National Bureau of Statistics: In the next stage, we should actively expand domestic demand and further promote the construction of a unified national market

The Zhitong Finance App learned that on December 15, the Information Office of the State Council held a press conference. Fu Linghui, spokesman for the National Bureau of Statistics, introduced the operation of the national economy in November and answered questions from reporters. Fu Linghui said that in November, the national economy continued its steady and progressive development trend, industrial production was generally stable, industrial optimization and upgrading continued, and new momentum continued to grow, strongly supporting the stable operation of the economy. In the next stage, it is necessary to actively expand domestic demand, further promote the construction of a unified national market, promote the transformation and upgrading of traditional industries, vigorously cultivate new quality productivity, accelerate the construction of a modern industrial system, and promote the sustainable and healthy development of the industry.

He pointed out that industrial production has made an important contribution to promoting stable economic development. Technological innovation and industrial innovation are being integrated at an accelerated pace, the digital and intelligent transformation of industry continues to advance, and the new momentum for development is growing steadily. In November, the added value of large-scale electronic special materials manufacturing and integrated circuit manufacturing increased by 30.9% and 32.4% respectively. The production of smart products is growing rapidly. In November, the added value of intelligent vehicle equipment manufacturing and intelligent unmanned aerial vehicle manufacturing increased by 30% and 49.3% respectively, and industrial robot production increased by 20.6%.

Driven by green transformation, the new energy industry is developing well. In November, production of lithium-ion power batteries for new energy vehicles and automobiles increased by 17% and 32.7% respectively. The production of green materials is growing rapidly. In November, the production of high-performance chemical fibers and bio-based chemical fibers increased by 41.3% and 27.7% respectively.

Fu Linghui also mentioned that the consumer market was generally stable in November, the scale of consumption continued to expand, service consumption grew rapidly, and the trend of improving the quality of consumption continued. The steady expansion of consumption in China is an inevitable sign of the per capita GDP exceeding 10,000 US dollars and the upgrading and development of the consumption structure. It is also the result of continuing efforts to promote consumption policies and the release of consumption potential. It is also a reflection of the widespread penetration of new technologies and models and the continuous emergence of new consumption growth points.

New consumption models such as instant retail and live e-commerce are growing rapidly, and online consumption and emerging consumption are improving. In January-November, online retail sales of physical goods increased 5.7% year on year. The growth rate was 1.7 percentage points faster than total retail sales of social consumer goods, accounting for 25.9% of total retail sales of social consumer goods. Digital consumption, green consumption, and healthy consumption are increasingly becoming new consumption hotspots, and their leading and supporting role in consumption is becoming more and more evident. From January to November, the retail sales volume of the national passenger car and new energy vehicle market maintained relatively rapid growth.

However, it is also important to note that residents' consumption capacity and confidence need to be further improved, and the endogenous motivation for consumption growth still needs to be strengthened. In the next stage, it is necessary to continue to thoroughly implement special actions to boost consumption, focus on stabilizing employment and increasing income, actively expand high-quality supply, vigorously optimize the consumption environment, continuously unleash consumption potential, and promote the sustainable, stable and healthy development of the consumer market.

The transcript is as follows:

Zhou Jianshe, Deputy Director of the Information Bureau and press spokesman of the Information Office of the State Council:

Good morning, ladies and gentlemen. Welcome to the press conference of the Information Office of the State Council. Today, we are releasing economic data on a regular basis. We invite Mr. Fu Linghui, press spokesperson of the National Bureau of Statistics, chief economist, and director of the National Economic Comprehensive Statistics Department, to introduce the operation of the national economy in November 2025 and answer everyone's concerns.

Now, I would like Mr. Fu Linghui to give an introduction.

Fu Linghui, press spokesperson of the National Bureau of Statistics, chief economist, and director of the National Economic Comprehensive Statistics Department:

Good morning to all media friends! As is customary, I will first report on the main data indicators for November, and then answer everyone's concerns.

The national economy continued its steady and progressive development trend in November.

In November, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, departments in all regions earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general tone of steady progress, implemented more active and promising macroeconomic policies, promoted the construction of a unified national market, and focused on promoting high-quality development. Production and supply were basically stable, the overall employment situation was stable, market prices continued to improve, and new quality productivity continued to develop steadily.

1. Achieved a good harvest of grain throughout the year, stabilizing at more than 1.4 trillion kg

The country's annual grain production was 1429.8 billion kg, an increase of 16.75 billion kg over the previous year, an increase of 1.2%, and stabilized at more than 1.4 trillion kg. Among them, autumn grain production was 107.3.2 billion kg, an increase of 16.36 billion kg over the previous year, an increase of 1.5%. The country's grain production was 1320.4 billion kg, an increase of 15.84 billion kg over the previous year, an increase of 1.2%. The area sown for grain has increased, and the yield has increased. The country sown 1,791 million mu of grain, an increase of 1.348 million mu over the previous year, an increase of 0.1%; the yield of grain was 399.1 kg/mu, an increase of 4.4 kg per mu over the previous year, an increase of 1.1%.

Fu Linghui:

2. Industrial production is growing steadily, and the equipment manufacturing industry and high-tech manufacturing industry are growing rapidly

In November, the value added of industries above the national scale increased 4.8% year on year and 0.44% month on month. Looking at the three major categories, the value added of the mining industry increased by 6.3% year on year, the manufacturing industry grew 4.6%, and the production and supply of electricity, heat, gas and water increased by 4.3%. The value added of the equipment manufacturing industry increased by 7.7% year on year, and the value added of the high-tech manufacturing industry increased by 8.4%, which is 2.9 and 3.6 percentage points faster than the value added of industries above all sizes, respectively. By economic type, the value added of state-owned enterprises increased by 4.2% year on year; joint-stock enterprises increased by 5.2%; foreign-invested enterprises, Hong Kong, Macao and Taiwan increased by 3.4%; and private enterprises increased by 3.2%. By product, production of 3D printing equipment, industrial robots, and new energy vehicle products increased by 100.5%, 20.6%, and 17.0% year-on-year, respectively. From January to November, the value added of industries above the national scale increased by 6.0% year on year. In November, the manufacturing purchasing managers' index was 49.2%, up 0.2 percentage points from the previous month; the expected index of enterprise production and operation activity was 53.1%, up 0.3 percentage points. From January to October, industrial enterprises above the national scale achieved a total profit of 5950.3 billion yuan, an increase of 1.9% over the previous year.

