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Jiangsu's fixed-asset investment drops 11% in Jan-Aug, real estate development down 25.4%
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On September 22, 2024, the Jiangsu Provincial Bureau of Statistics released economic data for the first eight months of the year, showing a mixed performance across sectors. Industrial production grew steadily, with the value-added output of large-scale industries rising 6.5% year-on-year. In August, specific manufacturing sectors such as pharmaceuticals (13.8%), special equipment (13.0%), automobiles (11.1%), and electronics (10.9%) posted strong gains. Service sector revenue for January-July increased 7.4%, driven by an 8.7% rise in producer services. However, fixed asset investment fell sharply by 11.0%, led by a 25.4% decline in real estate development and an 8.4% drop in infrastructure investment. Manufacturing investment also dipped 1.6%. Consumer spending remained sluggish, with total retail sales of consumer goods rising only 1.0% to 3.13 trillion yuan, though August saw strong sales of communication equipment (44.7%) and office supplies (41.8%). Financial data showed bank deposits up 7.6% and loans up 8.6%. Consumer prices rose 1.0% year-on-year for the period, while producer prices increased 0.4% for output and 2.2% for input costs.
Source report
On September 22, the Jiangsu Provincial Bureau of Statistics released a summary of the province's economic performance for the first eight months of 2024.
During this period, Jiangsu adhered to the principle of pursuing progress while maintaining stability, making concerted efforts to steer the economy toward higher quality, innovation, and improved performance. The provincial economy remained generally stable, with steady progress.
Industrial Output
From January to August, the value added of industrial enterprises above the designated size increased by 6.5% year-on-year. In August alone, the growth rate was 5.7%. Notable sectoral performances included:
- Pharmaceutical manufacturing: +13.8%
- Special equipment manufacturing: +13.0%
- Automobile manufacturing: +11.1%
- Computer, communication, and other electronic equipment manufacturing: +10.9%
Services Sector
For the period of January to July, the operating revenue of service enterprises above the designated size grew by 7.4% year-on-year. Among them, productive services rose by 8.7%, contributing 6 percentage points to the overall growth of the sector.
Fixed Asset Investment
From January to August, fixed asset investment in Jiangsu declined by 11.0% year-on-year. Breakdown by major sectors:
- Infrastructure investment: -8.4%
- Manufacturing investment: -1.6%
- Real estate development investment: -25.4%
However, large-scale equipment renewal efforts advanced steadily, with investment in equipment and tool purchases rising by 13.8% year-on-year.
Consumer Market
Total retail sales of consumer goods reached 3,129.94 billion yuan in the first eight months, up 1.0% year-on-year. In August, retail sales of selected categories above the designated size showed strong growth:
- Communication equipment: +44.7%
- Cultural and office supplies: +41.8%
- Cosmetics: +7.9%
- Computers and related products: +78.2%
- Smartphones: +52.2%
Financial Indicators
As of the end of August, the balance of RMB deposits in Jiangsu's financial institutions stood at 28.8 trillion yuan, up 7.6% year-on-year. The balance of RMB loans reached 30.3 trillion yuan, an increase of 8.6%.
Consumer Prices
From January to August, the Consumer Price Index (CPI) in Jiangsu rose by 1.0% year-on-year. In August, the CPI increased by 0.6% year-on-year.
Producer Prices
During the same period, the Producer Price Index (PPI) for manufactured goods rose by 0.4% year-on-year, while the purchasing price index for industrial producers increased by 2.2%. In August, these figures were +2.0% and +5.2%, respectively.
Editor: Tao Jiyan | Reviewer: Li Zhen | Supervisor: Gu Zheng
Source
大河财立方Eastern
Part of this Story
Jiangsu Province reports mixed Jan-Aug 2024 data: industrial output up 6.5%, investment down 11.0%