Chongqing’s Economy Advances Steadily with Progress from January to August; Value Added in the Motorcycle Sector Rises 13.3% Year-on-Year

On September 16, the Municipal Bureau of Statistics released the economic performance data of the city from January to August this year. Over the January-August period, the city’s economy operated on an overall stable basis with continuously optimized structure. In particular, the motorcycle sector demonstrated strong growth momentum, while the investment structure continued to adjust, and the consumer market recovered steadily.

From January to August this year, the value added of industrial enterprises above designated size in the city increased by 3.3% year-on-year, and the sales rate of industrial products reached 96.6%. By sector, the motorcycle sector delivered the most outstanding performance, with value added rising 13.3% year-on-year. The equipment sector followed with growth of 10.9%, the electronics sector grew by 6.7%, and the pharmaceutical sector grew by 5.9%. The consumer goods sector and the materials sector grew by 1.6% and 0.8%, respectively. The automotive sector and the energy sector grew at rates flat with the same period last year.

In terms of the output of industrial products, motorcycle production in the city surged significantly from January to August, rising 50.5% year-on-year, becoming a standout highlight of industrial growth. The impressive figures for the motorcycle sector confirm the effectiveness of the city’s high-end transformation of the motorcycle sector, particularly as a cohort of leading motorcycle enterprises has continued to tackle core components for large-displacement powertrains, driving the industrial chain toward the high-end segment and promoting both quantitative and qualitative improvement of the sector. In addition, integrated circuit wafers and LCD panels grew by 17.7% and 11.5% respectively. Overall automobile output fell by 12.6%, but new energy vehicles maintained resilience with a 4.2% year-on-year rise.

In terms of investment, fixed asset investment of the city declined by 1.5% year-on-year from January to August, excluding real estate development investment, investment grew by 2%. By sector, investment in the primary industry rose by 11% year-on-year, the secondary industry increased by 2.8%, and the tertiary industry dropped by 3.7%. By industry, industrial investment maintained growth, rising 3% year-on-year, while infrastructure investment fell by 2.3%, and real estate development investment dropped by 14.3%. These data changes reflect that the city’s investment is continuously tilting toward the real economy and industrial projects, with steady increases in investment for production expansion and technological transformation in the industrial sector.

In terms of consumption, total retail sales of consumer goods in the city hit RMB 1.14 Trillion from January to August, up 2.8% year-on-year. Among goods sold by enterprises above designated size, retail sales of sports and recreational articles grew by 15.9%, cultural and office supplies by 8.5%, Chinese and Western medicines by 6.7%, clothing, footwear, hats and textiles by 5.6%, and petroleum and related products by 2.1%, indicating continued growth in demand for categories associated with consumption upgrading.

In terms of prices, the consumer price index in the city rose 1.2% year-on-year from January to August. Among the eight major categories of goods and services, prices of other goods and services rose by 6.7%, health care by 5.8%, transportation and communication by 2.5%, daily necessities and services by 2.1%, education, culture and recreation by 1.8%, and clothing by 0.9%; prices of food, tobacco, liquor and dining out remained unchanged, while housing prices fell by 1.4%. In the industrial sector, the Producer Price Index (PPI) for industrial products rose by 1.6% year-on-year, and the Purchaser Price Index for industrial products rose by 2.3%.

Source: Chongqing Daily