Fu Linghui:

3. The service industry is growing steadily, and the modern service industry is developing well

In November, the national service industry production index increased 4.2% year on year. By industry, production indices for information transmission, software and information technology services, leasing and business services, and financial services increased by 12.9%, 8.4%, and 5.1%, respectively, over the same period last year, which was 8.7, 4.2, and 0.9 percentage points faster than the service industry production index, respectively. From January to November, the national service industry production index increased 5.6% year on year. From January to October, the revenue of large-scale service enterprises increased 7.6% year-on-year. In November, the index of business activity in the service sector was 49.5%, and the expected index of business activity in the service sector was 55.9%. Among them, the index of business activity in industries such as railway transportation, telecommunications, radio and television and satellite transmission services, and monetary and financial services is in a high boom range of 55.0% or more.

Fu Linghui:

4. The scale of market sales has expanded, and the growth of retail services has accelerated

In November, total retail sales of consumer goods amounted to 4389.8 billion yuan, up 1.3% year on year; down 0.42% month on month. According to the location of the business unit, retail sales of urban consumer goods amounted to 3768.4 billion yuan, an increase of 1.0% over the previous year; retail sales of rural consumer goods amounted to 621.4 billion yuan, an increase of 2.8%. By type of consumption, retail sales of goods were 3784.1 billion yuan, an increase of 1.0%; food and beverage revenue was 605.7 billion yuan, an increase of 3.2%. Sales of basic lifestyle products and some upgraded products are growing rapidly. Retail sales of food, communications equipment, and cultural and office supplies per unit above the limit increased by 6.1%, 20.6%, and 11.7%, respectively. From January to November, total retail sales of consumer goods amounted to 45606.7 billion yuan, an increase of 4.0% over the previous year. Online retail sales nationwide reached 14458.2 billion yuan, an increase of 9.1% over the previous year. Among them, online retail sales of physical goods reached 11819.3 billion yuan, an increase of 5.7%, accounting for 25.9% of total retail sales of social consumer goods. In January-November, retail sales of services increased 5.4% year-on-year, 0.1 percentage points faster than in January-October. Among them, retail sales of cultural, sports and leisure services, communication and information services, travel consulting and rental services, and transportation and travel services grew rapidly.

Fu Linghui:

5. Investment in fixed assets declined year-on-year, and investment in manufacturing continued to grow

From January to November, the country's fixed asset investment (excluding rural households) was 44403.5 billion yuan, a year-on-year decrease of 2.6%; after deducting investment in real estate development, the country's fixed asset investment increased by 0.8%. By sector, investment in infrastructure decreased by 1.1% year on year, investment in manufacturing increased by 1.9%, and investment in real estate development decreased by 15.9%. The sales area of newly built commercial housing nationwide was 787.02 million square meters, a year-on-year decrease of 7.8%; sales of newly built commercial housing amounted to 7513 billion yuan, a decrease of 11.1%. By industry, investment in the primary sector increased 2.7% year on year, investment in the secondary sector increased by 3.9%, and investment in the tertiary sector decreased by 6.3%. Private investment fell 5.3% year on year; after deducting investment in real estate development, private investment fell 0.7%. In the high-tech industry, investment in information services, aviation, spacecraft and equipment manufacturing increased by 29.6% and 19.7%, respectively, over the same period last year. In November, fixed asset investment (excluding rural households) fell 1.03% month-on-month.

Fu Linghui:

6. The growth rate of imports and exports of goods picked up, and the trade structure continued to be optimized

In November, the total import and export volume of goods was 3898.7 billion yuan, up 4.1% year on year, 4.0 percentage points faster than the previous month. Among them, exports amounted to 2345.6 billion yuan, an increase of 5.7%; imports amounted to 1553.1 billion yuan, an increase of 1.7%. From January to November, the total import and export volume of goods was 41207.6 billion yuan, an increase of 3.6% over the previous year. Among them, exports amounted to 24457.9 billion yuan, an increase of 6.2%; imports amounted to 16749.8 billion yuan, an increase of 0.2%. In January-November, general trade imports and exports increased 2.1% year-on-year, accounting for 63.2% of total imports and exports. Imports and exports to the joint “Belt and Road” countries increased by 6.0%. Private enterprise imports and exports increased by 7.1%, accounting for 57.1% of total imports and exports, an increase of 1.8 percentage points over the same period last year. Exports of mechanical and electrical products increased by 8.8%, accounting for 60.9% of total exports.

Fu Linghui:

7. The employment situation is generally stable, and the urban survey unemployment rate is the same as last month

From January to November, the average unemployment rate in the national urban survey was 5.2%. In November, the unemployment rate in the national urban survey was 5.1%, the same as last month. The unemployment rate in the local household registration labor force survey was 5.3%; the unemployment rate in the foreign household registration labor survey was 4.7%, of which the unemployment rate in the foreign agricultural household registration labor survey was 4.4%. The unemployment rate in the urban survey of 31 major cities was 5.1%, the same as last month. The average weekly working hours of employees in enterprises across the country are 48.6 hours.

Fu Linghui:

8. The year-on-year increase in consumer prices increased, and industrial producer prices continued to rise month-on-month

In November, the national consumer price (CPI) rose 0.7% year on year, up 0.5 percentage points from the previous month; down 0.1% month on month. By category, food, tobacco and alcohol prices rose 0.3% year on year, clothing prices rose 1.9%, housing prices remained flat, household goods and services prices rose 2.1%, transportation and communication prices fell 2.3%, education, culture and entertainment prices rose 0.8%, healthcare prices rose 1.6%, and prices of other goods and services rose 14.2%. Among food, tobacco and alcohol prices, pork prices fell 15.0%, grain prices fell 0.4%, fresh fruit prices rose 0.7%, and fresh vegetables rose 14.5%. After deducting food and energy prices, the core CPI rose 1.2% year over year. From January to November, consumer prices across the country remained flat year on year.

