportation equipment manufacturing, communications equipment, computer and other electronic equipment manufacturing, and chemical raw materials and chemical product manufacturing.
From a product point of view, the industrial added value of auto manufacturing dropped the most in November, falling by 15.9%, and the rate of decline was still higher by 15.2% from last month. As the output of automobiles did not decrease significantly (only 2.2%) compared with October, and the production of cars increased, the price drop was one of the main reasons for the sharp drop in the value-added of the auto industry.
In November, the industrial added value continued to fall, first of all because of the accelerated deterioration of external demand. The lack of domestic demand has also contributed to the continued decline in industrial added value. The adjustment of the real estate market and sluggish automobile consumption are the main reasons for the slowdown in domestic demand. Among them, the vacancy rate of commercial housing increased by 2.2 percentage points from October, and the vehicle output decreased by 2.2 percentage points. In addition, the absorption of surplus inventory by companies also led to a significant drop in industrial added value.
According to the "Finance" report, the industrial added value continued to fall in November, up only 5.4% year-on-year, and the growth rate was down 11.9 percentage points from the same period of last year. Excluding the seasonal fluctuations caused by January-February each year, this is the second single-digit increase since 2002 (for the first time in October this year). The industrial added value is already lower than the low level after the Asian financial crisis.
In terms of sub-industries, the top three most-reduced industrial added value in November compared with October were: transportation equipment manufacturing, communications equipment, computer and other electronic equipment manufacturing, and chemical raw materials and chemical product manufacturing.
From a product point of view, the industrial added value of auto manufacturing dropped the most in November, falling by 15.9%, and the rate of decline was still higher by 15.2% from last month. As the output of automobiles did not decrease significantly (only 2.2%) compared with October, and the production of cars increased, the price drop was one of the main reasons for the sharp drop in the value-added of the auto industry.
In November, the industrial added value continued to fall, first of all because of the accelerated deterioration of external demand. The lack of domestic demand has also contributed to the continued decline in industrial added value. The adjustment of the real estate market and sluggish automobile consumption are the main reasons for the slowdown in domestic demand. Among them, the vacancy rate of commercial housing increased by 2.2 percentage points from October, and the vehicle output decreased by 2.2 percentage points. In addition, the absorption of surplus inventory by companies also led to a significant drop in industrial added value.
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