The leap in robot density globally has been significant, more than doubling in the past six years. In Asia, this increase is marked by an impressive compound annual growth rate (CAGR) of 18% since 2016, largely due to significant installations of robots.

In 2021, South Korea held the top spot globally with a record 1,000 industrial robots per 10,000 workers, bolstered by its renowned electronics and automobile industries.

Singapore and Japan followed closely, with 670 and 399 robots per 10,000 workers, respectively.

Meanwhile, Germany remained Europe’s biggest robot market, and China distinguished itself as the world’s fastest-growing robot market. Despite a slight increase in robot density from 2020 to 2021, the US ranked ninth globally.

Top 10 forecasts of China’s manufacturing industry

According to the preliminary estimates of National Bureau of Statistics of China, the gross domestic product (GDP) of China was 72,278.6 billion yuan in the first three quarters, a year-on-year growth of 0.7% at comparable prices.

The GDP for the first quarter declined by 6.8% year on year, increased by 3.2% for the second quarter, and up by 4.9% for the third quarter of 2020.

By industry, the value-added of the primary industry was 4,812.3 billion yuan, up by 2.3 percent year on year; that of the secondary industry was 27,426.7 billion yuan, up by 0.9 percent; and that of the tertiary industry was 40,039.7 billion yuan, up by 0.4 percent.

The GDP for the third quarter grew by 2.7% quarter on quarter.

Check out China retail sales in Q3 here.

Agricultural Production

In the first three quarters, the value-added of agriculture (crop farming) grew by 3.8% year on year, the same as that of the first half of the year. Specifically, that of the third quarter grew by 3.9%.

The total output of summer grain and early rice totaled 170.10 million tons, a year-on-year growth of 2.24 million tons. The sown area for autumn grain was stable with an increase, major crops for autumn grain grew well and another bumper harvest is expected for autumn grain.

The planting structure was further optimized, with the sown areas of quality rice and soybean continuing to expand. In the first three quarters, the output of milk grew by 8.1%, and that of eggs grew by 5.1%.

The output of pork, beef, mutton and poultry dropped by 4.7%, a decline narrowed by 6.1 percentage points compared with that of the first half of this year.

Specifically, the output of poultry grew by 6.5%, and output of beef, mutton and pork dropped by 1.7%, 1.8% and 10.8% respectively, a decline narrowed by 1.7 percentage points, 0.7 percentage points and 8.3 percentage points compared with that of the first half of this year.

The pork production capacity gradually recovered. By the end of the third quarter, 370.39 million pigs were registered in stock, up by 20.7% year on year, among which, 38.22 million were breeding sows, up by 28.0%.

Check out China’s CPI from January to September 2020.

Industrial Production

In the first three quarters, the total value added of the industrial enterprises above the designated size grew by 1.2% year on year, while that of the first half of this year was down by 1.3%. Specifically, that of the third quarter grew by 5.8% year on year, 1.4 percentage points faster than that of the second quarter.

In September, the total value added of the industrial enterprises above the designated size grew by 6.9% year on year, growing for the sixth consecutive month, or 1.3 percentage points faster than the growth of August, with the month-on-month growth registering 1.18%.

An analysis by types of ownership showed that, in the first three quarters, the value-added of the state holding enterprises grew by 0.9% year on year; that of share-holding enterprises up by 1.5 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 0.3 percent; and that of private enterprises up by 2.1%.

In terms of sector, the value-added of mining went down by 0.6% year on year, a decline narrowed by 0.5 percentage points compared with that of the first half of this year; manufacturing up by 1.7% and the production and supply of electricity, thermal power, gas and water up by 0.8%, compared with a decline of 1.4% and 0.9% respectively in the first half of this year.

In the first three quarters, the value-added of high-tech manufacturing and equipment manufacturing grew by 5.9% and 4.7% year on year.

In terms of the output of products, in the first three quarters, the production of trucks, excavators, and shoveling machinery, industrial robots, and integrated circuits grew by 23.4%, 20.2%, 18.2% and 14.7% year on year respectively.

In the first eight months, the total profits made by industrial enterprises above the designated size totaled 3,716.7 billion yuan, down by 4.4% year on year, a decline narrowed by 3.7 percentage points compared with that of the first seven months.

The Manufacturing Purchasing Managers’ Index stood at 51.5% in September, 0.5 percentage points higher than that of August, staying above the threshold for seven consecutive months.

Service Sector

In the third quarter, the total value added of the tertiary industry grew by 4.3%, or 2.4 percentage points faster than that of the second quarter.

In the first three quarters, of modern service industries, the value-added of the information transmission, software and information technology services, and financial services grew by 15.9% and 7.0% respectively, or 1.4 percentage points and 0.4 percentage points higher than that of the first half of this year.

The Index of Services Production dropped by 2.6% year on year, a decline narrowed by 3.5 percentage points compared with that of the first half of the year; specifically, that of September grew by 5.4%, 1.4 percentage points faster than that of August.

In September, the Business Activity Index for services was 55.2%, 0.9 percentage points higher than that of August. Specifically, the Business Activity Index for transportation, telecommunication, internet and software, and accommodation and catering all stayed above 60%. In terms of market expectation, the Business Activities Expectation Index for service was 62.2%, 0.9 percentage points higher than that August.

Investment in Fixed Assets Shifted from Negative to Positive

In the first three quarters, the investment in fixed assets (excluding rural households) reached 43,653.0 billion yuan, up by 0.8% year on year, shifting from negative to positive for the first time in 2020, while that of the first half of this year was down by 3.1%.

• the investment in infrastructure grew by 0.2%, shifting from negative to positive for the first time in 2020, while that of the first half of 2020 was down by 2.7 percent;
• the investment in manufacturing dropped by 6.5%, a decline narrowed by 5.2 percentage points compared with that of the first half of 2020;
• the investment in real estate development grew by 5.6%, 3.7 percentage points faster than that of the first half of 2020.

The floor space of commercial buildings sold reached 1,170.73 million square meters, down by 1.8%, a decline narrowed by 6.6 percentage points compared with that of the first half of 2020; and the total sales of commercial buildings were 11,564.7 billion yuan, up by 3.7%, while that of the first half of 2020 were down by 5.4%.

The investment in China’s primary industry grew by 14.5%, a growth of 10.7 percentage points higher than that of the first half of the year; the secondary industry down by 3.4%, a decline narrowed by 4.9 percentage points compared with that of the first half of the year; the tertiary industry up by 2.3%, while that of the first half was down by 1.0%.

The private investment reached 24,399.8 billion yuan, down by 1.5%, a decline narrowed by 5.8 percentage points compared with that of the first half of 2020.

The investment in the high-tech industry grew by 9.1%, 2.8 percentage points faster than that of the first half of 2020. Of the total, the investment in high-tech manufacturing and high-tech services grew by 9.3% and 8.7% respectively.

In terms of high-tech manufacturing, the investment in pharmaceutical manufacturing, manufacturing of computers and office devices grew by 21.2% and 9.3% respectively.

In terms of high-tech services, the investment in e-commerce services, information services and services for commercialization of research findings grew by 20.4%, 16.9% and 16.8%.

The investment in social sectors grew by 9.2%, 3.9 percentage points higher than that of the first half of 2020. Of the total, the investment in health sector and education sector grew by 20.3% and 12.7% respectively, or 5.1 percentage points and 1.9 percentage points faster than that of the first half of 2020.

In September, the investment in fixed assets (excluding rural households) grew by 3.37% month on month.