In November, the ex-factory price of industrial producers across the country fell 2.2% year on year and rose 0.1% month on month; the purchase price of industrial producers across the country fell 2.5% year on year and rose 0.1% month on month. In January-November, the ex-factory price and purchase price of industrial producers across the country decreased by 2.7% and 3.1%, respectively.

Overall, the national economy was running smoothly in November, continuing a steady and progressive development trend. However, there are many external instability and uncertainties, domestic effective demand is insufficient, and the operation of the economy faces many challenges. In the next stage, we must adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, thoroughly implement the spirit of the 20th National Congress and the Central Economic Work Conference, adhere to the general tone of steady progress, implement more active and proactive macroeconomic policies, continue to expand domestic demand, optimize supply, improve growth, revitalize stocks, and focus on stabilizing employment, stabilizing enterprises, stabilizing markets, and stabilizing expectations, and promoting effective qualitative and quantitative growth in the economy. Thank you.

Zhou Jianshe:

Thank you, Mr. Fu Linghui, for the introduction. Now, please raise your hands and ask your news agency before asking questions.

CCTV reporter at the general station:

We would like to ask the speakers how they evaluated the economic performance in November? Overall, what are the highlights and positive changes in the economy in November? Thank you.

Fu Linghui:

Thank you for your question. In November, more active and promising macroeconomic policies continued to show results. The construction of a unified national market progressed in depth, focusing on strengthening the domestic cycle, production and supply continued to grow, market sales continued to expand, imports and exports of goods increased, employment prices were generally stable, high-quality development progressed steadily, and the national economy continued its steady and progressive development trend. Judging from the main features and highlights, there are the following aspects:

First, production is growing steadily. Industrial production is growing steadily. In November, the value added of large-scale industries increased 4.8% year-on-year, and the growth rate was basically the same as last month. Driven by industrial upgrading and development, the equipment manufacturing industry with high technical content and added value is developing rapidly. In November, the value added of the equipment manufacturing industry increased 7.7% year on year, continuing to grow faster than industries of all sizes, contributing 59.4% to the increase in value added of industries above scale. The service sector is growing steadily. In November, the service sector production index increased 4.2% year on year. Modern service industries such as information technology and business services are developing well. The production indices for information transmission software and information technology services, leasing and business services increased by 12.9% and 8.4%, respectively, year-on-year in November, all of which maintained relatively rapid growth.

Second, market sales have expanded. Product sales continued to grow. In November, total retail sales of social consumer goods increased 1.3% year on year. Consumer consumption quality improved, and sales of some upgraded products grew rapidly. In November, retail sales of cosmetics and gold, silver and jewelry increased by 6.1% and 8.5%, respectively, in retail sales of products above the limit. Service retail is growing rapidly. In January-November, retail sales of services increased 5.4% year-on-year, 0.1 percentage points faster than in January-October. Related services such as cultural leisure and online entertainment for residents are developing well. From January to November, retail sales of cultural, sports and leisure services and communication and information services all maintained double-digit growth.

Third, the resilience of foreign trade has been demonstrated. Import and export of goods grew faster. Against the backdrop of a complex and severe external environment and a high base for the same period last year, China's foreign trade has maintained steady growth. In November, China's total import and export volume of goods increased by 4.1% year on year. The growth rate was 4 percentage points faster than the previous month. Among them, exports increased by 5.7%, and the growth rate changed from last month's decline to growth. The diversification of foreign trade is clearly supported. China has unswervingly expanded its openness and strengthened trade cooperation with countries around the world, and the results continue to show. From January to November, the total import and export volume of goods between China and the “Belt and Road” countries increased by 6% year-on-year, faster than the growth rate of all foreign trade imports and exports.

Fourth, employment prices are stable. Urban employment has remained stable. In November, the unemployment rate in the national urban survey was 5.1%, the same as last month. Among them, the unemployment rates for foreign agricultural households and the 30-59 year old labor survey were 4.4% and 3.8%, respectively, which were lower than the unemployment rate in all urban surveys. Consumer prices continued to improve. In November, consumer prices rose 0.7% year on year, an increase of 0.5 percentage points over the previous month, and rebounded for 3 consecutive months. Among them, the core CPI excluding food and energy rose 1.2% year on year. The increase was the same as last month, and the increase was stable above 1% for 3 consecutive months.

Fifth, people's livelihood security is strong. Good harvest in food production. This year, China's summer grain production and harvest have been steady. Early rice production has increased, autumn grain production has increased, and there has been another good harvest of grain throughout the year, laying a solid foundation for people's livelihood security and residents' income growth. The energy supply has increased steadily. All regions have increased their energy security and supply efforts to strongly guarantee the energy demand for production and domestic use in winter. In November, large-scale industrial crude oil production, natural gas production, and power generation increased by 2.2%, 5.7%, and 2.7%, respectively. Investment in people's livelihood continues to increase. Construction of new business formats and scenarios such as residents' travel and shopping has been accelerated, and people's livelihood infrastructure has been continuously improved. In January-November, investment in the lodging and catering industry, wholesale and retail industries, and electricity and heat production and supply increased by 7.1%, 7.1%, and 12.5%, respectively.

Overall, the national economy maintained a steady and progressive development trend in November, but the impact of changes in the external environment deepened, and contradictions between strong domestic supply and demand were prominent, and enterprises in some industries faced difficulties. In the next stage, it is necessary to fully implement the spirit of the Central Economic Work Conference, adhere to steady progress, improve quality and efficiency, increase countercyclical and cross-cycle adjustment efforts, continuously improve the effectiveness of macroeconomic governance, continue to expand domestic demand, strengthen innovation drive, deepen reform and opening-up, promote comprehensive green transformation, better safeguard and improve people's livelihood, and promote sustainable and healthy economic development. Thank you!

Cover News Reporter:

Since this year, the “dual” construction has progressed steadily, and the “two new” work has been carried out in depth. What are the results of a series of macro-control policy measures, and how are they reflected in the data? Thank you.

