China's Major Industries See 7% Year-on-Year Growth in Jan-Feb

China's industrial production continues to maintain a robust recovery momentum. According to data released by the National Bureau of Statistics, the value-added of industrial enterprises above the designated size increased by 7.0% year-on-year in actual terms in January-February, a growth rate exceeding market expectations and 0.2 percentage points faster than the same period last year. On a month-on-month basis, in February, the value-added of industrial enterprises above the designated size increased by 0.56% over the previous month.

Manufacturing grew by 7.7%, with the automobile manufacturing industry seeing a strong increase of 9.8%.

The value-added of industrial enterprises above the designated size across different industries and types of enterprises displayed diverse growth trends. Mining's value-added increased by 2.3% year-on-year, manufacturing grew by 7.7%, and the production and supply of electricity, heat, gas, and water increased by 7.9%. From the perspective of the nature of enterprises, state-controlled enterprises saw a year-on-year increase of 5.8% in value-added, joint-stock enterprises grew by 7.3%, foreign-funded enterprises and those from Hong Kong, Macao, and Taiwan grew by 6.2%, and private enterprises grew by 6.5%.

Furthermore, the growth trends across various industries are also relatively optimistic. Out of 41 major industrial categories, 39 maintained year-on-year growth. Notably, the value-added of the high-technology manufacturing industry increased by 7.5%, and that of the consumer goods manufacturing industry grew by 4.7%, both accelerating compared to the same period last year.

Additionally, the growth rate of fixed asset investment also showed signs of rebounding. Nationwide fixed asset investment increased by 4.2% year-on-year, 1.2 percentage points faster than the same period last year. Investment in the manufacturing sector grew by 9.4%, and investment in high-tech industries increased by 9.4% year-on-year, indicating a trend of continuous optimization and upgrading of the economic structure.

In the service sector, the development of modern services showed positive trends. The national service industry production index increased by 5.8% year-on-year, with industries such as accommodation and catering, information transmission, software and information technology services, and finance experiencing relatively rapid growth.

Retail sales also continued to recover. Total retail sales of consumer goods increased by 5.5% year-on-year, and the retail sales of services increased by 12.3% year-on-year, reflecting a gradually active consumer market.

Despite still facing many uncertainties and challenges both domestically and internationally, the continued rebound of China's economy is encouraging. Policies continue to make an impact, with various measures gradually taking effect, injecting momentum into economic growth. Going forward, China will persist with the overall policy theme of seeking progress while maintaining stability, intensify macro-economic regulation, and strive to promote sustained and healthy economic development.