Imports and Exports

In the first three quarters, the total value of imports and exports of goods was 23,115.1 billion yuan, up by 0.7% year on year, shifting from negative to positive for the first time in 2020; specifically, that of the third quarter grew by 7.5% year on year, while the that of the second quarter was down by 0.2%.

The value of exports was 12,710.3 billion yuan, up by 1.8%, and the value of imports was 10,404.8 billion yuan, down by 0.6%. The trade balance was 2,305.4 billion yuan in surplus.

In September, the total value of imports and exports was 3,066.3 billion yuan, up by 10.0% year on year. The value of exports was 1,662.0 billion yuan, up by 8.7 percent; the value of imports was 1,404.3 billion yuan, up by 11.6%.

The trade structure continued to optimize. In the first three quarters, the import and export of general trade accounted for 60.2% of the total value of the imports and exports, 0.8 percentage points higher than the same period of last year.

The exports of mechanical and electrical products grew by 3.2%, while that of the first half of 2020 was down by 2.3%. The imports and exports by private enterprises grew by 10.2%, accounting for 46.1% of the total imports and exports, 4 percentage points higher than the same period of last year.

Employment

In the first three quarters, the newly increased employed people in urban areas totaled 8.89 million, accomplishing 99.8% of the whole-year target.

In September, the urban surveyed unemployment rate was 5.4%, 0.2 percentage points lower than that of August. Specifically, the surveyed unemployment rate of population aged from 25 to 59 was 4.8%, 0.6 percentage points lower than the urban surveyed unemployment rate, the same as that of August.

The urban surveyed unemployment rate in 31 major cities was 5.5%, 0.2 percentage points lower than that of August.

The employees of enterprises worked averagely 46.8 hours per week. By the end of the third quarter, the number of rural migrant workers reached 179.52 million, 3.84 million less than that of the same period last year, down by 2.1% year on year.

Residents Income

In the first three quarters, the nationwide per capita disposable income of residents was 23,781 yuan, a nominal increase of 3.9% year on year, or a real increase of 0.6% after deducting price factors, shifting from negative to positive for the first time in 2020 as that of the first half of 2020 was down by 1.3%.

In terms of permanent residence, the per capita disposable income of urban households was 32,821 yuan, a nominal increase of 2.8%, or a real decrease of 0.3%.

The per capita disposable income of rural households was 12,297 yuan, a nominal increase of 5.8%, or a real increase of 1.6%.

The per capita disposable income of urban households was 2.67 times that of rural households, 0.08 less than that of the same period last year. The median of the nationwide per capita disposable income was 20,512 yuan, a nominal increase of 3.2% year on year.

China saw its first positive quarterly growth in consumer retail sales in Q3 2020

Powered by Alibaba’s cloud computing infrastructure and IoT, the Hangzhou-based factory offers SMEs a digitalized end-to-end manufacturing supply chain that allows for fully-customized, demand-driven production.

This gives smaller businesses and manufacturers in particular the ability to benefit from the digitalization of China’s over RMB30 trillion (over USD4 trillion) manufacturing market through being able to respond better and quicker to customers’ changing needs.

Data is the core of New Manufacturing and harnessing data insights is key to capturing new opportunities in the shift in consumer preference for personalized rather than mass-produced goods. New Manufacturing transforms traditional manufacturers with data-driven intelligence and technology to move towards a more agile model of production based on real-time demand,

said Alain Wu, CEO of Xunxi Digital Technology Company, Alibaba Group. “This allows traditional manufacturers to improve profitability and reduce inventory levels while still being able to meet these personalization needs.”

The introduction of New Manufacturing is another milestone in the implementation of Alibaba’s “Five New” strategy which was first introduced by founder Jack Ma in 2016 and comprises New Retail, New Manufacturing, New Finance, New Technology, and New Energy.

At an early stage, apparel was identified as the starting point for Xunxi – a sector in which the lengthy production cycles and high inventory levels have long been a problem for small and large players alike.

Powered by new technologies such as real-time resourcing, process and cost planning, automated in-house logistics and Xunxi’s manufacturing operating system, the factory is able to produce small-batch orders at reasonable costs and with shorter delivery times, consequently increasing manufacturing efficiency from 25% to an average of 55%.

Xunxi’s trend and sales forecast model alongside its own artificial intelligence-aided integrated product design platform give manufacturers insights into consumer preferences.

This enhanced information flow can reduce research and development costs and enable businesses to capture the fast-evolving opportunities for consumer personalization.

Apparel has consistently been one of the biggest categories on Alibaba’s retail marketplaces in China, which has given the company an unparalleled advantage in gathering customer insights.

In the past, excess inventory has led to a 30% loss in revenue across the industry. The Xunxi pilot demonstrates Alibaba’s commitment to making it easy to do business anywhere. Leveraging this ‘made-in-cloud’ production, SME businesses can stay competitive in the fast-moving fashion market.

Since its inception, the factory has collaborated with Taobao and Tmall merchants, live streaming broadcasters, and streetwear designers to explore and experiment with new possibilities of apparel manufacturing.

On September 14, the World Economic Forum (WEF) designated Xunxi Digital Factory a Lighthouse as part of its Global Lighthouse Network, a community of world-leading companies that have succeeded in adopting Fourth Industrial Revolution technologies at scale.

The designation recognizes Xunxi’s achievements in combining powerful digital technologies with consumer insight and bringing a fully digitalized New Manufacturing model to life.

The Xunxi showcase comes at a time when the COVID-19 pandemic is catalyzing an acceleration in the digital transformation of different industries.

In the future, Xunxi Digital Factory will help apparel customers reduce inventory levels even further while continuing to increase efficiency as well as the level of customization.

As the initiative progresses, the technology will be replicated into other sectors in addition to the current focus of fashion and apparel.

Mobile reach in 2020: Tencent, Alibaba, Baidu, ByteDance

The gross domestic product (GDP) of China was 45,093.3 billion yuan (US$6,565.68 billion) in the first half of 2019, a year-on-year increase of 6.3% at comparable prices according to the preliminary estimates of National Bureau of Statistics of China. The year-on-year GDP growth for the first quarter was 6.4 percent, and 6.2% for the second quarter.

The value-added of the primary industry was 2,320.7 billion yuan, a year-on-year growth of 3.0%; the secondary industry was 17,998.4 billion yuan, a year-on-year growth of 5.8%; and the tertiary industry was 24,774.3 billion yuan, a year-on-year growth of 7.0%.

Agricultural Production

In the first half of 2019, the value-added of crop farming grew by 3.9% year on year, 0.5 percentage point slower than the first quarter. The overall output of summer grain was 141.74 million tons, an increase of 2.93 million tons over last year, up by 2.1 percent, hitting the highest record as that of 2017.

The structure of crop farming was further optimized, as planting area for cotton and soybean increased. In the first half, the output of eggs grew by 3.6% year on year, and that of milk grew by 1.7%. The output of pork, beef, mutton, and poultry was 39.11 million tons, down by 2.1 percent, among which, the output of beef, mutton and poultry grew by 2.4 percent, 1.5% and 5.6% year on year respectively, while the output of pork went down by 5.5%.

Industrial Production

In the first half, the year-on-year growth rate of total value added of the industrial enterprises above the designated size was 6.0 percent, 0.5 percentage point slower than the first quarter.

In June, the year-on-year growth rate of total value added of the industrial enterprises above the designated size was 6.3 percent, 1.3 percentage points faster than that of May, up by 0.68% month on month.