Fu Linghui:

Thank you for your question. People are paying close attention to the effectiveness of the policy. Since this year, in response to the risks and challenges faced in the operation of the economy, departments in various regions have stepped up implementation of more active and promising macroeconomic policies in accordance with the decisions and arrangements of the Party Central Committee, promptly introduced and effectively implemented a series of policies and measures to expand domestic demand, promote industrial upgrading, and smooth the economic cycle, which have played an important role in supporting the smooth operation of the economy. Judging from the effects of the policy, it is mainly reflected in the following aspects:

First, consumer demand is expanding. The consumer goods trade-in policy has been effective, driving an acceleration in sales growth of related products such as home appliances and communications, and boosting the expansion of consumer demand for commodities. From January to November, retail sales of household appliances, audio and video equipment, cultural office supplies, and communication equipment products in units above the limit increased by 14.8%, 18.2%, and 20.9%, respectively. Special actions to boost consumption have been implemented in depth, and consumer demand for services such as culture, sports, and online entertainment continues to be released. In January-November, retail sales of services, sports and leisure services and communication and information services all grew by more than 10% year-on-year.

Second, key investments have increased. The effects of large-scale equipment renewal policies have been shown. The willingness of enterprises to promote equipment renewal and speed up transformation and upgrading has increased, and equipment investment has grown rapidly, which has promoted investment expansion and is also conducive to improving enterprise competitiveness. From January to November, investment in the purchase of equipment and tools increased by 12.2% year-on-year, driving the total investment to increase by 1.8 percentage points. “Dual” construction continues to advance, and related investments in key areas continue to expand. From January to November, investment in electricity and heat production and supply increased by 12.5%, while investment in Internet and related services and water transportation increased by 20.7% and 8.9%, respectively.

Third, the production drive is strong. The in-depth implementation of policies and measures such as “dual” and “two new” has promoted the release of market demand, boosted the production of related products, boosted the growth of industrial production, and supported industrial upgrading. From January to November, the value added of the equipment manufacturing industry above scale increased by 9.3% year-on-year, accounting for 36.4% of all industries above scale. Among them, the value added of automobile manufacturing, railway, ship, aerospace, and other transportation equipment manufacturing industries increased by 11.8% and 14.6% respectively. In terms of products, automobile and integrated circuit production increased by 10.8% and 10.6% respectively from January to November.

Fourth, prices have rebounded. Affected by multiple factors, market prices have generally been low this year, but measures to promote a reasonable price recovery have gradually taken effect, and there have been positive changes in the price situation. Looking at consumer prices, consumer prices rose 0.7% year on year in November, an increase of 0.5 percentage points over the previous month, and rebounded for 3 consecutive months. Among them, the overall year-on-year increase in core CPI excluding food and energy has continued to expand continuously since May. Looking at industrial product prices, strengthening capacity management in key industries and regulating market competition order has been regulated. Ex-factory prices for industrial producers fell 2.2% year on year in November, and the overall decline has narrowed since August.

Fifth, improving corporate efficiency. The economy is generally running smoothly, and there have been positive changes in the price situation, which is conducive to improving business operations. From an industrial perspective, in January-October, the revenue of large-scale industrial enterprises increased 1.8% year on year, profit increased 1.9%, and the cumulative growth rate continued to grow for 3 consecutive months. Among them, the profits of the equipment manufacturing industry and the high-tech manufacturing industry increased by 7.8% and 8% respectively. Looking at the service industry, in January-October, the revenue of the service industry above scale increased 7.6% year-on-year, and profit increased 7.8%. Among them, the high-tech service industry and the strategic emerging service industry showed a good development trend.

In the next stage, it is necessary to continue to implement various policies and measures in accordance with the decisions and arrangements of the Party Central Committee, make effective use of policy effectiveness, promote effective qualitative improvement and reasonable quantitative growth of the economy, and better safeguard and improve people's livelihood. Thank you!

Dazhong News Dazhong Daily Reporter:

In November, consumer prices in China rose 0.7% year on year, and consumer consumption continued to recover. How does the National Bureau of Statistics interpret this recent trend in this data? Thank you.

Fu Linghui:

Thank you for your question. There have been some positive changes in prices in the last two months. In November, consumer prices rose 0.7% year on year, an increase of 0.5 percentage points over the previous month, and a slight decrease from the previous month. On a month-on-month basis, consumer prices fell 0.1% month-on-month in November, mainly due to seasonal declines in service prices. With the end of the Mid-Autumn Festival and National Day holidays in October, prices related to travel fell seasonally in November, leading to a decline in service prices. In November, hotel accommodation, airline tickets, travel agency fees, and transportation rental prices fell between 3.6%-10.4% month-on-month, affecting service prices falling 0.4% month-on-month, and lowering CPI by about 0.16 percentage points month-on-month. At the same time, the decline in international oil prices has also had a certain impact on the domestic transmission effect on CPI compared to the previous month.

On a year-on-year basis, consumer prices rose 0.7% in November, an increase of 0.5 percentage points over the previous month, the highest year-on-year increase since this year. After excluding food and energy, the core CPI rose 1.2% year on year. The increase was the same as last month, and it has been rising more than 1% for three consecutive months. The increase in consumer prices increased mainly as a result of a combination of rising food prices, rising industrial consumer goods prices, and basic stability in service prices.

First, food prices are shifting from falling to rising. Food prices rose 0.2% in November and fell 2.9% year-on-year last month. Affected by rainfall and cooling factors in some regions, fresh vegetable prices have clearly rebounded, which has had a great impact on the year-on-year increase in CPI. Fresh vegetable prices rose 14.5% year on year in November and fell 7.3% last month. This was the first increase after 9 consecutive months of decline. The impact on the year-on-year increase in CPI increased by 0.49 percentage points over the previous month. The rise in fresh fruit and beef and lamb prices also had an upward impact on CPI to a certain extent.

