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March industrial added value growth rate of 57 months high three major industry data recovery

Apr. 22, 2019

According to the data released by the National Bureau of Statistics, in March 2019, the added value of industrial enterprises above designated size increased by 8.5% year-on-year (the growth rate of the added value is the actual growth rate after deducting the price factor), which is 3.2 percentage points higher than that from January to February. , the highest since July 2014. From the ring, the added value of industrial enterprises above designated size increased by 1% in March from the previous month. In the first quarter, the added value of industrial enterprises above designated size increased by 6.5% year-on-year.

Mao Shengyong, a spokesperson for the National Bureau of Statistics, said that from the data point of view, the policy effects are cumulative. In the fourth quarter of last year, a series of “six stable” policies were launched. At the beginning of this year, a series of policies to expand effective investment and expand household consumption were continuously introduced. The government work report tax reduction and fee reduction policy continued to fall, including the Sino-US economic and trade consultations also released a lot of positive signals. Driven by policy effects, corporate expectations, market expectations and confidence are increasing. In addition, there are important factors in the industrial sector, and the VAT rate is lowered.

Wen Bin, chief researcher of China Minsheng Bank, told the "Securities Daily" reporter that the growth rate of industrial added value of industrial enterprises above designated size in March exceeded expectations and rebounded, which confirmed the sharp rebound of PMI. As the weather warmed up, the Spring Festival this year was 12 days earlier than last year. The impact of the holiday effect on March was reduced, and industrial production accelerated compared with last year. As the PPI rebounds, the prices of industrial materials such as steel and cement also increase. From a structural point of view, the data of the three major industries recovered comprehensively. The added value of the mining industry increased by 4.6% year-on-year, setting a new monthly high since August 2015. The growth rate of manufacturing added value was 9% year-on-year, which was recorded since October 2014. The monthly new high; the added value of public utilities increased by 7.7% year-on-year, significantly higher than the same period of the previous year.

In an interview with the Securities Daily, Morgan Stanley Huaxin Securities chief economist Zhang Jun said that after the Spring Festival holiday, industrial production rose 3.2 percentage points to 8.5%, the proportion of high-tech industries increased, upstream mining industry and The downstream traditional manufacturing production has grown rapidly. On the one hand, with the acceleration of the resumption of work, the average daily coal consumption of the six major power generation groups has turned from negative to positive, the output of crude steel in key enterprises has remained high, and the production of industrial production has increased; on the other hand, the industrial production and sales rate and export delivery value have increased significantly. The boost in demand has also driven the growth of production. In the case of improved currency transmission mechanism and a slight recovery in demand, the momentum of future corporate expansion may continue to rise.

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