By Michalis Voutsinas and Helen Vlassi
MACRO ENVIRONMENT
China’s industrial production rose by 5.0 percent year-on-year in October, slowing from a 6.3 percent pace seen in September and missing expectations for 5.2 percent growth.
October’s retail sales shrank by 0.5 percent for the first time since May, dragging down the year-to-date figure to a just 0.6 percent growth.
Chinese yuan trended upwards lately, as investors cheered the government's decision to ease some of the country's strict COVID-19 prevention controls.
Exports from China witnessed a sudden drop of 0.3 percent year-on-year in October to USD 298.37 billion, shifting from a gain of 5.7 percent in previous month.
Imports to China soared by 0.7 percent year-on-year in October to USD 213.17 billion, marking its first contraction since August 2020.
China posted a total trade surplus of USD 85.15 billion in October, compared with a USD 84.75 billion surplus in the previous month.
PRICE ENVIRONMENT
China’s producer-price index slipped to 1.3 percent from a year earlier in October, marking its first decline since December 2020.
China’s factory-gate inflation fell during October, being dragged down by decreasing domestic iron and steel prices.
On a monthly basis, China’s producer price index rose by 0.2 percent in October, reversing from 3-straight months of decline.
China’s consumer price index inched up to 2.1 percent in October from a year earlier, easing from September’s 29- month high figure of 2.8 percent rise.
Non-food prices rose by 1.1 percent year-on-year in October.
On a monthly basis, October’s consumer price index remaned stable, contracting by just 0.2 percentage points from previous month.
MANUFACTURING 1/2
China’s production of crude steel increased by 11.0 percent from a year earlier in October, to 79.76 million tonnes .
Average daily output in October stood at 2.57 million tonnes, marking its slowest pace since a reading of 2.3 million tonnes in November 2021.
During the first ten months of 2022, China churned out 860.57 million tonnes of crude steel, or down 2.2 percent from a year earlier.
The official manufacturing Purchasing Manager's Index (PMI) came in at 49.2 in October, down by 0.9 percentage points month-on-month.
The sub-index measuring total new orders stood at 48.1 percent, or down 1.7 percentage points from previous month.
China’s Purchasing Manager’s Index (PMI) dropped below the threshold territory, signalling a deterioration in market demand.
MANUFACTURING 2/2
China’s real estate investment dropped by 16.0 percent year-on-year in October, marking its biggest drop since JanuaryFebruary 2020 period.
Property sales by floor area dropped by 23.2 percent year-on-year in October amid protracted Covid-19 restrictions.
The pace of new construction by floor area plunged by 45.7 percent year-onyear in October, following a drop of circa 45.4 percent a month earlier.
October’s total value added of industrial enterprises above the designated size increased by 5.0 percent over the previous year.
During the first ten months of 2022, the added value of industries grew by circa 4.0 percent year-on-year.
In terms of sectors, the value added of mining increased by 4.0 percent year-onyear; that of manufacturing increased by 5.2 percent year-on-year.
ENERGY 1/2
Electricity production in China reached circa 661 billion kwh in October, or a yearon-year increase of 1.3 percent.
From January to October, the power generation was 7.0 trillion kwh, up by circa 2.2 percent year-on-year.
In terms of varieties, the growth rate of solar power balanced at 24.7 percent in October compared to a year earlier, while the growth of nuclear power stood 2.7 percentage points higher than September’s figure.
China‘s hydropower output decreased by 17.7 percent year-on-year in October to 99.35 billion kwh.
October’s hydropower output in China stood circa 12.3 percentage points lower than September’s reading.
China’s solar power generation increased by 24.7 percent year-on-year from a reading of 18.9 percent rise in previous month.
ENERGY 2/2
Electricity generated from thermal power in China balanced at 445.31 terawatthours in the previous month.
China ‘s thermal power output increased by 3.2 percent year-on-year in October.
October’s figure stood 2.9 percentage points lower than that of previous month.
During October, China generated circa 61.33 terawatt-hoursfrom wind power.
Wind power electricity generation during the past month increased by circa 19.2 percent year-on-year.
During the past month, nuclear power generation increased by 7.4 percent from a year earlier, while it stood 2.7 percent lower than last month.
