SCIO briefing on China's economic performance in first quarter of 2023
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E-mail China.org.cn, April 28, 2023
Shou Xiaoli:
Thank you, Mr. Fu. The floor is now open for questions. Please identify the media organization you work for before asking your questions.
Shenzhen TV:
What contributed to a rebound in industrial production in the first quarter? What positive changes have emerged in industrial production and operation? Will industrial production continue to accelerate in the future? Thank you.
Fu Linghui:
Industrial production achieved steady growth in the first quarter. Since the beginning of this year, there have been several positive changes in industrial production, due to a rapid and stable shift of epidemic prevention and control measures, the implementation of policies for stabilizing growth, a rebound in market demand, and an accelerated recovery of industrial and supply chains. In the first quarter, the value added of industries above designated size increased by 3% year on year, an increase of 0.3 percentage point from the fourth quarter of last year. In March, it increased by 3.9%, an increase of 1.5 percentage points from the January-February period. There are several characteristics.
First, most industries have maintained growth. In the first quarter, of the 41 major industrial categories, 23 maintained year-on-year growth, accounting for over 50% of the total. Compared with the fourth quarter of last year, 20 industries saw rapid growth in their value added.
Second, equipment manufacturing has played a significant role in supporting industrial growth. As China advances its industry upgrading and strengthens the development of equipment manufacturing, industrial production has maintained relatively fast growth. In the first quarter, the value added of equipment manufacturing increased by 4.3% year on year, which was 1.3 percentage points higher than that of industries above designated size. Its contribution to the growth of industries above designated size reached 42.5%. Among them, the value added of electrical machinery, and railway and shipping industries increased by 15.1% and 9.3%, respectively.
Third, the raw material manufacturing industry grew rapidly due to steady economic recovery and stable investment growth. In the first quarter, the value added of raw material manufacturing increased by 4.7% year on year, which was 1.7 percentage points higher than that of industrial enterprises above designated size. Among them, the value added of the ferrous metal smelting and rolling processing industry and the non-ferrous metal smelting and rolling processing industry increased by 5.9% and 6.9%, respectively. In terms of products, the output of steel and 10 kinds of non-ferrous metals increased by 5.8% and 9%, respectively, in the first quarter.
Fourth, micro and small enterprises recovered their production. In the first quarter, the value added of micro and small enterprises above designated size increased by 3.1% year on year, and the growth rate was faster than that of all industrial enterprises above designated size. The questionnaire survey showed that the business climate index of micro and small industrial enterprises under designated size increased by 1.7 percentage points from the fourth quarter of last year, and the proportion of enterprises with good production and operation increased by 1.2 percentage points.
In addition, business expectations are higher. The manufacturing PMI has been above 50 for three consecutive months. Green products such as new-energy vehicles and solar cells have maintained double-digit growth, and the green transformation of industries has continued to grow.
But we must also remain clear-eyed about the complex and grim international environment, including uncertainties in external demand growth, constraints on and insufficiency of domestic market demand, industrial products' falling prices, and difficulties faced by companies. Going forward, we will continue to implement various policies and measures for stabilizing growth, focus on boosting domestic demand, deepen supply-side structural reform, upgrade traditional industries, foster and strengthen emerging industries, and push for a dynamic balance between supply and demand at a higher level and the healthy development of industries.
Thank you.
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