News observation： Focus on China’s economic ＂transcripts＂ in October.

CCTV News:China’s economic "report card" released by the National Bureau of Statistics on October 15th shows that, despite the impact of epidemic and other shocks, the employment situation is generally stable, structural adjustment has been solidly promoted, people’s livelihood has been continuously improved, and the economic operation is generally stable and continues to recover, showing resilience and vitality.

In October, the year-on-year growth rate of China’s main economic indicators rose and fell, but from the two-year average growth rate, most indicators were accelerated.

In the first 10 months, the added value of industrial enterprises above designated size increased by 10.9% year-on-year, the total retail sales of social consumer goods increased by 14.9%, and the total import and export of goods increased by 22.2%; The national urban survey unemployment rate averaged 5.1%, and the national consumer price index (CPI) rose by 0.7% year-on-year, both lower than the expected target of annual macro-control.

Despite the impact of adverse factors such as epidemic situation and flood, China’s agricultural production remained stable, and its industry and service industry withstood the impact, showing an improvement trend, and its development resilience continued to show. In particular, the market has achieved positive results in ensuring supply. In October, the year-on-year growth rate of raw coal production in China changed from last month to 4%, and the production of metal containers and integrated circuits, which are in short supply in the market, increased by 76.2% and 22.2% respectively.　

Positive changes have taken place in industrial production. In October, the growth rate of 22 of 41 major industries rebounded, and the output growth rate of 288 of 590 industrial products rebounded, and the areas of industrial production improvement increased significantly.　

Fu Linghui, spokesperson of the National Bureau of Statistics and Director of the National Economic Comprehensive Statistics Department:Positive changes in industrial production will provide strong support for economic recovery. In the medium and long term, China’s economy is improving for a long time, the integration of industrialization and informatization is accelerating, the digital transformation of manufacturing industry continues to advance, the innovation drive is constantly enhanced, and the industrial economy has broad prospects for development.

In the first 10 months of this year, the online retail sales of physical goods increased by 14.6% year-on-year, accounting for 23.7% of the total retail sales of social consumer goods.

Fu Linghui, spokesperson of the National Bureau of Statistics:These conditions show that the resilience of China’s consumer market is sufficient, the consumption scale is expanded, the consumption structure is upgraded, and the development trend of consumption pattern innovation has not changed. With the economic recovery, the expansion of employment, the increase of residents’ income and the gradual improvement of social security, consumption growth still has good support.

Fu Linghui said that China’s sustained economic recovery has not changed, and positive factors are accumulating. However, we must also see that there are still many uncertainties in international instability and constraints on domestic economic recovery. It is worth noting that in October, the national industrial producer price index (PPI) rose by 13.5% year-on-year, and the "scissors difference" with CPI was as high as 12 percentage points. The cost of enterprises continued to rise, and there was some pressure on ensuring supply and stabilizing prices.

Fu Linghui said, looking at the fourth quarter and the beginning of next year, the risk challenges faced by China’s economy are still complex and severe. Despite some risk challenges, overall, the economic operation is stable and the development quality is expected to be gradually improved.