Second, prices of industrial consumer goods have rebounded. The policy of expanding consumption continues to show results. Capacity management in key industries is progressing steadily. Prices of industrial consumer goods excluding energy rose 2.1% year on year. The increase was 0.1 percentage points higher than the previous month, and the increase was increased for 7 consecutive months. Among them, the prices of household appliances and clothing increased by 4.9% and 2%, respectively, over the same period last year.

Third, service prices are generally stable. Despite seasonal decline in the prices of travel-related services, demand for a high quality of life has expanded, and prices for related services have generally stabilized, supporting the basic stability of the year-on-year increase in service prices. In November, service prices rose 0.7% year on year, down 0.1 percentage points from the previous month.

Overall, the year-on-year increase in consumer prices expanded further in November, and positive changes continued to be evident. In the next stage, it is necessary to continue to thoroughly implement special actions to boost consumption, further promote the construction of a unified national market, strengthen production capacity management in key industries, standardize market competition order, increase high-quality supply, promote reasonable price recovery, and promote healthy economic development. Thank you!

South China Morning Post reporter:

In November, total retail sales of consumer goods increased by 1.3% year on year, and the growth rate has been slowing for 6 consecutive months. How does the Bureau of Statistics interpret and judge the next trend? Thank you.

Fu Linghui:

Thank you for your question. Consumption is also an issue that everyone is very concerned about. Consumption is not only related to economic development, but also closely related to improving people's livelihood. Since this year, special actions to boost consumption have been implemented in depth, and the consumer goods trade-in policy has been effective, promoting the expansion of consumption scale, upgrading the consumption structure, and revitalizing consumption momentum, which has led to the release of consumption potential. In January-November, total retail sales of consumer goods increased 4% year on year. The growth rate was not only faster than the same period last year, but also faster than the whole of the previous year. Recently, the growth rate of total retail sales of consumer goods has declined somewhat, mainly due to the high base for the same period last year. Judging from the cumulative growth rate, total retail sales of social consumer goods grew better this year than last year. Judging from the situation in November, market sales continued to expand, service consumption grew rapidly, and new types of consumption continued to grow.

First, consumption of services is growing rapidly, and consumption of culture and sports is developing relatively well. In January-November, retail sales of services increased 5.4% year on year. The growth rate was 0.1 percentage points faster than the previous month. It rebounded for 3 consecutive months, and was faster than the growth rate of retail sales of products. Retail sales of services are growing faster than retail sales of goods, which means that the share of service consumption in total consumption is increasing. Residents' spiritual and cultural needs continue to expand, new consumption scenarios such as culture and sports are being cultivated at an accelerated pace, and sports activities such as snow and ice sports are being popularized and developed, boosting the rapid growth of retail sales of related services. From January to November, retail sales of cultural, sports and leisure services maintained double-digit growth. Online entertainment consumption such as online movies and TV continued to be active, and service consumption potential continued to be unleashed. Retail sales of communications and information services increased by more than 10% year-on-year in January-November.

Second, commodity consumption continues to expand, and quality consumption is increasing. The effects of the consumer promotion policy continued to show. In November, retail sales of cultural office supplies and communication equipment products in units above the quota increased by 11.7% and 20.6%, respectively, over the same period last year, and continued to grow at a relatively rapid pace. Consumption quality requirements are gradually improving, and basic household consumption such as food is growing rapidly. Retail sales of grain, oil and food products per unit above the limit increased 6.1% year-on-year in November. Driven by consumption upgrades, sales of related products such as beauty, makeup, gold and silver jewelry have increased quite well. In November, retail sales of cosmetics and gold, silver and jewelry products per unit above the limit increased by 6.1% and 8.5%, respectively.

Third, new types of consumption are growing steadily, and their leading role is increasingly evident. New consumption models such as instant retail and live e-commerce are growing rapidly, and online consumption and emerging consumption are improving. In January-November, online retail sales of physical goods increased 5.7% year on year. The growth rate was 1.7 percentage points faster than total retail sales of social consumer goods, accounting for 25.9% of total retail sales of social consumer goods. Digital consumption, green consumption, and healthy consumption are increasingly becoming new consumption hotspots, and their leading and supporting role in consumption is becoming more and more evident. From January to November, the retail sales volume of the national passenger car and new energy vehicle market maintained relatively rapid growth.

Overall, the consumer market was generally stable in November. The scale of consumption continued to expand, consumption of services grew rapidly, and the trend of improving the quality of consumption continued. The steady expansion of consumption in China is an inevitable sign of the per capita GDP exceeding 10,000 US dollars and the upgrading and development of the consumption structure. It is also the result of continuing efforts to promote consumption policies and the release of consumption potential. It is also a reflection of the widespread penetration of new technologies and models and the continuous emergence of new consumption growth points. However, it is also important to note that residents' consumption capacity and confidence need to be further improved, and the endogenous motivation for consumption growth still needs to be strengthened. In the next stage, it is necessary to continue to thoroughly implement special actions to boost consumption, focus on stabilizing employment and increasing income, actively expand high-quality supply, vigorously optimize the consumption environment, continuously unleash consumption potential, and promote the sustainable, stable and healthy development of the consumer market. Thank you!

First Financial Reporter:

Since this year, various regions have attached great importance to developing new quality productivity. Judging from the data for the previous 11 months, what results have been achieved in cultivating new quality productivity? What are the main features? Thank you.

Fu Linghui:

Thank you for your question. China has entered a stage of high-quality development. Developing new quality productivity according to local conditions is an intrinsic requirement and an important focus for promoting high-quality development. Since this year, in accordance with the decisions and arrangements of the Party Central Committee, departments in various regions have strengthened scientific and technological innovation efforts, cultivated and expanded emerging industries, laid out and built future industries, promoted the transformation of traditional industries, actively cultivated and developed new quality productivity, and helped high-quality economic development, and achieved positive results.

