National Bureau of Statistics: Major economic indicators rebounded in October, and social expectations continued to improve

Recently, the Information Office of the State Council of China held a press conference on the operation of my country's national economy for the month. Mr. Fu Linghui, the spokesperson and relevant leader of the National Bureau of Statistics, emphasized that with the accelerated implementation of various existing policies and the implementation of more new policies, we have seen that the main economic data have shown obvious signs of recovery, social expectations have also improved, the quality of development has steadily improved, various positive factors have gradually accumulated, the momentum of stable economic recovery has become more significant, and the combined benefits of policies have been fully demonstrated.

Against this background, industrial production has maintained a relatively stable growth trend, and the growth of equipment manufacturing and high-tech industries has been particularly rapid. Specifically, in October, the added value of industrial enterprises above designated size increased by 5.3% year-on-year, a slight decline from the previous month; it increased by 0.41% month-on-month. In the first ten months, the added value of industrial enterprises above designated size increased by 5.8% year-on-year, which was basically the same as the first nine months.

It is worth noting that the added value of equipment manufacturing and high-tech manufacturing increased by 6.6% and 9.4% year-on-year, respectively, exceeding the added value of industrial enterprises above designated size by 1.3 and 4.1 percentage points respectively. The output of new energy vehicles, industrial robots and integrated circuit products increased by 48.6%, 33.4% and 11.8% year-on-year respectively. In addition, for the manufacturing purchasing managers' index and the enterprise production and operation activity expectation index, the former rose from 50.1% last month to 50.4% this month, while the latter rose from 42.0% to 44.0%.

In terms of employment, the average national urban survey unemployment rate in the first ten months was 5.1%, down 0.2 percentage points from the same period last year. In October, the national urban survey unemployment rate was 5.0%, down 0.1 percentage points from the previous month. Among them, the survey unemployment rate of local registered labor force was 5.1%, the survey unemployment rate of migrant registered labor force was 4.8%, and the survey unemployment rate of migrant agricultural registered labor force was 4.7%. The urban survey unemployment rate of 31 major cities was also 5.0%, down 0.1 percentage points from the previous month. The average working hours per week for employees in enterprises across the country was 48.6 hours.

In terms of foreign trade, the total import and export volume of goods reached 3.7007 trillion yuan in October, up 4.6% year-on-year, 3.9 percentage points faster than the previous month. Among them, the export volume reached 2189.9 billion yuan, an increase of 11.2% year-on-year; the import volume was 1510.8 billion yuan, a decrease of 3.7% year-on-year. In the first ten months, the total import and export volume of goods reached 36021.9 billion yuan, an increase of 5.2% year-on-year. Among them, the export volume was 20802.8 billion yuan, an increase of 6.7% year-on-year; the import volume was 15219.1 billion yuan, an increase of 3.2% year-on-year. The import and export of private enterprises increased by 9.3%, accounting for 55.1% of the total import and export volume, an increase of 2.1 percentage points over the same period last year.

Mr. Fu Linghui concluded that, in general, with the accelerated implementation of stock policies and the implementation of a series of new policies in October, my country's national economy has been stable and improved, major economic indicators have rebounded significantly, and positive factors have gradually accumulated. However, he also pointed out that the external environment is becoming increasingly complex and severe, domestic effective demand is relatively weak, and the foundation for the sustained recovery of the economy needs to be further consolidated. Looking ahead, we will continue to adhere to the general working tone of seeking progress while maintaining stability, fully implement the new development concept, promote high-quality development, accelerate the construction of a new development pattern, and make every effort to promote the implementation of a series of new policies, consolidate and strengthen the trend of economic recovery, and strive to achieve the goals and tasks of economic and social development throughout the year.