An analysis by types of ownership showed that the value-added of the state holding enterprises went up by 5.0% year on year; that of share-holding enterprises up by 7.3%; and enterprises funded by foreign investors or investors from Hong Kong, Macao, and Taiwan up by 1.4%.

In terms of sectors, the value-added of the mining grew by 3.5% year on year, the manufacturing grew by 6.4% and the production and supply of electricity, thermal power, gas, and water grew by 7.3%. The value-added of strategic emerging industries grew by 7.7 percent, 1.7 percentage points faster than that of the industrial enterprises above the designated size.

The value-added of high-tech manufacturing grew by 9.0 percent, 3.0 percentage points faster than that of the industrial enterprises above the designated size, accounting for 13.8% of the total value added of the industrial enterprises above the designated size, 0.8 percentage point higher than that of the same period last year.

The output of new energy vehicles and solar cells grew by 34.6% and 20.1% year on year.

In the first five months of 2019, the total profits made by industrial enterprises above the designated size was 2,379.0 billion yuan, down by 2.3% year on year, 1.1 percentage points less than that of the first four months. The profits of industrial enterprises above the designated size in May grew by 1.1 percent, while that for April was down by 3.7% year on year.

The profit rate of the business revenue of industrial enterprises above the designated size was 5.72 percent, 0.2 percentage point higher than that of the first four months in 2019.

Service Sector Grew Fast

In the first half, the service sector maintained good momentum. The value-added of information transmission, software, and information technology services, that of leasing and business services, that of transport, storage and postal services, and that of financial intermediation grew by 20.6 percent, 7.8 percent, 7.3% and 7.3% year on year respectively, or 13.6 percentage points, 0.8 percentage point, 0.3 percentage point and 0.3 percentage point faster than that of the tertiary industry.

In the first half of 2019, the Index of Services Production increased by 7.3% year on year, 0.1 percentage point lower than that of the first quarter; specifically, that for June grew by 7.1 percent, 0.1 percentage point faster than that of May.

In June, the Business Activity Index for services was 53.4 percent, continuing to stay above the 50-point mark separating growth from contraction. The Business Activities Expectation Index for services was 60.3 percent, staying at a high level.

In the first five months, the business revenue of service enterprises above the designated size increased by 10.1% year on year, 0.3 percentage point faster than that of the first four months; specifically, the business revenue of strategic emerging services, high-tech services and technology services demonstrated fast growth, which increased by 12.5 percent, 12.3% and 12.0% respectively, or 2.4 percentage points, 2.2 percentage points and 1.9 percentage points faster than the growth of the service enterprises above the designated size.

Market Sales Demonstrated a Stable and Rising Trend with Higher Growth Rate and Share for Online Retail Sales

Investment Witnessed Steady Growth and the Investment in High-tech Industries Grew Fast

In the first half, the investment in fixed assets (excluding rural households) reached 29,910.0 billion yuan, up by 5.8% year on year, 0.2 percentage point faster than that of the first five months, or 0.5 percentage point slower than that of the first quarter.

Specifically, the private investment reached 18,028.9 billion yuan, up by 5.7%. The investment in the primary industry went down by 0.6%; the secondary industry went up by 2.9 percent, among which, that in manufacturing went up by 3.0%; the tertiary industry went up by 7.4 percent, among which, that in infrastructure was up by 4.1%.

The investment in the high-tech manufacturing industry increased by 10.4 percent, 4.6 percentage points faster than the total investment; the investment in high-tech services went up by 13.5 percent, 7.7 percentage points faster than the total investment. In June, the investment in fixed assets (excluding rural households) grew by 0.44% month on month.

In the first half, the total investment in real estate development was 6,160.9 billion yuan, up by 10.9 percent, or 0.9 percentage point slower than that of the first quarter. The floor space of commercial buildings sold reached 757.86 million square meters, down by 1.8% year-on-year. The total sales of commercial buildings were 7,069.8 billion yuan, up by 5.6 percent, maintaining the same speed as that of the first quarter.

Imports and Exports Showed Slight Growth

In the first half, the total value of imports and exports of goods was 14,667.5 billion yuan, a year-on-year increase of 3.9 percent, 0.2 percentage point faster than the first quarter.

The total value of exports was 7,952.1 billion yuan, up by 6.1%; the total value of imports was 6,715.5 billion yuan, up by 1.4%. The trade balance was 1,236.6 billion yuan in surplus, up by 41.6% year on year.

The import and export of general trade increased by 5.5 percent, accounting for 59.9% of the total value of the imports and exports, an increase of 0.9 percentage point compared with the same period last year.

The exports of mechanical and electrical products increased by 5.3 percent, accounting for 58.2% of the total value of exports. The total value of imports and exports by private enterprises increased by 11.0 percent, accounting for 41.7% of the total value, 2.7 percentage points higher than the same period last year.

In June, the total value of imports and exports was 2,561.9 billion yuan, a year-on-year increase of 3.2%. The total value of exports was 1,453.5 billion yuan, up by 6.1 percent, and the total value of imports was 1,108.3 billion yuan, down by 0.4%.

In the first half, the export delivery value of industrial enterprises above the designated size reached 5,836.1 billion yuan, a year-on-year increase of 4.2%. In June, the export delivery value of industrial enterprises above the designated size reached 1,055.5 billion yuan, up by 1.9 percent, 1.2 percentage points faster than that of May.

Consumer Price

In the first half, the consumer price went up by 2.2% year on year, 0.4 percentage point faster than the first quarter.

Specifically, the price went up by 2.2% both in the urban and rural areas. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 3.9% year on year; clothing up by 1.8%; housing up by 2.0%; articles and services for daily use up by 1.1%; transportation and communication down by 1.0%; education, culture and recreation up by 2.5%; medical services and health care up by 2.6%; other articles and services up by 2.2%.

In terms of food, tobacco and alcohol prices, prices for grain went up by 0.5 percent, pork up by 7.7 percent, fresh vegetables up by 9.2%. Core CPI excluding the price of food and energy went up by 1.8% year on year, 0.1 percentage point lower than that of the first quarter.

In June, the consumer price went up by 2.7% year on year, increasing at the same speed as last month, and down by 0.1% month on month.

In the first half of 2019, the producer prices for industrial products went up by 0.3% year on year, 0.1 percentage point faster than the first quarter. In June, the producer prices for industrial products were unchanged compared with the same period last year, down by 0.3 percentage month on month.

In the first half, the purchasing prices for industrial producers went up by 0.1% year on year, increasing at the same speed as the first quarter. In June, the prices dropped by 0.3% year on year and down by 0.1% month on month.

Employment

In the first half, the newly increased employed people in urban areas totaled 7.37 million, accounting for 67% of the whole-year target. In June, the surveyed unemployment rate in urban areas was 5.1 percent, 0.1 percentage point higher than the previous month.

Specifically, the surveyed unemployment rate of the population aged from 25 to 59 was 4.6 percent, 0.5 percentage point lower than that of the surveyed unemployment rate in urban areas. The urban surveyed unemployment rate in 31 major cities was 5.0 percent, the same as the previous month.

In June, the employees of enterprises worked averagely 45.7 hours per week. At the end of the second quarter, the number of rural migrant workers reached 182.48 million, an increase of 2.26 million over the same period last year, up by 1.3 percent, and 0.1 percentage point faster than the first quarter.

Residents Income Grew Faster than Economic Growth and Urban-Rural Income Ratio Continued to Narrow Down.

