Chinese companies in the manufacturing industry reported a 1.3 percent growth in sales revenues in October, up 2.2 percentage points compared to the previous month, the latest official data showed.
In particular, high-tech and equipment manufacturing companies saw sales revenues grow 8.9 percent and 5.1 percent, respectively, leading the manufacturing sector’s overall sales growth last month, according to data released by the State Taxation Administration on Thursday.
The data shows improving market confidence and growth momentum amid the government’s policies to vitalize economic growth in the world’s second-largest economy.
Sales revenues of Chinese firms in general have been rising more rapidly, with the growth rate in October up by 1.3 percentage points compared to the previous month.
In particular, companies in the provinces of Zhejiang, Guangdong, Sichuan and Henan saw quicker sales revenue growth last month, the data showed.
A meeting of the Political Bureau of the Communist Party of China Central Committee held on September 26 called for effectively implementing existing policies, stepping up efforts to roll out incremental policies, further making policy measures more targeted and effective, and striving to accomplish the targets and tasks for this year’s economic and social development.
In a bid to prop up the housing market, Chinese authorities in late September rolled out measures to ease housing purchase restrictions with measures such as cutting the mortgage rates for existing loans and lowering down payment ratios.
Thursday’s data shared by the taxation authority also showed that property transactions picked up momentum in some first-tier cities. For instance, second-hand home transactions in Beijing and Shanghai saw sales revenues grow 11 percent and 12.8 percent respectively in October on a year-on-year basis.
Meanwhile, led by the government’s consumer goods trade-in and equipment renewal programs introduced since March this year, retail sales grew fast year on year in October, with the retail sales of TVs and refrigerators growing particularly sharply, the data showed.