China's industrial economy has stabilized and recovered in the first three quarters of 2023 [29c349ff]. Industrial output in September grew 4.5% YoY, matching the pace in August [29c349ff]. Car sales in China rose 2.1% to 15.41 million units in the first nine months [29c349ff]. The new energy sector, particularly electric cars, performed well [29c349ff]. China's Minister of Industry and Information Technology, Jin Zhuanglong, expressed confidence in sustaining a recovery in the industrial economy in the fourth quarter of the year [ccd9b0b9]. The Chinese government has released concrete plans to support key industries in shoring up the industrial economy, including steel, electrical equipment, and electronic information manufacturing [ccd9b0b9]. Tax relief measures have been implemented, benefiting small and medium-sized enterprises (SMEs) [ccd9b0b9]. Positive signs have emerged in the operational situation of SMEs, with power consumption and the sub-index of the purchasing managers' index showing growth [ccd9b0b9]. The Ministry of Industry and Information Technology will focus on implementing pro-growth measures, fostering new edges, promoting digitalization, and advancing the building of new information infrastructure [ccd9b0b9]. Efforts will also be made to nurture emerging industries and invigorate traditional manufacturing industries by getting rid of outdated capacities and promoting green development [ccd9b0b9].
Thirty-four investment projects worth approximately US$1.6 billion were signed in Jiading District during the 6th China International Import Expo [b426d73b]. These projects focus on the 'new four modernizations' of automotives, including electrification, the Internet of Things, intellectualization, and sharing [b426d73b]. They will contribute to Jiading's industrial planning scheme and the development of its 100-billion-yuan level industry [b426d73b]. The Shanghai Commission of Economy and Informatization will support the settlement of high-quality enterprises in Jiading [b426d73b]. Jiading has attracted more than 20 global strategic partners since launching the scheme in 2022 [b426d73b]. The district has seen significant growth in its industrial output, with the output value of strategic new emerging industries reaching 34.9% of the total [b426d73b]. The total output of Jiading's three 100-billion-yuan level industries reached 152.81 billion yuan in the first nine months of this year [b426d73b].
China's logistics industry continued to rally as import logistics improved and the holiday economy boosted consumption logistic demands [d905d761]. Social logistics rose 4.9% YoY to 278.3 trillion yuan in the first ten months, with logistics for industrial products increasing by 4.1% and logistics for imported goods climbing by 13.5% [d905d761]. The eight-day Mid-Autumn Festival and National Day holiday drove the uptick in consumption logistic demands for catering, hotel, and retail industries, with catering-related logistic demand surging 17% YoY in October [d905d761].
China's logistics sector registered faster expansion in November, with the index tracking the country's logistics market performance standing at 53.3 percent [56bcb3c3]. The sub-indexes measuring total business volume and new orders of logistics companies went up to 53.3 percent and 53.4 percent, respectively [56bcb3c3]. Fixed-asset investment in the logistics sector logged stable growth, driven by robust increases in railway and multimodal transport and the postal industry [56bcb3c3]. Stable industrial production and improving consumption have generated more transport demand in various sectors throughout the supply chain [56bcb3c3]. Booming online sales, particularly during the 'Double 11' online shopping spree, have also boosted the logistics expansion [56bcb3c3]. Government policies will continue to support a stable economic recovery and the logistics sector [56bcb3c3].