A textile company employee works at a factory in Huai'an, Jiangsu province, on Jan 30, 2023. (ZHAO QIRUI / FOR CHINA DAILY)
BEIJING – China's value-added industrial output, an important economic indicator, went up 2.4 percent year-on-year in the first two months of 2023, data from the National Bureau of Statistics showed Wednesday.
The growth rose by 1.1 percentage points from the level in December 2022, and the two-year average growth stood at 4.9 percent, NBS data showed.
"In the first two months, Chinese economy steadily recovered with rising production demand, stable employment and consumer prices and improved market expectations," NBS spokesperson Fu Linghui told a press conference.
By ownership, state-controlled enterprises saw an increase of 2.7 percent in output from January to February, while the private sector's output grew by 2 percent, according to the National Bureau of Statistics
A breakdown of the figure by industries showed the mining industry's output increased by 4.7 percent year-on-year during the period, while that of the manufacturing sector rose by 2.1 percent.
By ownership, state-controlled enterprises saw an increase of 2.7 percent in output from January to February, while the private sector's output grew by 2 percent, according to the NBS.
In terms of products, the production of solar cells and new-energy automobiles rose by 40.8 percent and 16.3 percent year-on-year, respectively.
The industrial output is used to measure the activity of large enterprises each with an annual main business turnover of at least 20 million yuan ($2.91 million).
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In breakdown, investment in infrastructure construction reported a robust 9-percent increase in the period, and manufacturing investment also maintained growth momentum, up 8.1 percent. However, capital inflows in property development slipped 5.7 percent
Fixed-asset investment up 5.5%
Meanwhile, China's fixed-asset investment went up 5.5 percent year-on-year in the first two months, 0.4 percentage points higher than the full-year growth rate of 2022, according to the official data.
The investment totaled 5.3577 trillion yuan in January and February combined, the bureau said.
In breakdown, investment in infrastructure construction reported a robust 9-percent increase in the period, and manufacturing investment also maintained growth momentum, up 8.1 percent. However, capital inflows in property development slipped 5.7 percent.
High-tech industries in particular came as a bright spot, with investment up 15.1 percent. Specifically, investment in high-tech manufacturing and services expanded 16.2 percent and 12.3 percent, respectively.
More capital support was also given to improving people's livelihoods as investment in public health and education went up 18.8 percent and 4.8 percent, respectively.
People shop at a shopping mall in Changchun, northeast China's Jilin province, Jan 23, 2023. (PHOTO / XINHUA)
Retail sales up 3.5%
The official data also showed China's retail sales of consumer goods, a major indicator of the country's consumption strength, increased 3.5 percent year-on-year in the first two months.
The growth reversed declines in the previous three months.
The country's retail sales of consumer goods totaled 7.7 trillion yuan in the January-February period, according to the NBS.
In February, the country's retail sales dipped 0.02 percent on a monthly basis.
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In addition, the average surveyed urban unemployment rate stood at 5.6 percent between January and February.