In May, with the gradual implementation of various policies and measures for the prevention and control of the epidemic and economic and social development as coordinated by the central government, the resumption of work and production was further promoted, and industrial production continued to rebound. However, the cumulative industrial production still declined from January to May, and the rebound of some industries and products weakened in May. The external environment was complicated, and the stable operation of the industrial economy still faced many difficulties and uncertainties.
First, the resumption of work and production has been intensified, and industrial production has accelerated. A sample survey of industrial enterprises above designated size showed that as of May 27, 67.4% of enterprises had reached 80% or more of the normal production level, an increase of 6.6 percentage points from the end of April. In May, the value added of the industrial enterprises above designated size increased by 4.4% year-on-year, and the growth rate accelerated by 0.5 percentage points from the previous month. It continued to rebound on the basis of the negative change from the negative to the positive last month. Among them, the mining, manufacturing, and electricity, heat, gas and water production and supply industries increased by 1.1%, 5.2%, and 3.6% respectively, and the growth rates have all accelerated. From January to May, the industrial added value fell by 2.8% year-on-year, and the rate of decline narrowed by 2.1 percentage points from January to April.
Second, the production of most industries and products continued to recover, and emerging products maintained rapid growth. In terms of different industries, in May, among the 41 major industries, 30 industries achieved year-on-year growth in value added, and the number of industries that increased by 2 increased from the previous month, with a growth area of 73.2%. In terms of products, among the 612 industrial products listed in the statistics, the output of 344 products has increased, with an increase of 56.2%; some emerging products continue to maintain rapid growth, 3D printing equipment, smart watches, integrated circuit wafers, charging piles, etc. The growth is above 70%.
Third, the equipment manufacturing industry continues to accelerate growth, and infrastructure-related products are growing well. In May, the added value of the equipment manufacturing industry increased by 9.5% year-on-year, and the growth rate was 0.2 percentage points higher than the previous month. Among them, the automobile manufacturing industry increased by 12.2%, an acceleration of 6.4 percentage points, and the growth rate was the highest level in each month since the second half of 2018; the special equipment manufacturing industry increased by 16.4%, an acceleration of 2.1 percentage points; electronics, instrumentation, general equipment and other industries continued Maintain a relatively rapid growth trend, with a growth rate between 7.3% and 10.8%. In terms of products, in May, the output of construction machinery increased by 38.4% year-on-year, and the growth rate was 17.5 percentage points higher than that of the previous month. Among them, excavators increased by 82.3%, which was 32.8 percentage points higher than the previous month; large and medium-sized tractors and concrete machinery increased respectively. 56.1%, 42.2%; automobile production was 2.152 million units, an increase of 19%, of which 458,000 were trucks, an increase of 54.7%, and the growth rate was significantly faster than the previous month. Driven by the recovery of market demand, SUV cars and notebook computers increased by 33.5% and 28.6% respectively, while the output of smart phones and smart TVs turned from a decline to an increase, increasing by 8.4% and 7.1% respectively.
Fourth, the growth of the raw material industry has accelerated, and the production of cement and steel continued to improve. In May, with the acceleration of infrastructure construction, the year-on-year growth rate of the added value of the raw material industry accelerated from 3.5% last month to 5.5%. Among them, the iron and steel, non-metallic mineral products, and chemical industries increased by 6.1%, 5.5%, and 3.9% respectively, and the growth rates all accelerated slightly from the previous month; the petrochemical industry turned from a decline to an increase, with an increase of 7.8%. In terms of product breakdown, in May, cement, steel, ten non-ferrous metals, and primary form plastics increased by 8.6%, 6.2%, 4.1%, and 7.9% year-on-year, respectively, and the growth rate accelerated compared with the previous month.
At present, the overall recovery of industrial production is improving, but there are still many difficulties and uncertain factors, which are worthy of attention. First, the recovery of industries and products has weakened. Among 41 industries, 25 industries have experienced a slowdown in growth rate or an increase in decline, and product growth has declined compared with the previous month. The second is the decline in the consumer goods industry. The growth rate has changed from 0.7% in the previous month to a decline of 0.6%. The clothing, furniture, culture, education, art, and leather shoe industries fell between 5.0% and 11.4%. The third is the lack of export orders. The industrial export delivery value has changed from an increase to a decline, down 1.4% year-on-year. The export delivery value of some industries with a relatively high export share has dropped by more than 10%.
In the next step, we should continue to do a solid job of "six stability", implement the task of "six guarantees", promote tax reduction and fee reduction, encourage and help foreign trade companies to explore the domestic market, and help small, medium and micro enterprises that are more affected by the epidemic, and continue to consolidate The industrial economy is recovering steadily.
(Source: National Bureau of Statistics)