In the first half, the nationwide per capita disposable income of residents was 15,294 yuan, a nominal growth of 8.8% year on year, 0.1 percentage point faster than that of the first quarter; the real increase was 6.5% after deducting price factors, 0.2 percentage point higher than the economic growth.

In terms of permanent residence, the per capita disposable income of urban households was 21,342 yuan, real growth of 5.7%. The per capita disposable income of rural households was 7,778 yuan, real growth of 6.6%.

The per capita disposable income of urban households was 2.74 times of the rural households, 0.03 less than that of the same period last year. The median of the nationwide per capita disposable income was 13,281 yuan, a nominal increase of 9.0% year-on-year.

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The gross domestic product (GDP) of China was 65,089.9 billion yuan (US$9,368.51 bn) in the first three quarters of 2018, a year-on-year increase of 6.7% at comparable prices, according to the preliminary estimates of National Bureau of Statistics of China.

Specifically, the year-on-year growth was 6.8% for Q1 2018, 6.7% for Q2 2018, and 6.5% for Q3 2018. The value added of the primary industry was 4,217.3 billion yuan (US$607 bn), up by 3.4% year-on-year; the secondary industry 26,295.3 billion yuan (US$3,784.73 bn), up by 5.8%; and the tertiary industry 34,577.3 billion yuan (US$4,976.78 bn), up by 7.7%.

Agricultural Production was Sound

The output of summer crops was 138.72 million tons, a decrease of 3.06 million tons or 2.2% less over last year, and that of the early rice was 28.59 million tons, a decrease of 1.28 million tons or 4.3% less over last year.

In the first three quarters, the output of pork, beef, and mutton was 60.07 million tons, up by 0.2% year-on-year, among them, the output of pork was 38.43 million tons, up by 0.3%. There were 428.87 million pigs registered, a year-on-year decrease of 2.3%; and 495.79 million pigs were slaughtered, a year-on-year increase of 0.1%.

The Industrial Production was Generally Stable

In the first three quarters of 2018, the real growth of the total value added of the industrial enterprises above designated size was 6.4% year-on-year, 0.3 percentage point slower than H1 2018.

From the perspective of ownership types, the value added of the state holding enterprises went up by 7.0% year-on-year; collective enterprises down by 1.4%; share-holding enterprises up by 6.6%; and enterprises funded by foreign investors or investors from Hong Kong, Macao, and Taiwan up by 5.7%.

In terms of sectors, the value added of the mining increased by 1.8% on a year-on-year basis, the manufacturing grew by 6.7%, and the production and supply of electricity, thermal power, gas, and water grew by 10.3%.

In September, the value added of the industrial enterprises above designated size grew by 5.8% year-on-year.

In the first three quarters, the Index of Services Production increased by 7.8% year-on-year, 0.2 percentage point slower than H1 2018. Specifically, information transmission, software, and information technology services grew by 37.5% year-on-year; leasing and business services grew by 10.8% year-on-year.

In September, the Index of Services Production increased by 7.3% year-on-year.

In the first eight months, the total profits registered by industrial enterprises above the designated size were 4,424.9 billion yuan (US$636.88 bn), up by 16.2% year-on-year. The profit rate from the principal businesses of industrial enterprises above the designated size was 6.43%, 0.35 percentage point higher than that of the same period last year.

From January to August, the business revenue of service enterprises above the designated size grew by 12.0% year-on-year, and the profits for service enterprises above the designated size grew by 15.5% year-on-year.

Growth of Residents’ Consumption was Accelerated

In the first three quarters, the total retail sales of consumer goods reached 27,429.9 billion yuan (US$3,948.04 bn), a year-on-year rise of 9.3%, 0.1 percentage point slower than H1 2018. In terms of areas, the retail sales in urban areas reached 23,471.7 billion yuan (US$3,378.33 bn), up by 9.1%, and the retail sales in rural areas were 3,958.2 billion yuan (US$569.71 bn), up by 10.4%.

Grouped by consumption patterns, the income of the catering was 2,976.3 billion yuan, up by 9.8% year-on-year; and the retail sales of goods were 24,453.6 billion yuan, up by 9.2%.

The sales of upgraded consumer goods witnessed fast growth. Among the retail sales of enterprises above designated size, the retail sales of petroleum and related products, as well as communication appliances increased by 14.4% and 10.7% year-on-year, or 5.4 percentage points and 1.4 percentage points faster than the same period last year.

In September, the total retail sales of consumer goods grew by 9.2% year-on-year, 0.2 percentage point faster than August.

In the first three quarters, the national per capita consumption expenditure of residents was 14,281 yuan (US$2,055.49), a nominal year-on-year growth of 8.5%, 1.0 percentage point faster than the same period last year, or a real growth of 6.3% after price adjustment, 0.4 percentage point faster.

Specifically, the nominal growth of per capita consumption expenditure of urban households increased by 6.5%, 0.3 percentage point faster than the same period last year; the nominal growth of per capita consumption expenditure of rural households increased by 12.0%, 3.4 percentage points faster.

Private Investment and the Investment in Manufacturing Accelerated

In the first three quarters, the investment in fixed assets (excluding rural households) was 48,344.2 billion yuan (US$6,958.27 bn), a year-on-year growth of 5.4%, 0.6 percentage point less than the first six months, and 0.1 percentage point faster than the first eight months.

Specifically, private investment reached 30,166.4 billion yuan (US$4,341.91 bn), up by 8.7% year-on-year, 0.3 percentage point faster than H1 2018, or 2.7 percentage points faster than the same period last year.

The investment in the primary industry was up by 11.7%; the secondary industry grew by 5.2%, among which the investment in manufacturing was up by 8.7%, 1.9 percentage points faster than H1 2018, achieving a faster growth for the sixth consecutive month; the tertiary industry went up by 5.3%, among which the investment in infrastructure increased by 3.3%.

In the first three quarters, the total investment in real estate development was 8,866.5 billion yuan (US$1,276.17 bn), a year-on-year growth of 9.9%. The floor space of commercial buildings sold reached 1,193.13 million square meters, a year-on-year increase of 2.9%. The total sales of commercial buildings were 10,413.2 billion yuan (US$1,498.79 bn), a growth of 13.3% year-on-year.

Growth of Export Speeded up

In the first three quarters, the total value of imports and exports of goods was 22,283.9 billion yuan (US$3,207.36 bn), an increase of 9.9% year-on-year, 2.1 percentage points faster than H1 2018.

Specifically, the value of exports totaled 11,858.5 billion yuan (US$1,706.82 bn), up by 6.5%, 1.8 percentage points faster than H1 2018; the value of imports totaled was 10,425.4 billion yuan (US$1,500.55 bn), an increase of 14.1% year-on-year, 2.5 percentage points faster than H1 2018.

The trade balance was 1,433.1 billion yuan (US$206.27 bn) in surplus, down by 28.3% than the same period last year. The imports and exports with major trading partners increased. The imports and exports with the European Union, the United States, and ASEAN went up by 7.3%, 6.5%, and 12.6%, respectively.

And the imports and exports with some countries along the “Belt and Road” demonstrated growing momentum. The imports and exports with Russia, Poland, and Kazakhstan went up by 19.4%, 11.9%, and 11.8%, respectively.

In September, the total value of imports and exports was 2,885.2 billion yuan (US$415.27 bn), a year-on-year increase of 17.2%. Among that, the total value of exports was 1,549.2 billion yuan (US$222.98 bn), up by 17.0%, and the total value of imports was 1,336.0 billion yuan (US$192.29 bn), up by 17.4%.

