China's industrial output up 3.5% in October

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A man works at a factory of Ben Gang Group Corporation in Benxi, northeast China's Liaoning Province, Aug. 18, 2021. [Photo/Xinhua]

China's industrial production continued to expand in October, with the high-tech manufacturing sector posting strong performance, official data showed Monday.

China's value-added industrial output, an important economic indicator, went up 3.5 percent year on year in October, putting the average October growth for the past two years at 5.2 percent, data from the National Bureau of Statistics (NBS) showed.

Despite unfavorable factors such as the COVID-19 pandemic and floods, China's industrial and service sectors managed to "show an improving trend," said NBS spokesperson Fu Linghui.

The output of the high-tech manufacturing sector jumped 14.7 percent year on year last month, faster than the growth pace of the overall industrial output.

Specifically, the output of new energy vehicles logged a sharp increase of 127.9 percent in October, while that of integrated circuits and industrial robots jumped 22.2 percent and 10.6 percent, respectively.

In a breakdown by ownership, the output of state-owned enterprises rose 5.2 percent, and the private sector's output increased 2.4 percent.

Although Fu cautioned that the "international environment remains complex" with some uncertainties, he pointed out that China's industrial sectors will have broad development prospects as the country's economy will enjoy positive growth in the medium to long term.

The industrial output is used to measure the activity of designated large enterprises with an annual business turnover of at least 20 million yuan (about 3.11 million U.S. dollars).

The value-added industrial output of the country's designated large enterprises rose by 10.9 percent year on year in the first ten months this year, putting the average January-October growth for the past two years at 6.3 percent.

Profits of China's major industrial firms surged 44.7 percent year on year in the January-September period to top 6.34 trillion yuan, earlier data showed.

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