Source: Gelonghui
In January-March, the country's fixed asset investment (excluding rural households) was 104.2 billion yuan, an increase of 4.5% over the previous year.
On April 16, the National Bureau of Statistics released a series of economic data. Among them, the value added of industries above scale increased by 4.5% in March; total retail sales of consumer goods were 390.2 billion yuan in March, up 3.1% year on year; in January-March, the country's fixed asset investment (excluding farmers) was 104.2 billion yuan, up 4.5% year on year; in the first quarter of 2024, the capacity utilization rate of industries above the national scale was 73.6%, down 0.7 percentage points from the same period last year.
Value added of industries above scale increased by 4.5% in March 2024
In March, the value added of large-scale industries actually increased by 4.5% year-on-year (the growth rate of value added is the actual growth rate after deducting price factors). On a month-on-month basis, in March, the value added of industries above scale fell 0.08% compared to the previous month. From January to March, the value added of large-scale industries increased by 6.1% year-on-year.
Looking at the three major categories, in March, the value added of the mining industry increased by 0.2% year on year, the manufacturing industry grew by 5.1%, and the production and supply of electricity, heat, gas and water increased by 4.9%.
By economic type, in March, the value added of state-owned enterprises increased by 4.1% year on year; joint-stock enterprises increased by 5.1%; enterprises invested by foreign, Hong Kong, Macao and Taiwan increased by 2.6%; and private enterprises increased by 3.7%.
By industry, in March, 32 of the 41 major industries maintained year-on-year growth in value added. Among them, the coal mining and washing industry fell 1.6%, the oil and gas extraction industry grew 1.5%, the agricultural and sideline food processing industry grew 5.2%, the wine, beverage and refined tea manufacturing industry grew 4.0%, the textile industry grew 2.5%, the chemical raw materials and chemical products manufacturing industry grew 9.1%, the non-metallic mineral products industry fell 2.8%, the ferrous metal smelting and rolling processing industry grew by 3.3%, and the non-ferrous metal smelting and rolling processing industry grew 11.2%. The general equipment manufacturing industry remained flat year-on-year, the special equipment manufacturing industry grew 0.9%, the automobile industry grew 9.4%, railways, The shipbuilding, aerospace and other transportation equipment manufacturing grew 8.6%, the electrical machinery and equipment manufacturing industry grew 4.8%, the computer, communications and other electronic equipment manufacturing grew 10.6%, and the electricity, heat production and supply industry grew 4.9%.
By product, in March, production of 338 out of 619 products increased year-on-year. Among them, 123.37 million tons of steel, up 0.1% year on year; 154.4 million tons of cement, a decrease of 22.0%; 6.67 million tons of ethylene, up 7.1%; 2.77 million tons of ethylene, up 3.6%; 2.794 million vehicles, an increase of 6.5%, of which 884 million new energy vehicles, an increase of 33.5%; power generation capacity was 747.7 billion kilowatt-hours, an increase of 2.8%; crude oil processing volume was 63.78 million tons, an increase of 1.3%.
In March, the product sales rate of industrial enterprises above scale was 93.1%, down 1.3 percentage points from the previous year; industrial enterprises above scale achieved export delivery value of 1267.1 billion yuan, a nominal increase of 1.4% over the previous year.
Total retail sales of consumer goods increased by 3.1% in March 2024
In March, total retail sales of consumer goods amounted to 390.2 billion yuan, an increase of 3.1% over the previous year. Among them, retail sales of consumer goods other than automobiles amounted to 3496.8 billion yuan, an increase of 3.9%.
From January to March, total retail sales of consumer goods amounted to 12032.7 billion yuan, an increase of 4.7% over the previous year. Among them, retail sales of consumer goods other than automobiles amounted to 10,916.3 billion yuan, an increase of 4.7%.
According to the location of business units, in March, retail sales of urban consumer goods amounted to 3384.3 billion yuan, an increase of 3.0% over the previous year; retail sales of rural consumer goods amounted to 517.7 billion yuan, an increase of 3.8%. From January to March, retail sales of urban consumer goods amounted to 10,428 billion yuan, an increase of 4.6%; retail sales of rural consumer goods amounted to 1604.7 billion yuan, an increase of 5.2%.
By type of consumption, retail sales of goods amounted to 3505.6 billion yuan in March, an increase of 2.7% over the previous year; food and beverage revenue was 396.4 billion yuan, an increase of 6.9%. From January to March, retail sales of goods amounted to 106.88.2 billion yuan, an increase of 4.0%; food and beverage revenue was 1344.5 billion yuan, an increase of 10.8%.
According to the retail sector, from January to March, retail sales of supermarkets, convenience stores, specialty stores, and brand specialty stores of retail units above the limit increased by 2.2%, 5.2%, 6.3%, and 1.1%, respectively, over the same period last year, while retail sales of department stores decreased by 2.4%.
From January to March, online retail sales nationwide reached 338.2 billion yuan, an increase of 12.4% over the previous year. Among them, online retail sales of physical goods reached 280.53 billion yuan, an increase of 11.6%, accounting for 23.3% of total retail sales of social consumer goods; in online retail sales of physical goods, food, clothing, and consumer goods increased by 21.1%, 12.1%, and 9.7%, respectively.
National fixed asset investment increased 4.5% from January to March 2024
From January to March 2024, the country's fixed asset investment (excluding rural households) was 104.2 billion yuan, up 4.5% year on year (based on a comparable scale, see note 7 for details), 0.3 percentage points faster than in January-February. Among them, investment in manufacturing increased by 9.9%, and the growth rate accelerated by 0.5 percentage points; infrastructure investment (excluding production and supply of electricity, heat, gas and water) increased by 6.5%, and the growth rate accelerated by 0.2 percentage points. On a month-on-month basis, fixed asset investment (excluding rural households) increased by 0.14% in March. From January to March 2024, private fixed asset investment was 5159.7 billion yuan, an increase of 0.5% over the previous year.
