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​Multiple indicators show sound rebound momentum of Chinese economy at start of 2021

February 08, 2021


Abstract : Many indicators have shown that China's economy has presented a sound recovery momentum from the beginning of 2021, reported Shanghai Securities News Monday.

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Aerial photo taken on Sept. 14, 2020 shows the view of downtown areas in Shenzhen, south China's Guangdong Province. (Xinhua/Mao Siqian)

BEIJING, Feb. 8 (Xinhua) -- Many indicators have shown that China's economy has presented a sound recovery momentum from the beginning of 2021, reported Shanghai Securities News Monday.

-- Railway and port freight indicators rise

According to data from China State Railway Group Co., Ltd. (China Railway), 324 million metric tons (tonnes) of railway freight  was delivered in January this year, up 11.8 percent year on year and crossing the 300 million-tonne mark for the first time in January in nine years.

During the month, the country saw daily average loading of 17,3000 trains, a record high and an increase of 12.7 percent year on year.

Data from the China Ports & Harbors Association showed that in January this year, the cargo throughput of coastal ports under key monitoring rose by 4.6 percent year on year, with foreign trade throughput increasing by 2.3 percent.

In late January, the container throughput of the eight major coastal hub ports grew by 20.5 percent year on year, with foreign trade throughput up by 19.8 percent.

-- Excavators see explosive increase in sales

The sales of excavators continued booming trend since the beginning of the year.

The sales and working hours of excavators are regarded as a key indicator for the development of the infrastructure sector as excavators are closely-connected with infrastructure projects.

According to the estimation of www.21cme.cn,a construction machinery portal, the sales of excavators in January may reach about 20,500 units, up about 106 percent year on year.

The sales of heavy trucks also continued to exceed market expectations.

Latest data from cvworld.cn, a commercial vehicle portal, showed that in January, more than 180,000 vehicles of all types were sold in China's heavy truck market, a rise of 54 percent year on year.

Insiders believe that the economic recovery is conducive to improving the demand for logistics heavy trucks.

The purchasing managers' index (PMI) for China's manufacturing sector continued to expand and the logistics industry grew steadily in January, improving the sales of logistics equipment.

-- Power indicators frequently hit record high

The electricity indicator is a window to observe the economic trend, and major industrial provinces in China have seen significant increase in power load recently.

According to China Southern Power Grid, affected by multiple factors such as the "stay put" policy and the industrial electricity consumption growth, during the Spring Festival this year, the maximum load of the whole network of the company may increase about 13 million kilowatts or 14 percent from that in the same period of 2020.

Besides, the power load of south China's Guangdong Province, the province with largest economic size in China and also a major industrial province of China, is expected to increase by 19 percent year on year.

The production and operation data from the China Energy Investment Corporation (China Energy) also proves the strength of China's industrial economy.

The company's coal sales and  coal-fired power output in January increased respectively by 17.8 percent and 25.1 percent year on year.

Besides, the railway traffic, as well as the coal exports and ship traffic of its two ports in north China improved by 10.4 percent, 13.9 percent and 52.4 percent, respectively, all setting new records.

The economic growth of China may exceed expectation, said Su Jian, director of the National Center for Economic Research at Peking University.

Apart from the low base factor, the transportation, energy and electricity and other economic indicators all performed well at the beginning of the year, and the economic growth in the first quarter may approach to 20 percent, Su added.

(Editedby Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

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Keyword: Chinese economy

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