China's economic indicators beat expectations
Major economic indicators performed better than expected in November, showing that the Chinese economy made progress in stability despite challenges both at home and abroad, according to the National Bureau of Statistics on Monday.
The country's industrial output, an important economic indicator, increased by 6.2 percent year-on-year last month, compared with 4.7 percent for October, the NBS said. Retail sales rose by 8.0 percent year-onyear in November, compared with 7.2 percent in the previous month, the bureau said.
Fixed-asset investment expanded by 5.2 percent in the first 11 months, unchanged from the January-October period. The urban employment situation stayed stable last month, with the surveyed jobless rate in urban areas standing at 5.1 percent, the same as October.
Meanwhile, the profitability and competitiveness of State-owned enterprises have improved significantly, as they adhere to high-quality development and make efficiency enhancement a priority, according to a senior official of the Stateowned Assets Supervision and Administration Commission.
Peng Huagang, secretary-general of the commission, said at the 2019 CCTV Financial Forum held by China Media
Group in Beijing that as mixed-ownership reform progresses, corporate governance has become more rational and effective, and market-based talent selection and salary distribution mechanisms have been enhanced.
During the first 10 months of this year, revenues of enterprises monitored by the national State-owned assets supervision system reached 46.7 trillion yuan ($6.69 trillion), with total profit of 2.8 trillion yuan, up 7 percent and 6 percent year-onyear, respectively, he said.
The State-owned enterprises also have achieved world-leading scientific innovation breakthroughs in fields such as manned spaceflight, deep-sea exploration, high-speed railway, ultra-high-voltage power transmission, 5G communication, and high-end equipment manufacturing.
While advancing their high-quality enterprises, SOEs also provide broad market, investment and growth opportunities for enterprises with various ownerships, as well as promote the deep integration of differently sized enterprises' industrial, supply and value chains, which give play to their complementary advantages to achieve mutual benefits, he said.
The forum, themed on how to empower high-quality development, invited dozens of senior government officials, economists and entrepreneurs to discuss related issues, including interpretation on the spirit of Central Economic Work Conference, and the forecast analysis of China's economy development in 2020.
Shen Haixiong, deputy head of the State Administration of Press, Publication, Radio, Film and Television, and head of China Media Group; Xiao Yaqing, head of the State Administration for Market Regulation; Bai Chunli, president of the Chinese Academy of Sciences; and Yan Qingmin, vice-chairman of the China Securities Regulatory Commission, attended the forum and delivered speeches.
Meanwhile, mainland Chinese stocks jumped at the close on Monday afternoon, as data showed that the country's industrial output and retail sales rose more than expected in November.
The Shanghai composite rose 0.56% to 2,984.39, as the Shenzhen component jumped 1.54% to 10,158.24 and Shenzhen composite bounced 1.56% to 1,686.41. Shenzhen's Nasdaq-style start-up board ChiNext soared almost 2% to 2,090.14. Hong Kong's Hang Seng index, however, was down 0.34% during its last hour of trading.
The country's industrial production rose 6.2% year-on-year in November, according to China's National Bureau of Statistics, above a Reuters forecast of a 5.0% growth. Retail sales rose 8.0% yearon-year, also above expectations of a 7.6% growth.