In the first three quarters, the export delivery value of industrial enterprises above designated size reached 8,972.9 billion yuan (US$1,291.49 bn), a year-on-year increase of 8.1%.

In September, the export delivery value of the industrial enterprises above designated size reached 1,183.9 billion yuan (US$170.40 bn), a year-on-year increase of 11.7%.

Consumer Price Grew Mildly and the Growth of Prices for Industrial Products was Stable.

In the first three quarters, the consumer price went up by 2.1% year-on-year, 0.1 percentage point higher than H1 2018.

Grouped by commodity categories, prices for food, tobacco, and alcohol went up by 1.6% year-on-year; clothing up by 1.2%; housing up by 2.4%; articles and services for daily use up by 1.6%; transport and communication up by 1.7%; education, culture, and recreation up by 2.2%; medical services and health care up by 5.0%; other articles and services up by 1.1%.

In September, the consumer price was up by 2.5% year-on-year, 0.2 percentage point higher than last month, and up by 0.7% month-on-month.

In the first three quarters, the producer prices for industrial products went up by 4.0% year-on-year, 0.1 percentage point higher than H1 2018. The purchasing prices for industrial producers went up by 4.5% year-on-year.

In September, the producer prices for industrial products went up by 3.6% year-on-year, 0.5 percentage point less than last month, up by 0.6% month-on-month; and the purchasing prices for industrial producers were up by 4.2% year-on-year, or up by 0.6% month-on-month.

The Surveyed Unemployment Rate Dropped and the Employment Situation was Generally Stable

In September, the surveyed unemployment rate in urban areas was 4.9%, 0.1 percentage point less than last month, or 0.1 percentage point less over the same month last year.

The urban surveyed unemployment rate in 31 major cities was 4.7%, 0.2 percentage point less than last month and 0.1 percentage point less than the same month last year. Specifically, the surveyed unemployed rate of major labor force aged from 25 to 59 was 4.3%, which was the same as last month.

By the end of Q3 2018, the number of rural migrant workers reached 181.35 million, 1.66 million more than the same period last year, an increase of 0.9% year-on-year. The average monthly income of rural migrant workers was 3,710 yuan (US$533.99), an increase of 7.3% year-on-year.

Resident Income Grew Synchronized with the National Economy

In the first three quarters, the national per capita disposable income was 21,035 yuan (US$3,027.61), a nominal increase of 8.8% year-on-year, or a real increase of 6.6% after price adjustment; the growth rate was the same as H1 2018, which is almost same as that of the national economy.

In terms of permanent residence, the per capita disposable income of urban households was 29,599 yuan (US$4,260.24), a nominal increase of 7.9% year-on-year, or a real increase of 5.7% after price adjustment.

The per capita disposable income of rural households was 10,645 yuan (US$1,532.16), a nominal increase of 8.9% year-on-year, or a real increase of 6.8% after price adjustment. The per capita income of urban households was 2.78 times that of rural households, 0.03 less than the same period last year. The median of the national per capita disposable income was 18,236 yuan (US$2,624.74), a nominal increase of 8.7% year-on-year.

Economic Structure Continued to be Optimized and the Economy was more Consumption-based.

Industries continued to be upgraded. In the first three quarters, the growth rate of the value added of the tertiary industry was 1.9 percentage points higher than that of the secondary industry, accounting for 53.1% of the GDP, which was 0.3 percentage point higher than the same period last year and 12.7 percentage points higher than that of the secondary industry.

The role of consumption as the basic economic function was further solidified. In the first three quarters, the contribution rate of final consumption expenditure to economic growth was 78.0%, 46.2 percentage points higher than the total capital formation.

The consumption expenditure on services continued to represent a larger share. In the third quarter, the consumption expenditure on services accounted for 52.6% of the national consumption expenditure of households, 0.2 percentage point higher than the same period last year.

The investment structure continued to be optimized. In the first three quarters, the investment in the high-tech manufacturing industry grew by 14.9% year-on-year, 9.5 percentage points higher than the total investment.

The trade structure was further improved. In the first three quarters, import and export of general trade increased by 13.5%, accounting for 58.4% of the total value of the imports and exports, an increase of 1.9 percentage points compared with the same period last year. The export of mechanical and electronic products grew by 7.8%, accounting for 58.3% of the total value of exports.

Growth of New Driving Forces was Accelerated

The capacity utilization rate maintained stably. In the first three quarters, the industrial capacity utilization rate nationwide was 76.6%, maintaining the same level as compared with the same period last year.

In Q3 2018, the capacity utilization rate of smelting and pressing of ferrous metals, as well as mining and washing of coals were 78.7% and 70.1%, respectively, or 2.0 and 1.1 percentage points higher than the same period last year.

The corporate cost and leverage ratio decreased. In the first eight months, the cost for per-hundred-yuan turnover of principal business of the industrial enterprises above the designated size was 84.39 yuan, 0.35 yuan less than the same period last year.

By the end of August, the asset-liability ratio of the industrial enterprises above the designated size was 56.6%, 0.5 percentage point lower than the same period last year.

The inventory of commercial buildings continued to decrease. By the end of September, the floor space of commercial buildings for sale has dropped by 13.0% year-on-year.

More efforts were taken to improving weak links of key fields. In the first three quarters, the investment in the management of environmental protection and treatment of environmental pollution and the investment in agriculture increased by 33.7% and 12.4% year-on-year, respectively, or 28.3 percentage points and 7.0 percentage points faster than the total investment.

The progress of green development was achieved steadily. In the first three quarters, the energy consumption per unit of GDP dropped by 3.1% year-on-year.

New industries grew fast. In the first three quarters, the value added of high-tech industries and equipment manufacturing increased by 11.8% and 8.6% year-on-year, 5.4 and 2.2 percentage points faster than that of the industrial enterprises above the designated size.

The value added of industrial strategic and emerging industries went up by 8.8% year on year, 2.4 percentage points faster than that of the industrial enterprises above the designated size.

New products grew rapidly. In the first three quarters, the production of new energy vehicles was up by 54.8% year-on-year, and integrated circuits up by 11.7%.

New types of business were booming. In the first three quarters, the online retail sales reached 6,278.5 billion yuan (US$903.68 bn), a year-on-year growth of 27.0%. Specifically, the online retail sales of physical goods were 4,793.8 billion yuan (US$689.98 bn), a year-on-year growth of 27.7%, accounting for 17.5% of the total retail sales of consumer goods; the online retail sales of non-physical goods was 1,484.7 billion yuan (US$213.69 bn), an increase of 24.8%.

The gross domestic product (GDP) of China was 18,068.3 billion yuan (US$2,626.81 billion) in the first quarter of 2017, a year-on-year increase of 6.9% at comparable prices according to the preliminary estimates of National Bureau of Statistics of China.

The planting intention survey on 110,000 rural households showed that the planting area intended for rice went down by 0.3%; wheat down by 0.8%; corn down by 4.0%; soya up by 8.1%; and cotton down by 0.7%.

The output of pork, beef, mutton and poultry was 22.49 million tons, a year-on-year growth of 0.2 percent, among which the output of pork was 14.68 million tons, up by 0.2 percent. The number of pigs registered was 410.95 million, a year-on-year growth of 0.1 percent and 191.49 million pigs slaughtered, a year-on-year growth of 0.2 percent.

In Q1 2017, the year-on-year real growth rate of total value added of the industrial enterprises above designated size was 6.8%, 1.0 percentage point faster than Q1 2016; 0.8 percentage point faster than 2016.

