On November 19, the reporter learned from the Henan Province Bureau of Statistics that positive factors driving economic improvement in Henan province of central China continued to accumulate in October. Significant growth was recorded in industrial production and consumption, while investment remained stable, and new quality productive forces developed steadily.
Industrial production accelerated, with key industries showing robust growth. In October, the added value of industries above the designated size in Henan increased by 10.6 percent year-on-year, marking the first double-digit growth of the year. The added value of the automobile and auto parts industry grew by 42.4 percent year-on-year, while the food industry increased by 18.7 percent, together contributing 2.4 percentage points to the growth of industries above the designated size.
From January to October, fixed asset investment in Henan rose by 6.7 percent year-on-year, maintaining the growth rate seen in the first three quarters. Investments in projects valued at 100 million yuan or more grew by 8.2 percent, driving overall investment growth by 5.2 percentage points and contributing 77.2 percent to the province's total investment growth. Industrial investment increased by 21.0 percent, sustaining its double-digit growth trend and contributing 6.5 percentage points to the province's overall investment growth.
In October, total retail sales of consumer goods in Henan reached 257.358 billion yuan, a year-on-year increase of 7.1 percent, accelerating by 1.4 percentage points compared to the previous month. Green and upgraded consumption categories thrived, with the retail sales of wearable smart devices, smart home appliances, and audio-visual equipment increasing year-on-year by 47.7 percent and 38.6 percent, respectively.
The cultivation of new quality productive forces accelerated. In October, the added value of Henan's new energy vehicle industry and biotechnology industry increased by 39.5 percent and 16.0 percent year-on-year, respectively. The output of industrial robots and lithium-ion batteries grew by 119.4 percent and 72.3 percent year-on-year, respectively. Driven by policies promoting the trade-in of consumer goods, retail sales of home appliances, audiovisual equipment, and new energy vehicles by enterprises above the designated size rose by 59.7 percent and 55.8 percent, respectively. Meanwhile, the added value of the consumer goods manufacturing industry grew by 14.2 percent year-on-year.
With the effects of storage policies and incremental measures becoming increasingly apparent, Henan's economy has maintained a stable upward trajectory, consolidating a trend of steady improvement. Moving forward, the province must align its actions with the central government's analysis, assessments, and policy decisions regarding the current economic situation. It is crucial to implement the directives of the provincial party committee and government, prioritize the execution of existing policies and a comprehensive set of incremental measures, and enhance their effectiveness to ensure continued economic recovery and growth. (Chinese source: Henan Daily Reporter: Hu Shutong Translators: Li Yunjiao Tong Lin Proofreader: Jiao Dan)
