China's Economy Withstood the Impact of COVID-19 in the First Two Months of 2020, an Industrial Info Market Brief

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In the first two months of 2020, despite the sudden outbreak of COVID-19, the resumption of work and production in China accelerated, and the order of life was gradually restored.

In the first two months of the year, the total value added of the industrial enterprises above a designated size dropped by 13.5% year on year. An analysis by types of ownership showed that, in the first two months, the value added of the state-held enterprises went down by 7.9% year on year; share-holding enterprises down by 14.2%; enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan down by 21.4%; and private enterprises down by 20.2%.

In terms of sectors, the value added of mining went down by 6.5%, manufacturing down by 15.7% and the production and supply of electricity, thermal power, gas and water down by 7.1%. An analysis by items and output showed that protective medical equipment and products concerning people's livelihood registered fast growth. The production of masks and fermented alcohol grew by 127.5% and 15.6%, respectively, and that for frozen meat and instant noodles grew by 13.5% and 11.4%, respectively. High-tech products manifested sound growing momentum, with the output of smart watches, smart bands, semiconductor discrete devices and integrated circuits growing by 119.7%, 45.1%, 31.4% and 8.5%, respectively. The production of basic raw materials was steady, with the production of cast iron, crude steel, plate glass and 10 kinds of nonferrous metal growing by 3.1%, 3.1%, 2.3% and 2.2%, respectively. According to the survey result of purchasing managers, the resumption rate of large and medium-size manufacturing companies registered 85.6% by February 25, and production and business operations are being restored in an orderly manner.