In this July 17, 2020 file photo, a worker debugs a special robot at a workshop in the Tangshan Hi-tech Industrial Development Zone in Tangshan, North China's Hebei province. (PHOTO / XINHUA)

BEIJING - China's value-added industrial output, an important economic indicator, went up 6.9 percent year-on-year in October, data from the National Bureau of Statistics (NBS) showed Monday.

In the first 10 months, China's industrial output expanded 1.8 percent from one year earlier, compared with an increase of 1.2 percent in the first three quarters, data from the National Bureau of Statistics showed

The growth was the same as that of September, the NBS said.

On a month-on-month basis, industrial output rose 0.78 percent in October.

In the first 10 months, industrial output expanded 1.8 percent from one year earlier, compared with an increase of 1.2 percent in the first three quarters, NBS data showed.

The industrial output is used to measure the activity of designated large enterprises with an annual business turnover of at least 20 million yuan (about US$3 million). 

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Retail sales up 4.3% 

China's consumer spending continued to pick up pace in October amid the effective containment of the COVID-19 epidemic and steady economic recovery at home, the NBS data showed.

China's retail sales of consumer goods climbed 4.3 percent year-on-year to 3.86 trillion yuan (about US$584.5 billion) in October, the NBS said.

The growth picked up from the 3.3-percent gain in September after the major consumption gauge posted its first positive growth this year in August by rising 0.5 percent year-on-year.

Excluding auto consumption, retail sales went up 3.6 percent year-on-year last month.

The auto market demand also posted a robust performance last month, with sales rising 12 percent year-on-year, the fourth consecutive month of double-digit growth, while sales of new energy vehicles (NEV) doubled the level in the same month of last year, according to the Ministry of Commerce (MOC). NEV output surged 94.1 percent year-on-year in October.

Fu Linghui, spokesperson for the National Bureau of Statistics, attributed the pick-up in consumer spending to the country's effective epidemic control, increased resident income and pro-consumption policies

Consumption in rural areas gained 5.1 percent, outpacing a rise of 4.2 percent in urban regions. The catering industry reported a 0.8-percent increase in revenue, the first expansion this year as the hardest-hit sector struggled to recover from the coronavirus impacts.

The transport and service industries, including culture, sports and entertainment, gained vitality, with the business activity index exceeding 59 percent. 

Fu Linghui, spokesperson for the NBS, attributed the pick-up in consumer spending to the country's effective epidemic control, increased resident income and pro-consumption policies.

Meanwhile, the country's courier sector handled 8 billion parcels last month, up 38.9 percent year-on-year, with a surge of more than 30 percent for seven consecutive months, the MOC said.

The wholesale price of pork monitored by the MOC edged down 4.1 percent year-on-year, down 34.1 percentage points from the previous month, declining for the first time after growing for 19 consecutive months.

In the first ten months, retail sales went down 5.9 percent year-on-year, with the decline narrowing by 1.3 percentage points from the drop in the first three quarters.

Online consumption remained a bright spot, with online retail sales rising 10.9 percent year-on-year in the Jan-Oct period. Online sales of physical commodities went up 16 percent year-on-year, accounting for 24.2 percent of total retail sales during the period. 

Fixed-asset investment up 1.8% in first 10 months

China's fixed-asset investment (FAI) grew steadily in the first 10 months of 2020 amid the country's stable economic recovery from the COVID-19 epidemic.

The FAI went up 1.8 percent year-on-year in the first 10 months of the year, 1 percentage point higher than the rise in the first nine months, NBS data showed.

In the first 10 months, China's fixed-asset investment amounted to 48.33 trillion yuan (about US$7.32 trillion), according to the NBS

In the first 10 months, the FAI amounted to 48.33 trillion yuan (about US$7.32 trillion), according to the NBS.

Investment by the private sector fell 0.7 percent year-on-year in the first 10 months, with the drop narrowing 0.8 percentage points from that in the first nine months.

Investment in the primary industry went up 17.3 percent year-on-year, while that in the secondary industry fell 2.1 percent. Investment in the tertiary industry edged up 3 percent.

Meanwhile, investment in high-tech manufacturing and services surged 10 percent and 9.4 percent year-on-year, respectively.

On a month-on-month basis, FAI rose 3.22 percent in October.

