China's value-added industrial output expanded 4.9 percent year on year in October, official data from the National Bureau of Statistics (NBS) showed on Friday.
At a press conference, Fu Linghui, spokesperson and chief economist of the NBS and director general of the Department of Comprehensive Statistics of the NBS, highlighted the eye-catching performance of the equipment manufacturing sector.
"Industrial production remained generally stable. In October, the value added of industrial enterprises above designated size grew by 4.9 percent year on year, continuing to maintain overall steady growth. Among them, the value added of the equipment manufacturing sector increased by 8 percent, significantly faster than the growth of industrial enterprises above designated size as a whole, demonstrating a clear supportive role in the overall industrial growth," said Fu.
Industrial enterprises above designated size are those with an annual main business turnover of at least 20 million yuan (about 2.8 million U.S. dollars).
A breakdown of the data showed that the manufacturing sector's value-added output increased by 4.9 percent year on year last month, while that of the mining sector grew by 4.5 percent. The value-added output of the electricity, heat, gas, and water production and supply sectors rose by 5.4 percent.
In the first 10 months of this year, China's industrial output increased by 6.1 percent compared with the same period last year, according to NBS data.
The country's service sector also registered steady growth in October, Fu said.
"The service sector maintained steady growth momentum, with the services production index climbing 4.6 percent year on year in October. From the perspective of the two-year average and cumulative growth rates, the service sector's expansion remained broadly stable. The overlap of the National Day holiday and Mid-Autumn Festival holiday this year spurred faster growth in related services, with the production index for accommodation and catering industries increasing 3.9 percent in October, accelerating by 2.6 percentage points from the previous month," said Fu.
China's industrial output up 4.9 pct in October
