China's industrial economy recovered well in the third quarter, and the automobile manufacturing industry recovered rapidly

In the third quarter, with the implementation of a package of policies and measures to stabilize the economy, industrial production overcame the adverse factors such as frequent outbreaks of epidemics and extreme high temperature, showing a positive recovery and continuous improvement trend.

The coordinated epidemic prevention and control and industrial economic development in various regions achieved remarkable results, and more than 70% of the regions recovered. In the third quarter, the growth rate of industrial added value above designated size in 23 provinces across the country rebounded or the decline narrowed compared with that in the second quarter, with a growth rate of 74.2%. Among them, the Yangtze River Delta region, which was greatly affected by the epidemic in the early period, rebounded sharply, and the added value of industries above designated size increased by 8.2% from 3.2% in the second quarter.

With the rapid recovery of the automobile industry supply chain, the capacity utilization rate of the automobile manufacturing industry in the third quarter reached 75.7%, rising 6.6 percentage points month-on-month, and the added value changed from a year-on-year decline of 7.6% in the second quarter to a substantial growth of 25.4%, which has played a significant role in driving the industrial economy.

The output of automobiles changed from decreased by 8.5% year-on-year in the second quarter to an increase of 31.4%. Among them, the output of new energy vehicles continued to double, with an increase of 113.1% in the third quarter, 20.8 percentage points faster than that in the second quarter; The output of basic passenger vehicles (cars) and sport utility vehicles (SUVs) decreased by 3.3% and 3.2% respectively in the second quarter, and increased by 32.1% and 38.2% respectively.

Source: National Bureau of Statistics of China

Translated by; WONDEE Autoparts

2022/11/4