China sees improved engineering construction performance in October

The operating rate of construction machinery, a key indicator of construction engineering performance, saw an increase in October, buoyed by stimulus policies implemented nationwide in China. According to the latest data from the State Information Center, in October, the operating rate of construction machinery increased by 1.6 percentage points compared to the previous month. The total equipment working hours have been steadily increasing for five consecutive months, with a notably accelerated growth rate in October.

Meanwhile, the total construction area nationwide has expanded. In October, out of the 31 provincial-level regions in the Chinese mainland, 28 saw a month-on-month growth in the operating rates of construction machinery.

In particular, over 10 provincial-level regions including Anhui, Henan, Hubei and Liaoning have witnessed a continuous increase in construction machinery operating rates for three consecutive months.

"The overall operating rates have increased rapidly since the start of October. The status of various equipment shows that most ongoing projects have entered the later stages, with finishing work steadily progressing. At the same time, the number of new construction or expansion projects has also kept increasing," said Huang Luchuan, an analyst focusing on the "excavator index" with the Rootcloud, an industrial Internet cloud platform solution provider.

Regionally, the most notable increase in construction machinery operating rates is seen in the central and eastern parts of China.

In Changxing County of Huzhou City, east China's Zhejiang Province, an aluminum company is operating around the clock.

"Currently, we have completed 80 percent of the whole project. We anticipate reaching full production capacity early next year. Once in full operation, the total output value is expected to exceed 4 billion yuan (556.8 million U.S. dollars) per year," said Xu Zhiqiang, general manager of Zhejiang Boao Aluminum.

Since the start of October, a total of 108 projects in emerging industries including smart vehicles and key components, new energy, smart equipment, digital industries and biopharmaceuticals have commenced or completed construction in Changxing County, with a combined fixed asset investment reaching 37.04 billion yuan (about 5.16 billion U.S. dollars).

"In the fourth quarter, with the accelerated implementation of a package of incremental policies and strengthened financial support, the formation of physical workload of engineering construction is expected to accelerate. This will play a more active role in uplifting the confidence of key players in the relevant industries and fostering economic growth in the fourth quarter," said Wei Ying, deputy director of the Big Data Development Department at the Information Center of the National Development and Reform Commission.

China sees improved engineering construction performance in October

As much as 37 percent of Americans saw their debt increase during this year's holiday shopping season, with average debt rising to 1,223 U.S. dollars from 1,181 dollars last year, according to the latest holiday debt survey of LendingTree, the nation's online loan marketplace.

The survey, conducted earlier this month among more than 2,000 U.S. consumers, found that rising tariffs and higher prices have put additional pressure on household budgets.

In a statement, LendingTree's chief consumer finance analyst Matt Schulz said the strain becomes more pronounced during the holiday season, as many consumers are reluctant to change long-standing shopping traditions, even as costs rise, leading to higher debt levels.

According to the survey, 63 percent of borrowers expect it will take three months or longer to repay their holiday-related debt, while about 41 percent said they are still paying off debt from last year. Schulz warned that if borrowers need six months to a year or more to repay their balances, the situation becomes more serious due to high credit card interest rates.

Data from Bankrate show that the average U.S. credit card interest rate currently exceeds 20 percent.

Meanwhile, U.S. consumers have grown increasingly pessimistic about their financial situation. Data released on Tuesday by The Conference Board showed that the U.S. Consumer Confidence Index fell for the fifth consecutive month in December, dropping to 89.1, the lowest level since April, amid deepening anxiety over jobs and income.

Over one-third of Americans rack up holiday debt: survey