By industry, the primary sector invested 1804 billion yuan, an increase of 1.0% over the previous year; the secondary sector invested 3321.3 billion yuan, an increase of 13.4%; and the tertiary sector invested 652.5 billion yuan, an increase of 0.8%.
In the secondary sector, industrial investment increased 13.4% year over year. Among them, investment in the mining industry increased by 18.5%, and investment in electricity, heat, gas and water production and supply increased by 29.1%.
In the tertiary sector, investment in railway transportation increased 17.6% year on year, investment in air transport increased 35.4%, and investment in water management increased 13.9%.
By region, investment in the eastern region increased by 5.7% year on year, investment in the central region increased by 4.1%, investment in the western region increased by 1.4%, and investment in the northeast region increased by 9.6%.
By registration type, investment in domestic enterprises increased 4.4% year-on-year, investment in Hong Kong, Macao and Taiwan enterprises increased 7.1%, and investment in foreign enterprises decreased by 10.4%.
Energy production in March 2024
In March, production of raw coal, crude oil, natural gas, and electricity in industries above scale (hereinafter referred to as regulated industries) was generally stable.
I. Production of raw coal, crude oil and natural gas and related conditions
Raw coal production was generally stable, and imports increased year-on-year. In March, industrial raw coal production was 400 million tons, down 4.2% year on year. The growth rate was the same as in January-February; the average daily output is still at a high level of 12.88 million tons. 41.38 million tons of coal were imported, up 0.5% year on year.
From January to March, industrial raw coal production was 1.11 billion tons, a year-on-year decrease of 4.1%. The import of 120 million tons of coal was increased by 13.9% over the same period last year.
Crude oil production grew steadily, and imports changed from increase to decline. In March, industrial crude oil production was 18.37 million tons, up 1.2% year on year, and the growth rate was 1.7 percentage points slower than in January-February; the average daily output was 593,000 tons. Crude oil imports were 49.05 million tons, a year-on-year decrease of 6.2%.
From January to March, industrial crude oil production was 53.48 million tons according to regulations, an increase of 2.3% over the previous year. Imported crude oil was 137.36 million tons, up 0.7% year on year.
Crude oil processing has increased. In March, the amount of industrial crude oil processed according to regulations was 63.78 million tons, up 1.3% year on year. The growth rate was 1.7 percentage points slower than in January-February; the average daily processing volume was 2,057 million tons. From January to March, 182.46 million tons of crude oil were processed, up 2.4% year on year.
Natural gas production reached a record high, and imports maintained a relatively rapid growth rate. In March, industrial natural gas production was 21.6 billion cubic meters, up 4.5% year on year, and the growth rate was 1.4 percentage points slower than in January-February; the average daily output was 700 million cubic meters. The import of natural gas was 10.76 million tons, an increase of 22.0% over the previous year.
From January to March, industrial natural gas production was 63.2 billion cubic meters, an increase of 5.2% over the previous year. Imports of natural gas amounted to 32.79 million tons, a year-on-year increase of 22.8%.
II. Electricity production situation
Electricity production is growing steadily. In March, according to regulations, industrial power generation was 747.7 billion kilowatt-hours, up 2.8% year on year. The growth rate fell 5.5 percentage points from January-February, with an average daily power generation of 24.12 billion kilowatt-hours. From January to March, industrial power generation was 227.2 billion kilowatt-hours according to regulations, an increase of 6.7% over the previous year.
By type, in March, according to regulations, the growth rate of industrial hydropower, wind power, and solar power generation accelerated, the growth rate of thermal power declined, and nuclear power changed from increase to decline. Among them, regulated industrial thermal power increased 0.5% year on year, down 9.2 percentage points from January-February; industrial hydropower grew by 3.1%, 2.3 percentage points faster than in January-February; regulated industrial nuclear power fell 4.8%, up 3.5% in January-February; regulated industrial wind power grew 16.8%, 11.0 percentage points faster than in January-February; and industrial solar power grew 15.8%, 0.4 percentage points faster than in January-February.
The utilization rate of industrial capacity above the national scale in the first quarter of 2024 was 73.6%
In the first quarter of 2024, the utilization rate of industrial capacity above the national scale was 73.6%, down 0.7 percentage points from the same period last year and 2.3 percentage points from the previous quarter.
Looking at the three major categories, in the first quarter of 2024, the mining industry's capacity utilization rate was 75.0%, down 0.2 percentage points from the same period last year; the manufacturing capacity utilization rate was 73.8%, down 0.7 percentage points; and the capacity utilization rate of the electricity, heat, gas and water production and supply industries was 71.2%, down 0.7 percentage points.
By major industries, in the first quarter of 2024, the capacity utilization rate of the coal mining and washing industry was 71.6%, the food industry was 69.1%, the textile industry was 78.0%, the chemical raw materials and chemical products manufacturing industry was 76.4%, the non-metallic mineral products industry was 62.0%, the ferrous metal smelting and rolling processing industry was 77.3%, the non-ferrous metal smelting and rolling processing industry was 78.2%, the general equipment manufacturing industry was 77.0%, the automobile manufacturing industry was 64.9%, and the electrical machinery and equipment manufacturing industry was 72.7% The manufacturing industry of communications and other electronic equipment was 74.7%.
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