An analysis by types of ownership showed that the value added of the state holding enterprises went up by 6.2% year on year; collective enterprises up by 0.5%; share-holding enterprises up by 6.9%; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 6.9%.

In terms of sectors, the value added of the mining dropped by 2.4 percent on a year-on-year basis, the manufacturing grew by 7.4 percent and the production and supply of electricity, thermal power, gas, and water grew by 8.9 percent.

The industrial structure continued to improve. The value added of high-tech industry and equipment manufacturing industry grew by 13.4% and 12.0% year on year respectively, 6.6 percentage points and 5.2 percentage points faster than that of the industrial enterprises above designated size as a whole, 2.6 percentage points and 2.5 percentage points higher than the whole of last year.

The sales-output ratio of the industrial enterprises above designated size reached 97.2%. In March 2017, the total value added of the industrial enterprises above designated size went up by 7.6% year on year, 1.3 percentage points faster than that in the first two months of 2017, or up by 0.83 percentage point month on month.

The index of national services production increased by 8.3% year on year, 0.1 percentage point higher than Q1 2016. Information transmission, software and information technology services, and transport, storage and postal services maintained high growth rates.

The growth rates of wholesale, retail trade, accommodation, and catering trade picked up considerably. In March 2017, the business activity index for sectors like retail trade, air transport, postal services, internet and software information technology services, monetary and financial services, capital market services, and insurance all kept within the expansion range of over 55%.

The investment in fixed assets (excluding rural households) was 9,377.7 billion yuan (US$1,361.35 bn) in Q1 2017, a year-on-year growth of 9.2%, 1.1 percentage points faster than the whole year of 2016, 0.3 percentage point faster that than in the first two months of 2017.

The investment by the state holding enterprises reached 3,308.7 billion yuan (US$480.32 bn), up 13.6%; private investment reached 5,731.3 billion yuan, up by 7.7%.

The investment in infrastructure was 1,899.7 billion yuan, an increase of 23.5%. The investment in high-tech industry increased by 22.6%, 13.4 percentage points faster than the total investment. The funds in place for investment in fixed assets in the first quarter were 10,608.1 billion yuan, down by 2.9 percent. The total investment in newly-started projects was 6,201.5 billion yuan, a drop of 6.5% year on year. .

The total investment in real estate development in the first quarter was 1,929.2 billion yuan, a year-on-year growth of 9.1 percent, 2.2 percentage points faster than last year, and 0.2 percentage point faster than the first two months. The investment in residential buildings went up by 11.2%. The floor space started was 315.60 million square meters, up by 11.6% year on year. Specifically, the floor space of residential buildings newly started went up by 18.1%.

The floor space of commercial buildings sold was 290.35 million square meters, up by 19.5%. The floor space of residential buildings sold was up by 16.9%. The total sales of commercial buildings were 2,318.2 billion yuan, a growth of 25.1 percent. The sales of residential buildings were up by 20.2 percent. The land space purchased for real estate development was 37.82 million square meters, up by 5.7 percent year on year.

The total retail sales of consumer goods in China reached 8,582.3 billion yuan (US$1,245.89 bn) in Q1 2017, a year-on-year rise of 10.0%, 0.4 percentage point less than the whole of last year.

The total value of imports and exports in Q1 2017 was 6,198.6 billion yuan (US$899.85 bn), an increase of 21.8% year on year. The total value of exports was 3,326.8 billion yuan, up by 14.8%; the total value of imports was 2,871.8 billion yuan, an increase of 31.1%. The trade balance was 454.9 billion yuan in surplus.

The export of mechanical and electronic products increased by 15.1%, accounting for 58.1% of the total value of exports. The imports from and exports to some countries along One Belt, One Road went up. The exports to Russia, Pakistan, Poland, Kazakhstan and India increased by 37.0%, 18.7%, 19%, 69.3%, and 27.7%.

The consumer price in China went up by 1.4% year on year in Q1 2017, 0.7 percentage point less than the same period of last year.

The national per capita disposable income was 7,184 yuan (US$1,042.9), a nominal growth of 8.5% year on year or a real growth of 7.0% after deducting price factors. The growth rate of income was 0.1 percentage point higher than that of GDP.

The per capita disposable income of the urban residents was 9,986 yuan (US$1,449.66), a real growth of 6.3 percent after deducting price factors. The per capita disposable income of the rural residents was 3,880 yuan, up by 7.2 percent in real terms.

The per capita income of the urban residents was 2.57 times of that of the rural residents, 0.02 less than the same period last year. The median of the national per capita disposable income was 6,067 yuan, a nominal increase of 6.7 percent.

The per capita expenditure nationwide was 4,796 yuan, a nominal increase of 7.7%, or 6.2% after deducting price factors.

By the end of February, the number of rural migrant workers was 172.53 million, which was 4.54 million more than the same period last year, or up by 2.7 percent. The monthly income of migrant workers was 3,482 yuan, a year-on-year increase of 6.4 percent.

Some economists think official Chinese economic data understates performance using data on satellite-recorded nighttime lights as an independent benchmark for comparing various published indicators of the state of the Chinese economy.

“Alibaba economy” to generate about 30% of all jobs in 2035

China’s spending on robotics will more than double to $59.4 billion in 2020 from $24.6 billion in 2016 (over half from manufacturing) according to IDC.

Spending on robotic systems, which includes industrial, service and consumer robots and after-market robotic hardware, is expected to hit $29 billion in 2020 while services-related spending, which encompasses application management, education, and training, hardware deployment, system integration, and consulting, will grow to over $15.8 billion.

China continues to lead the growth of worldwide robotics adoption, primarily driven by strong spending growth in process manufacturing and cross-industry applications

says Dr. Jing Bing Zhang, Research Director, Worldwide Robotics and Asia Pacific Manufacturing Insights, IDC Asia/Pacific.

In China, we are also seeing an accelerated growth in the adoption of commercial service robots especially for automated material handling in factories, warehouses and logistics facilities,

Continue to read → China enterprises digital adoptions insights 2017

In January 2015, China’s manufacturing purchasing managers index (PMI) was 49.8%, 0.3 percentage points lower over last month according to National Bureau of Statistics of China.

In view of the sizes of enterprises, the PMI of large-sized enterprises was 50.3 percent, decreased 1.1 percentage points month-on-month, continued to stay above the threshold, and keep expanding; that of medium-sized and small-sized enterprises were 49.9 and 46.4 percent respectively, up by 1.2 and 0.9 percentage points month-on-month, and the reduction had narrowed to varying degrees.

Among the five sub-indices composing PMI, the production index, new orders index and supplier delivery time index were higher than the threshold, while the employed person index and main raw materials inventory index were lower than the threshold.

Production index was 51.7 percent, decreased 0.5 percentage points month-on-month, and was higher than the threshold, indicating that the manufacturing production continued to maintain expanding, while the pace slowed down.

New orders index was 50.2 percent, decreased 0.2 percentage points month-on-month, and stayed above the threshold, showing that the growth rate of market demand of manufacturing sector dropped slightly.

Employed person index was 47.9 percent, decreased 0.2 percentage point month-on-month, continued to stay below threshold, indicating that the labor employment of manufacturing enterprises reduced.

Main raw materials inventory index was 47.3 percent, decreased 0.2 percentage points over last month, stayed below the threshold, indicating that the raw material inventory for manufacturing production continued to fall.

Supplier delivery time index was 50.2 percent, increased 0.3 percentage points month-on-month, and rose over the threshold, indicating that the delivery time of manufacturing raw material suppliers had been accelerated.

