Hebei's industrial output up 5% in Jan-Aug, fixed-asset investment down 1.8%

Shijiazhuang, September 21 (Xinhua) — The Hebei Provincial Bureau of Statistics released the province's economic performance data for the first eight months of 2024 on Saturday. Since the beginning of the year, the province has adhered to the general principle of pursuing progress while maintaining stability, focusing on stabilizing employment, enterprises, markets, and expectations. Efforts have been accelerated to transition between old and new growth drivers and to promote high-quality development, resulting in an overall stable economic trend.

Industrial Production Maintains Steady Growth

From January to August, the added value of industrial enterprises above the designated size increased by 5.0% year-on-year.

• By sector:
• Mining: +2.5%
• Manufacturing: +5.8%
• Electricity, heat, gas, and water production and supply: +2.6%

• By industry: Among 40 major industrial categories, 28 achieved growth, representing a growth coverage rate of 70.0%. Notable performers include:
• Instrument manufacturing: +49.3%
• Non-ferrous metal mining and processing: +22.8%
• Pharmaceutical manufacturing: +14.6%
• Railway, ship, aerospace, and other transport equipment manufacturing: +10.5%
• Automobile manufacturing: +8.7%

Fixed Asset Investment Sees Slight Decline

Fixed asset investment in the province decreased by 1.8% year-on-year during the period.

• Major projects: Investment in construction projects worth over 1 billion yuan grew by 2.3%, contributing 1.0 percentage point to overall investment growth.
• Industrial investment: Increased by 4.8%, with industrial technology transformation investment rising by 7.4%, contributing 1.5 and 1.2 percentage points respectively.
• Equipment renewal: Investment in equipment and tool purchases surged by 32.1%, driven by large-scale equipment renewal policies.

Consumer Market Continues to Expand

Retail sales of consumer goods by units above the designated size reached 334.84 billion yuan, up 4.5% year-on-year.

• By type:
• Commodity retail: 321.93 billion yuan, +4.4%
• Catering revenue: 12.91 billion yuan, +9.0%

• Policy-driven growth: The trade-in program for consumer goods continued to yield results, with retail sales of:
• Cultural and office supplies: +84.2%
• Household appliances and audiovisual equipment: +17.1%
• Communication equipment: +17.6%

• Upgraded consumption: Cosmetics (+7.7%) and sports and entertainment goods (+10.0%) also saw rapid growth.

New Growth Drivers Accelerate

The added value of strategic emerging industries in the industrial sector above the designated size grew by 11.0% year-on-year, outpacing the overall industrial growth rate by 6.0 percentage points.

• Key sub-sectors:
• Optoelectronic device manufacturing: +540%
• Integrated circuit manufacturing: +38.8%
• High-speed train manufacturing: +23.4%
• Wind power equipment manufacturing: +19.3%

• High-tech industry: Added value increased by 7.0%, 2.0 percentage points faster than the overall industrial growth rate, accounting for 24.7% of total industrial added value—0.4 percentage points higher than the same period last year.

• New product output:
• Optoelectronic devices: +81.3%
• Integrated circuits: +41.7%
• Lithium-ion batteries: +79.2%

• High-tech investment: Grew by 19.0%, with high-tech manufacturing investment up 13.2% and high-tech services investment up 23.5%.

Photo: A cargo ship departs from the container terminal of Jingtang Port in Tangshan, Hebei Province, on the morning of September 15. (Xinhua/Liu Mancang)