First, emerging industries are growing. All parties are actively increasing investment in innovation, promoting the deep integration of scientific and technological innovation and industrial innovation, and the trend of high-end and intelligent industry is improving. From January to November, the value added of large-scale high-tech manufacturing increased by 9.2% year-on-year, and the value added of the smart consumer equipment manufacturing industry increased by 7.6%. From an industry perspective, the value added of industries such as electronic special materials manufacturing and integrated circuit manufacturing increased by 22.9% and 24.6% respectively in January-November. Breakthroughs have been accelerated in cutting-edge fields of technology such as artificial intelligence and physical intelligence, and their leading role in industrial upgrading has been strengthened. From January to November, production of industrial robots, industrial control computers and system products increased by 29.2% and 87.6%, respectively.

The second is the transformation and upgrading of traditional industries. China is actively promoting technological transformation and equipment upgrading to promote the revitalization of traditional industries. New raw materials and new material processing and manufacturing are growing rapidly, which strongly supports the growth of related traditional industries. In January-November, the value added of the biomass fuel processing industry increased 15.6% year on year, increasing the growth rate of the petroleum processing industry by 1.6 percentage points year on year; the value added of the bio-based materials manufacturing industry increased by 29%, and the contribution rate to the growth of the chemical fiber industry increased by 18.4 percentage points year on year. Through transformation and upgrading, the coal, chemical and other industries have been steadily improving their production capacity and technical level, showing a good development trend. From January to November, the value added of the coal and chemical industries increased by 6.3% and 7.8%, respectively.

Third, the digital economy is improving. Digital technology is widely penetrated and the digital economy continues to expand, injecting strong momentum into the development of new quality productivity. From January to November, the value added of the large-scale digital product manufacturing industry increased by 9.3% year-on-year, and the production index of the information transmission, software and information technology services industry increased 11.3%. In terms of products, the output of server and integrated circuit products increased by 15.1% and 10.6%, respectively, from January to November. Digital consumption continues to expand, and new scenarios and new business formats continue to emerge, driving the continuous expansion of online consumption. From January to November, online retail sales increased 9.1% year over year.

Fourth, green transformation empowers development. Green and low-carbon development has advanced further, not only promoting the green transformation of China's energy, but also driving the rapid development of the new energy industry. The clean energy industry is developing rapidly, and related products have grown dramatically. From January to November, large-scale industrial hydropower, nuclear power, wind power and solar power generation increased 8.8% year-on-year. In terms of products, the production of hydroturbine generator sets and wind turbine products increased by 25.8% and 58.9% respectively from January to November. The rapid growth of the green industry, represented by new energy vehicles, has become a vivid interpretation of China's green transformation driving industrial upgrading. From January to November, China's production of lithium-ion power batteries for new energy vehicles and automobiles increased by 26.5% and 42.2% respectively. Increased supply of green materials. Bio-based chemical fiber production increased 19.4% year-on-year from January to November. The green transformation has also brought opportunities to the development of the resource recycling industry. From January to November, the value added of large-scale waste resource comprehensive utilization industries increased by 14.2% year-on-year.

We also need to see that all parties actively lay out future industries, accelerate R&D and application of next-generation information technology, life science technology, new energy technology, etc., and thoroughly implement the national strategic emerging industry cluster development project will help promote the cultivation and growth of China's new quality productivity, and lead and support high-quality economic development. Thank you!

Bloomberg Reporter:

The first question is about investing. Investment has declined rapidly in recent months, but no further stimulus measures seem to have been taken. What is the main reason for this? Will there be any concerns that will affect the performance of next year's economic start? What steady investment growth policies can be expected? The second question is about PPI. PPI continued to fall year on year. What is the impact on the quality of economic growth? How is the price trend expected to change next year?

Fu Linghui:

Thank you for your question. One is about investment, and the other is about industrial producers' ex-factory price PPI situation.

In terms of investment, the investment growth rate declined due to multiple factors such as the decline in real estate investment, but after deducting investment in real estate development, project investment continued to grow. In the first 11 months, fixed asset investment (excluding rural households) fell 2.6% year on year, and project investment after deducting real estate development investment increased 0.8%. Despite the decline in investment growth, investment in key areas has continued to grow, driven by policies to expand domestic demand and industrial upgrading and development, etc., and continues to lay the foundation for medium- to long-term economic development. From the following aspects:

First, investment in emerging sectors is growing relatively well. China's manufacturing industry has been upgraded and developed steadily, the equipment manufacturing industry is developing rapidly, and investment in some industries has continued to grow. From January to November, investment in the general equipment manufacturing industry increased 8.9% year on year. Transportation equipment technology is being upgraded, and production investment is also increasing. In January-November, investment in automobile manufacturing, railway ships, aerospace, and other transportation equipment manufacturing industries increased by 15.3% and 22.4%, respectively. Investment in green energy transformation increased, information technology was widely used, and investment in related services continued to expand. From January to November, investment in solar energy, wind power, nuclear power and hydropower generation increased by 7.4%, and investment in the information service industry increased by 29.6%.

Second, investment in some traditional industries has expanded. Adapting to changes in market demand and competitive needs, the penetration of new technology and new applications is accelerating, some traditional industries are speeding up the pace of transformation and upgrading, and related investments continue to expand. From January to November, investment in petroleum, coal and other fuel processing industries and chemical fiber manufacturing increased by 23.6% and 12.1%, respectively. Online retail is developing rapidly, and new models and new business formats continue to emerge, driving increased investment in consumer related services. From January to November, investment in the lodging and catering industry, wholesale and retail industries all increased by 7.1%.

Third, investment in infrastructure for people's livelihood has increased. We insist on safeguarding and improving people's livelihood in development and strengthening infrastructure construction, and related investments are growing rapidly. From January to November, investment in the electricity and heat production and supply industry and water transport industry increased by 12.5% and 8.9%, respectively. In line with the needs of coordinated development in urban and rural areas, investment related to telecommunication network services continues to expand. In January-November, investment in the Internet and related services increased 20.7% year over year. Efforts to encourage and support the development of private investment have been strengthened, and private investment in infrastructure has been steadily increasing. From January to November, private investment in infrastructure increased by 3.5% year on year. Among them, private investment in water management and air transport increased by 34.2% and 25.1% respectively.