Also read: China Economy Statistics for 2014

In November 2014, China’s manufacturing purchasing managers index (PMI) was 50.3%, 0.5 percentage points lower over last month according to National Bureau of Statistics China.

The PMI of large-sized enterprises was 51.6%, decreased 0.3 percentage points month-on-month, continued to stay above the threshold; that of medium-sized and small-sized enterprises were 48.4% and 47.6% respectively, down by 0.7 and 0.9 percentage points respectively, both stayed below the threshold.

In November, among the five sub-indices composing PMI, the production index, new orders index and supplier delivery time index were higher than the threshold, while the employed person index and main raw materials inventory index were lower than the threshold.

• Production index was 52.5%, decreased 0.6 percentage points month-on-month, still stayed above the threshold, indicating a continued expansion of manufacturing production, while the growth had slowed.
• New orders index was 50.9%, decreased 0.7 percentage points month-on-month, still higher than the threshold, showing that the market demand of manufacturing sector continued to increase, with a narrowed growth rate.
• Employed person index was 48.2%, decreased 0.2 percentage points month-on-month, continued to stay below threshold, indicating that the labor employment of manufacturing enterprises reduced.
• Main raw materials inventory index was 47.7%, decreased 0.7 percentage points over last month, continued to stay below the threshold, indicating that the raw material inventory for manufacturing production continued to fall.
• Supplier delivery time index was 50.3%, increased 0.2 percentage points month-on-month, higher than the threshold, indicating that the delivery time of manufacturing raw material suppliers had been accelerated.

Also read: China Total Retail Sales Exceeded 2.39 Trillion Yuan in Oct 2014

According to National Bureau of Statistics of China, the gross domestic product (GDP) of China in the first three quarters of 2014 was RMB 41,990.8 billion (USD 6,858.5 billion), a year-on-year increase of 7.4%.

China’s year-on-year growth was 7.4% for Q1 2014, 7.5% for Q2 and 7.3% for Q3. The value added of the primary industry was 3,799.6 billion yuan, up by 4.2 percent; that of the secondary industry was 18,578.7 billion yuan, up by 7.4 percent; and that of the tertiary industry was 19,612.5 billion yuan, up by 7.9 percent. The gross domestic product of the third quarter of 2014 went up by 1.9 percent on a quarterly basis.

Agricultural Production Showed Good Momentum.

The total output of summer grain was 136.60 million tons, an increase of 4.75 million tons, up by 3.6%. The output of early rice was 34.01 million tons, a decrease of 125 thousand tons, down by 0.4%. The autumn grain production is expected to get a good harvest again.

In the first three quarters of 2014, the total output of pork, beef, mutton and poultry reached 59.75 million tons, a year-on-year growth of 2.0%. The output of pork reached 39.72 million tons, up by 3.3%.

The Growth of Industrial Production Remained Stable

The total value added of the industrial enterprises above designated size in the first three quarters was up by 8.5% at comparable prices, or 0.3 percentage point lower than that in the first half of the year. The value added growth of the state-owned and state holding enterprises went up by 5.2%; collective enterprises 2.6%; share-holding enterprises 9.9%; and 6.7% for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan provinces.

The value added of the mining grew by 4.8% on a year-on-year base, the manufacturing by 9.6% and the production and supply of electricity, thermal power, gas and water by 3.1%. The growth rates in eastern, central and western regions were up by 8.0%, 8.5% and 10.6% respectively.

Out of the 464 kinds of industrial products, 346 kinds realized year-on-year increase in output. In the first three quarters, the sales-output ratio of industrial enterprises above designated size was 97.7%, or 0.2 percentage point higher than that in the first half of the year. The export delivery value reached 8,748.3 billion yuan, up by 6.4%. In September, the total value added of the industrial enterprises above designated size was up by 8.0% year-on-year, or 0.91% month-on-month.

In the first eight months of this year, the profits made by industrial enterprises above designated size stood at 3,833.0 billion yuan, up by 10.0% year-on-year. Of this total, the profit from primary activities was 3,587.0 billion yuan, up by 9.6%. The costs for per-hundred-yuan turnover of primary activities of the industrial enterprises above designated size reached 86.06 yuan and the profit rate of the primary activities was 5.52%.

Investment in Fixed Assets Slowed Down.

In the first three quarters, the investment in fixed assets (excluding rural households) was 35,778.7 billion yuan, a growth of 16.1% (a real growth of 15.3% after deducting price factors), or 1.2 percentage points lower than that in the first half of the year.

Investment in the state-owned and state holding enterprises reached 11,236.9 billion yuan, a rise of 14.1%; private investment reached 23,150.9 billion yuan, up by 18.3%, accounting for 64.7% of the total investment.

The growth in eastern, central and western regions was 14.9%, 17.8% and 17.9% respectively. The investment in the primary industry was 864.2 billion yuan, up by 27.7%; the secondary industry 15,018.0 billion yuan, up by 13.7%; and the tertiary industry 19,896.5 billion yuan, an increase of 17.4%. The funds in place for investment in the first three quarters were 39,114.1 billion yuan, up by 12.4%. Specifically, the state budget went up by 14.1%, domestic loans up by 11.2%, self-raising funds up by 16.1%, and foreign investment down by 7.0%. The total planned investment in newly-started projects in the first three quarters was 30,372.9 billion yuan, an increase of 14.4%. In September, investment in fixed assets (excluding rural households) grew by 0.77% month-on-month.

The total investment in real estate development in the first three quarters was 6,875.1 billion yuan, a nominal annual growth of 12.5% (a real growth of 11.7% after deducting price factors), or 1.6 percentage points lower than that in the first half of the year. In particular, the investment in residential buildings went up by 11.3%. The floor space started in the first three quarters was 1,314.11 million square meters, down by 9.3%. Specifically, the floor space of residential buildings went down by 13.5%. The floor space of commercial buildings sold was 771.32 million square meters, down by 8.6%. Specifically, the floor space of residential buildings sold was down by 10.3%. The total sales of commercial buildings were 4,922.7 billion yuan, down by 8.9%. Specifically, the sales of residential buildings were down by 10.8%. The land space purchased for real estate development was 240.14 million square meters, down by 4.6%. By the end of September, the floor space of commercial buildings for sale was 571.48 million square meters, up by 28.0%. The funds in place for real estate development enterprises in the first three quarters reached 8,986.9 billion yuan, up by 2.3%.

Sales on Domestic Markets Enjoyed a Steady Growth.

In the first three quarters, the total retail sales of consumer goods reached 18,915.1 billion yuan, a nominal annual rise of 12.0% (a real growth of 10.8% after deducting price factors), or 0.1 percentage point lower than that in the first half of the year.

The retail sales of the enterprises (units) above designated size stood at 9,423.3 billion yuan, up by 9.5%. Analyzed by different areas, the retail sales in urban areas reached 16,313.2 billion yuan, up by 11.9%, and the retail sales in rural areas stood at 2,601.9 billion yuan, up by 13.0%.

Grouped by consumption patterns, the income of catering industry was 1,993.4 billion yuan, up by 9.7%; and the retail sales of goods were 16,921.7 billion yuan, up by 12.3%. In particular, the retail sales of the enterprises (units) above designated size reached 8,841.4 billion yuan, an annual growth of 10.1%. In September, the total retail sales of consumer goods rose 11.6% year-on-year (a real growth of 10.8% after deducting price factors), or 0.85% month-on-month.

In the first three quarters, the online retail sales reached 1,823.8 billion yuan, a year-on-year growth of 49.9%, and the online retail sales of the enterprises (units) above designated size stood at 288.8 billion yuan, up by 54.8%.

