January to September China's auto manufacturing industry to achieve faster growth in value added

The China Association of Automobile Manufacturers (CAAM) disclosed on the 24th that the value added of the automobile manufacturing industry achieved faster growth from January to September 2022.

January-September 2022, China's automotive manufacturing industry added value grew 6.9% year-on-year, 2.4 percentage points higher than January-August, and 3.7 percentage points higher than the manufacturing industry in the same period.

In September 2022, the industrial added value of China's automotive manufacturing industry grew 23.7% year-on-year, 17.4 percentage points higher than that of the national industrial added value above the scale in the same period, which had a significant pulling effect on the industrial economy.

In addition, in September 2022, China's retail sales in the automotive category amounted to 421.3 billion yuan (RMB, the same below), up 14.2% year-on-year, with a growth rate 11.7 percentage points higher than the national total retail sales of consumer goods in the same period, accounting for 11.2% of the total retail sales of consumer goods in the whole society.

From January to September 2022, China's retail sales of automobiles amounted to RMB 3,317.4 billion, up 0.4% year-on-year, with the growth rate turning from negative to positive, accounting for 10.4% of the total retail sales of consumer goods in the whole society.

Meanwhile, from January to September 2022, fixed asset investment in China's automotive manufacturing industry grew rapidly.

China Automotive Industry Association said that since this year, all regions and departments actively play the role of promoting effective investment in important projects coordination mechanism, carefully use policy development financial instruments and local special debt, and strongly promote the implementation of the project as soon as possible, accelerate the formation of physical workload, play a key role in investment.

From January to September 2022, China's automotive manufacturing industry fixed asset investment grew 12.7% year-on-year, 2.6 percentage points higher than the manufacturing industry fixed asset investment and 6.8 percentage points higher than the national fixed asset investment.