Fourth, policy-driven effects continue to show. Large-scale equipment renewal policies encourage enterprises to increase equipment purchases and promote industrial renewal and transformation. From January to November, investment in the purchase of equipment and tools increased by 12.2% year on year, continuing to grow faster than total investment, driving total investment growth of 1.8 percentage points. The transformation and upgrading of enterprises is accelerating, and equipment investment in some consumer goods manufacturing industries is growing rapidly. From January to November, investment in purchasing equipment and tools in the agricultural and sideline products processing industry, textile industry, and furniture manufacturing industry increased by 10.5%, 14.4%, and 10.7% respectively.

Looking to the future, China still has huge investment potential and space. Continued investment is needed to promote the development of new quality productivity, promote coordinated development in urban and rural areas, strengthen people's livelihood security such as education, medical care, housing, and basic public services, and meet people's needs for a better life. Regarding the decline in investment, relevant departments have also recently introduced a number of measures to promote investment growth. In particular, they focus on improving investment efficiency and stimulating the vitality of private investment. I believe that the relevant policies are gradually showing results, which is conducive to a steady recovery in investment. In the next stage, it is necessary to continue to optimize the investment structure, continuously improve the investment environment, give full play to the investment-oriented role of the government, further stimulate the vitality of private investment, give full play to the key role of good investment in expanding domestic demand, improving supply, and benefiting people's livelihood, and better promote high-quality economic development.

Fu Linghui:

The second question is about PPI. In November, the ex-factory prices of industrial producers continued to rise, rising for 2 consecutive months. The year-on-year decline was basically stable compared to the previous month. Overall, the year-on-year decline continued the trend of narrowing the year-on-year decline since August. Judging from PPI changes, there have been positive changes recently.

PPI rose 0.1% month-on-month in November, mainly due to increased seasonal demand for energy use in winter, protection from the cold, etc., which regulated the competitive order of the market and the upward transmission of international non-ferrous metal prices. On a year-on-year basis, PPI fell 2.2% year on year, an increase of 0.1 percentage points over the previous month, mainly due to the higher base in the same period last year. Judging from changes in PPI, positive factors contributing to a reasonable price recovery are still accumulating.

First, consumption upgrades continue to show momentum. As residents' demand for a high quality of life continues to be released, and special actions to boost consumption are being implemented in depth. Driven by consumption upgrades, prices in industries such as sports and cultural goods continue to rise. In November, the manufacturing price of arts and crafts and ceremonial goods rose 20.6% year on year, an increase of 2.2 percentage points over the previous month; the manufacturing price of sports balls rose 4.3% year on year, an increase of 1 percentage point over the previous month.

Second, the development of emerging industries is improving. The intelligent and green transformation of the industry is accelerating, and demand for related raw materials and manufactured products is expanding, driving up product prices. In November, prices in the non-ferrous metal smelting and rolling processing industry rose 7.8% year on year, an increase of 1 percentage point over the previous month; the manufacturing price of graphite and carbon products rose 3.8%; and the manufacturing price of integrated circuits rose 1.7%.

Third, the effects of regulating the competitive order of the market continue to show. In November, the year-on-year declines in photovoltaic equipment and component manufacturing, lithium-ion battery manufacturing, and NEV vehicle manufacturing prices were 2.0, 0.7, and 0.6 percentage points narrower than the previous month, respectively.

Overall, PPI rose sequentially for 2 consecutive months, and positive factors supporting a reasonable price recovery continued to accumulate. Of course, it is also important to note that PPI is still declining year on year, and efforts are still needed to consolidate the foundation for a reasonable price recovery. In the next stage, it is necessary to continue to expand domestic demand, strengthen the domestic cycle, further promote the construction of a unified national market, strengthen capacity management in key industries, improve the relationship between supply and demand, promote a reasonable recovery in prices, and improve enterprise operations. Thank you!

Daily Economic News Reporter:

Judging from the data for the previous 11 months, can this year's economic growth target be successfully achieved? Can you look forward to the development prospects in 2026? How to effectively expand domestic demand? Thank you.

Fu Linghui:

Thank you for your question. Since this year, in the face of a complex and serious situation where changes in the external environment and internal risks and challenges are compounded, under the strong leadership of the Party Central Committee, departments in various regions have thoroughly implemented more active and promising macroeconomic policies, promoted the construction of a unified national market, actively strengthened the domestic cycle, and maintained an overall stable, steady and progressive development trend of the national economy. Judging from the situation throughout the year, despite difficulties and pressures, China's economy is resilient, macroeconomic policy support is strong, new momentum is growing steadily, and there are good conditions to achieve the expected goals for the whole year.

First, market demand is expanding steadily. Special actions to boost consumption have been effectively implemented, and consumption potential continues to be unleashed. From January to November, total retail sales of consumer goods increased 4% year over year, faster than the previous year. Among the retail sales of products above the limit, sales of trade-in and upgrade-related products have maintained rapid growth, new consumption scenarios and new business formats have continued to emerge and be iteratively upgraded, and retail sales of services have grown rapidly. From January to November, retail sales of services increased 5.4% year on year, continuing to be faster than retail sales of goods. Vigorously promote independent openness, actively develop digital trade and green trade, and continue to expand foreign trade space. From January to November, China's total import and export volume of goods increased by 3.6% year on year. Among them, imports and exports to ASEAN, the European Union and Africa increased by 8.5%, 5.4% and 18.7% respectively. The expansion of market demand will continue to have a driving effect on the economy.

Second, the new momentum for development continues to grow. Technological innovation and industrial innovation are deeply integrated, new quality productivity is cultivated and expanded, and new business formats and models are developing rapidly, injecting new vitality and impetus into economic development. From a supply perspective, high-end, digital, and intelligent production is developing well. From January to November, the value added of large-scale high-tech manufacturing increased by 9.2% year-on-year, and the digital product manufacturing industry increased by 9.3%; production of industrial robots and integrated circuits increased by 29.2% and 10.6%, respectively. Looking at demand, innovation in consumption models is accelerating, and consumption of services such as culture and sports is growing rapidly. In January-November, retail sales of services, sports, leisure, and communication and information services all increased by more than 10% year-on-year. Driven by instant retail and live e-commerce, online retail sales of physical products increased 5.7% year-on-year in January-November. In terms of prices, China's digital green transformation is advancing in depth, and the new energy industry and digital product manufacturing are developing rapidly, driving the prices of related products to rise. In November, prices in the non-ferrous metal smelting and rolling processing industry rose 7.8% year on year, and integrated circuit manufacturing prices rose 1.7%. The growth and growth of new momentum will benefit the positive development of the economy.