The Growth Rates of Imports and Exports Picked up.

The total value of imports and exports in the first three quarters was 19,422.3 billion yuan or 3,162.6 billion US dollars, an increase of 3.3%, or 2.1 percentage points higher than that in the first half of the year.

The total value of exports was 10,422.4 billion yuan, or 1,697.1 billion US dollars, up by 5.1%; the total value of imports was 8,999.8 billion yuan, or 1,465.5 billion US dollars, an increase of 1.3%. The trade surplus was 1,422.6 billion yuan or 231.6 billion US dollars.

In September, the total value of imports and exports was 2,441.7 billion yuan or 396.4 billion US dollars, up by 11.3%. The total value of exports was 1,315.9 billion yuan or 213.7 billion US dollars, up by 15.3%; and that of imports was 1,125.8 billion yuan or 182.7 billion US dollars, up by 7.0%.

The Growth of Consumer Price was Generally Stable.

In the first three quarters, the consumer price went up by 2.1% year-on-year, or 0.2 percentage point lower than that in the first half of the year. Specifically, the price went up by 2.2% in urban areas and 1.9% in rural areas.

Grouped by commodity categories, prices for food rose by 3.3%; tobacco, liquor and articles down by 0.6%; clothing up by 2.4%; household facilities, articles and maintenance services up by 1.2%; health care and personal articles grew by 1.2%; transportation and communication up by 0.1%; recreation, education, culture articles and services grew by 2.2% and housing went up by 2.3%.

In terms of food prices, grain grew up by 3.1%, oil or fat down by 5.0%, pork down by 4.5% and fresh vegetables down by 1.3%. In September, the consumer prices went up by 1.6% year-on-year, or 0.5% month-on-month.

In the first three quarters, the producer prices for industrial products went down by 1.6% year-on-year, while the price in September dropped by 1.8% year-on-year and 0.4% month-on-month. The purchasing price for industrial producers was down by 1.8% year-on-year. In September, the price was down by 1.9% year-on-year and 0.4% month-on-month.

Residents’ Income Kept Steady Growth.

In the first three quarters, the per capita cash income of rural households was 8,527 yuan, up by 11.8% nominally, or 9.7% in real terms. The per capita disposable income of urban households was 22,044 yuan, a nominal growth of 9.3%, or a real growth of 6.9% after deducting price factors.

Based on the integrated household survey, in the first three quarters of 2014, the national per capita disposable income was 14,986 yuan, a nominal growth of 10.5% or a real increase of 8.2%. The median of the national per capita disposable income was 13,120 yuan, a nominal increase of 12.1%.

By the end of September, the number of rural migrant workers was 175.61 million, which was 1.69 million more than that in the same period last year, or up by 1.0%. The average monthly income of migrant workers was 2,797 yuan, up by 10.0%.

Structural Adjustment Achieved Considerable Progress.

The industrial structure was more optimized. In the first three quarters, the value added of the tertiary industry accounted for 46.7% of the GDP, which was 1.2 percentage points higher than that in the same period last year, or 2.5percentage points higher than that of the secondary industry.

The structure of domestic demand continued to be improved. In the first three quarters, the final consumption expenditure accounted for 48.5% of the GDP growth, which was 2.7 percentage points higher than that in the same period last year. The income gap between urban and rural households was further narrowed.

In the first three quarters, the real growth of the per capita cash income of rural households was 2.8 percentage points higher than the per capita disposable income of urban households. The per capita income of urban households was 2.59 times that of the rural households, 0.05 less than that of the same period last year. Energy conservation and consumption reduction continued to make new achievements. In the first three quarters, the energy consumption per unit of GDP went down by 4.6%.

Money Supply Maintained a Steady Growth.

By the end of September, the balance of broad money (M2) was 120.21 trillion yuan, a year-on-year growth of 12.9%; the balance of narrow money (M1) was 32.72 trillion yuan, up by 4.8%; and the balance of cash in circulation (M0) was 5.88 trillion yuan, a rise of 4.2%.

At the end of September, the amount of outstanding loans was 79.58 trillion yuan, while the amount of outstanding deposits was 112.66 trillion yuan. In the first three quarters, the newly increased loans reached 7.68 trillion yuan, an increase of 404.5 billion yuan; the newly increased deposits were 8.27 trillion yuan, a decrease of 2.99 trillion yuan year-on-year. The social financing reached 12.84 trillion yuan, a decrease of 1.12 trillion yuan year-on-year.

China’s economy grew at its slowest pace in more than five years in Q3 2014 though the data still beats estimates.

Read more: China Consumer Prices Index Up by 1.6% YoY in September

Purchasing managers index (PMI) data, released by HSBC covering both manufacturing and services, signalled a further expansion of Chinese business activity in September 2014.

HSBC’s PMI data for September signalled slightly weaker expansions of both manufacturing and services business activity. And, the latest PMI data indicated the weakest increase in manufacturing output in the current four-month sequence of expansion. Meanwhile, service sector business activity growth eased from August’s recent peak but remained solid overall. The latter was signalled by the HSBC China Services Business Activity Index posting at 53.5 in September, down from 54.1 in August.

New business intakes continued to increase across both the manufacturing and service sectors in September. However, the rate of new order growth at manufacturing firms was only moderate. Meanwhile, new order books expanded at a solid pace at service sector companies, despite the rate of increase easing since August’s 19-month high.

Staffing levels rose for the thirteenth successive month at service providers in September, while workforce numbers declined modestly at manufacturers. The rate of job creation at service sector firms was similar to that recorded in the preceding three months and moderate overall. At the composite level, employment declined for the second month in a row, albeit marginally.

Backlogs of work rose for the fourth month running at manufacturers in September. In contrast, unfinished business declined for a third consecutive month at service sector firms. That said, the rate of backlog depletion eased from August’s 21-month record and was only modest. As a result, unfinished work volumes were unchanged from August at the composite level.

Service sector firms in China saw a further rise in average input costs in September. However, the rate of inflation was moderate and the weakest since April. Meanwhile, cost burdens faced by manufacturers fell at a solid pace.

Consequently, input costs declined for the first time in five months at the composite level, though only slightly. Latest data signalled divergent output prices trends across the manufacturing and service sectors, with charges falling markedly at manufacturing firms, while service providers raised their tariffs for the second straight month. That said, the rate of inflation was similar to August and only fractional.

At the composite level, output prices fell modestly over the month. Service providers were optimistic towards the 12-month business outlook, with the degree of positive sentiment rising to a six-month high in September. Moreover, 31% of panellists forecast increased activity over the next year.

Alibaba vice president revealed in public that Alibaba B2B platform 1688.com achieved daily transaction of 300 million yuan (USD 49.1 million) after a year’s transition to online wholesale transaction platform.

1688.com used to be an information platform, now it has been upgraded to a transaction platform within three years. In 2013, 1688.com integrated 1688 suppliers information in Taobao search, launched huopin (a wholesale group buy channel), taogongchang (an online manufacturing factories platform offering suppliers information for Taobao sellers ) and taohuoyuan (an online procurement platform specified for Taobao sellers). 1688 grew to the top choice of Taobao sellers for procurement.

In March 2013, 1688 daily transaction was around 30 million yuan (USD 4.91 million). By the end of 2013, it had increased tenfold. With the population of internet, online B2B grew rapidly in 2013. In the future, the challenge of online B2B lies in replacing the security of offline B2B transactions which is what Alibaba plans to solve.