On October 13, several key economic data points for the third quarter were released. What insights can we glean from these figures? Let’s take a closer look.
Sales revenue has shown consistent growth across various sectors, indicating a continued release of consumer potential. According to the National Taxation Administration, the sales revenue of industrial enterprises nationwide increased by 3.6% year-on-year in the first three quarters. Notably, the equipment manufacturing sector saw a 5.3% increase, particularly in advanced manufacturing areas like computer communications and instrumentation, where growth remained in the double digits.
The ongoing effectiveness of the “Two New” policies is becoming apparent. Driven by large-scale equipment upgrades and trade-in programs for consumer goods, the amount spent by businesses on machinery and equipment has risen by 6.5% year-on-year, with a 5% increase in September alone—2.4 percentage points higher than in August. Retail sales of home entertainment devices like televisions grew by 10.2%, while daily appliances such as refrigerators saw a 6.5% increase. Furniture and sanitary ware retail sales also exceeded growth rates of 10%.
In terms of greener initiatives, the clean energy sector is experiencing rapid growth. Sales revenue for industries focused on ecological protection and environmental management rose by 11.4% year-on-year, with green technology services in areas like new energy and energy conservation increasing by about 20%. Industries involved in solar, hydro, and wind energy are likewise maintaining robust growth.
Wei Qijia, a researcher at the National Development and Reform Commission’s Information Center, stated that the macro economy is not only maintaining stable operations but is also accelerating towards higher-quality development. There is a fast-tracked pace in structural adjustments and industrial upgrades, leading to the formation of new productive capacities that are creating positive momentum.
The Producer Price Index (PPI) has shown a narrowing year-on-year decline. The National Bureau of Statistics reported a 2.0% decrease in the PPI for the first nine months of the year. Specific industries experienced mixed price movements due to seasonal and external factors. Increases in international oil prices and the rising costs of copper and aluminum have affected the domestic prices of oil and gas extraction and non-ferrous metals, contributing to the upward pressure on the PPI.
Consumer prices have remained stable with a modest rise. The same bureau noted a 0.3% year-on-year increase in the Consumer Price Index (CPI) for the first three quarters, with service prices climbing by 0.8% compared to last year, which significantly influenced the CPI’s rise.
Zhang Xuewu, head of the price monitoring center at the National Development and Reform Commission, indicated that as domestic demand recovers, prices for services, including dining, tourism, and household services, have seen varying degrees of increase, driving up the overall service prices for the third quarter.
Looking ahead, experts predict that as existing policies are effectively implemented, a comprehensive set of new policies will be rapidly introduced and take effect, reinforcing positive trends in economic recovery.