The FAI includes capital spent on infrastructure, property, machinery and other physical assets. 

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Housing prices stable

China's housing market remained stable in October, with slower month-on-month growth in home prices in major cities, data of the NBS showed.

New home prices in four first-tier cities - Beijing, Shanghai, Guangzhou and Shenzhen - rose by 0.3 percent month-on-month in October, 0.1 percentage points slower from a month earlier, said the NBS

New home prices in four first-tier cities - Beijing, Shanghai, Guangzhou and Shenzhen - rose by 0.3 percent month-on-month in October, 0.1 percentage points slower from a month earlier, said the NBS.

On a month-on-month basis, new home prices edged up 0.1 percent in 31 second-tier cities, and rose 0.2 percent in 35 third-tier cities.  

Prices of resold homes in first-tier cities edged up 0.5 percent month on month in October, with growth slowing 0.4 percentage points from the previous month. The price rise in second-tier cities remained unchanged from the previous month at 0.2 percent, and third-tier cities saw month-on-month growth slowing 0.4 percentage points in their resold home prices.

The stable prices came amid sustained government efforts to rein in housing speculation, with more than 30 cities, including Shenzhen, Hangzhou and Chengdu, rolling out targeted measures to keep housing inflation within a proper range.

In October, local governments continued to maintain the principle that "housing is for living in, not for speculation", and adopted measures to  promote steady and sound development of the real estate market, said Sheng Guoqing, a senior NBS statistician. While curbing housing price speculation, the country will also implement city-specific policies in the sector, according to this year's government work report.

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Surveyed urban unemployment rate drops 

China's surveyed unemployment rate in urban areas stood at 5.3 percent in October, 0.1 percentage points lower than that of September, NBS data showed.

A total of 10.09 million new urban jobs were created in the first 10 months, completing the target tasks for the whole year ahead of schedule, said the National Bureau of Statistics

A total of 10.09 million new urban jobs were created in the first 10 months, completing the target tasks for the whole year ahead of schedule, said the NBS.

The surveyed unemployment rate among those aged between 25 and 59, the majority of the labor market, stood at 4.8 percent in October, unchanged from that of September.

Meanwhile, the surveyed unemployment rate in 31 major cities was 5.3 percent last month, down 0.2 percentage points from September, according to the NBS.

The surveyed urban unemployment rate is calculated based on the number of unemployed people who have participated in the employment survey in urban areas.

China will give priority to stabilizing employment and ensuring living standards this year, aiming to add over 9 million new urban jobs and keep the surveyed urban unemployment rate at around 6 percent, according to the government work report. 

Property investment up 6.3% in Jan-Oct

China's investment in property development rose 6.3 percent year on year in the first 10 months of 2020, picking up from the 5.6-percent increase in the first nine months, the NBS said.

Total property investment in the period stood at 11.66 trillion yuan (about US$1.77 trillion), NBS data showed.

Investment in residential buildings came in at 8.63 trillion yuan, up 7 percent from the same period last year, quickening from the 6.1-percent rise in Jan-Sept period.

Commercial housing sales in terms of floor area totaled 1.33 billion square meters in the first 10 months, basically unchanged compared with the same period last year.

In terms of value, commercial housing sales rose 5.8 percent year on year to 13.17 trillion yuan in the first 10 months, widening from the 3.7-percent increase in the first nine months.

The property development climate index compiled by the NBS went up slightly by 0.08 points from September to 100.5 points in October.

'Strong resilience'

"The October data mirrored the strong resilience of China's economy and its ability to recover," said Fu of the NBS.

As indicated by the data, imbalances in the economic operation have been adjusted, Fu said, adding that the growth driver is gradually shifting from investment to consumer spending, which will be conducive to developing a more sustained economy.

To cushion the impact of the COVID-19 epidemic, China has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates and banks' reserve requirements to stabilize growth and employment.

Looking forward, the country has foundations and conditions to sustain economic recovery, including good prospects of consumption, fast growth in industrial output and increased investment, Fu said.

Fu projected China's economic growth to further accelerate in the fourth quarter compared with that of the previous two quarters, as government measures aimed at supporting enterprises in difficulties and financial policies to bolster the broader real economy will continue to be effective.