Output of new energy vehicles in China surged 94.1 percent last month


chinanews– A worker is seen at a factory of the Shaanxi Automobile Holding Group in Xi’an, capital of northwest China’s Shaanxi Province, Nov. 2, 2020. (Xinhua/Liu Xiao)

BEIJING, Nov. 16 (Xinhua) — China’s industrial output saw further growth in October as factory production continued to expand amid effective COVID-19 control and government policies to boost demand and consumption.

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

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.

Last month, the country’s manufacturing sector expanded 7.5 percent year on year, continuing its positive trajectory.

Output in the production and supply of electricity, thermal power, gas and water rose 4 percent, while the mining sector saw output up by 3.5 percent.

Among the bright spots was equipment manufacturing, which logged a 10.8-percent increase year on year in October, outpacing the overall industrial output growth.

Specifically, the output of new energy vehicles surged 94.1 percent year on year last month, while integrated circuits gained 20.4 percent.

Supported by government policies, the Chinese economy has enjoyed sustained and stable recovery momentum, and production has picked up pace amid rebounding demand and upbeat market expectations, the NBS said in a statement.

In a breakdown by ownership, output by the private sector went up 8.2 percent year on year in October.

The output of state-owned enterprises rose 5.4 percent, that of joint-stock companies rose 6.9 percent and that of overseas-funded enterprises gained 7 percent.

However, the global spread of the virus might hamper international trade, and the domestic recovery still faces pressures, it added.

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 3 million U.S. dollars).