Third, macroeconomic policies continue to show results. Since this year, China's economy has maintained a steady and progressive development trend, which is inseparable from the precise development of more active and promising macroeconomic policies. The implementation of “dual” construction and the “two new” policies, as well as the in-depth promotion of a unified national market, have expanded demand, boosted production, and boosted the economy. Recently, relevant departments are actively promoting the implementation of policies and measures to further promote consumption, expand effective investment, and promote large-scale application of new scenarios, which will help enhance the momentum of economic growth and help the development of the real economy. In particular, the successful holding of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference is conducive to forging consensus and boosting confidence, and will inject strong impetus into promoting high-quality development.

Recently, major international organizations have raised their expectations for China's economic growth, which also shows the international community's confidence in China's economic development. Judging from next year's situation, the international environment is unstable and there are many uncertainties. The negative effects of protectionism and unilateralism continue to show, and variables of geopolitical conflict still exist. Domestic efforts are still needed to accelerate the construction of a new development pattern, strengthen the domestic cycle, and promote domestic and international dual cycles. While looking at the risks and challenges, we should also see that our country's economy has a stable foundation, many advantages, strong resilience and great potential. The long-term positive support conditions and basic trends have not changed, the driving role of innovation has increased, reform and opening-up are continuously deepening, and the modern industrial system is being built at an accelerated pace, which will strongly support the positive development of the economy. The recent Central Economic Work Conference clarified the general requirements, policy orientations, and key tasks for next year's economic work, and indicated the direction for promoting stable and far-reaching economic progress. In the next stage, it is necessary to implement the spirit of the Central Economic Work Conference, implement more active and promising macroeconomic policies, continue to expand domestic demand, optimize supply, focus on stabilizing employment, stabilizing enterprises, stabilizing markets, and stabilizing expectations, promote effective qualitative improvement and reasonable quantitative growth of the economy, and lay a solid foundation for the “15th Five-Year Plan” to get off to a good start. Thank you!

Zhou Jianshe:

Please keep asking. Due to time constraints, the last question.

Poster News Reporter:

Judging from the situation in November, what are the main characteristics of current industrial production? What are the highlights? What are the trends in the next phase? Thank you.

Fu Linghui:

Thank you for your question. Since this year, industrial production has made important contributions to promoting stable economic development. More active and promising macroeconomic policies have been implemented in depth. The “dual” construction and “two new” policies continue to gain strength, the integration of scientific and technological innovation and industrial innovation has accelerated, strongly driving the growth of industrial output, and progressing in an orderly manner, providing good support for high-quality economic development. Judging from the situation in November, China's industrial production generally maintained a steady, moderate and quality-improving development trend.

First, production has maintained steady growth. In November, the value added of large-scale industries increased 4.8% year on year, and the growth rate remained stable compared to the previous month. On a month-on-month basis, the value added of large-scale industries increased by 0.44% month-on-month, 0.27 percentage points faster than the previous month. In terms of industries and products, out of 41 major industries, the value added of 30 industries maintained year-on-year growth, accounting for 73.2%. Of the 623 main products, 49.8% of the product production continued to grow, which is basically the same as last month.

Second, the structure continues to be optimized and upgraded. The trend of high-end industrial development is obvious, and the equipment manufacturing industry and high-tech manufacturing industry are growing rapidly. In November, the value added of large-scale equipment manufacturing and high-tech manufacturing increased by 7.7% and 8.4%, respectively, over the same period last year, significantly faster than the value added growth rate of industries above scale. The cumulative value added accounted for 36.4% and 16.9% of all industries above scale, respectively. The middle and high-end equipment industry and products are growing well. In November, the value added of automobile manufacturing, railway ships, aerospace, and other transportation equipment manufacturing industries all increased by 11.9%; the production of EMUs and civil steel ships increased by 24.1% and 18.4% respectively. High-tech industries such as aerospace and electronic communications are growing rapidly. In November, the value added of aerospace and equipment manufacturing and electronics and communication equipment manufacturing increased by 9.1% and 11.7% respectively.

Third, emerging industries are growing. Technological innovation and industrial innovation are being integrated at an accelerated pace, the digital and intelligent transformation of industry continues to advance, and the new momentum for development is growing steadily. In November, the added value of large-scale electronic special materials manufacturing and integrated circuit manufacturing increased by 30.9% and 32.4% respectively. The production of smart products is growing rapidly. In November, the added value of intelligent vehicle equipment manufacturing and intelligent unmanned aerial vehicle manufacturing increased by 30% and 49.3% respectively, and industrial robot production increased by 20.6%. Driven by green transformation, the new energy industry is developing well. In November, production of lithium-ion power batteries for new energy vehicles and automobiles increased by 17% and 32.7% respectively. The production of green materials is growing rapidly. In November, the production of high-performance chemical fibers and bio-based chemical fibers increased by 41.3% and 27.7% respectively.

Overall, industrial production was generally stable in November, industrial optimization and upgrading continued, and new momentum continued to grow, which strongly supported the stable operation of the economy. However, it is also important to note that the external environment is complex and severe, and the industry is still facing structural adjustment pressure during the conversion process between old and new kinetic energy. In the next stage, it is necessary to actively expand domestic demand, further promote the construction of a unified national market, promote the transformation and upgrading of traditional industries, vigorously cultivate new quality productivity, accelerate the construction of a modern industrial system, and promote the sustainable and healthy development of the industry. Thank you!

Zhou Jianshe:

Thank you Mr. Fu Linghui for his introduction, and thank you to all our reporters and friends for participating. That's all for today's press conference. Bye everyone!

This article was selected from “China Net”, editor of Zhitong Finance: Jiang Yuanhua.