Ordos economy rebounds in first 10 months of 2020
Updated: 2020-11-30 Print
An economic rebound is underway in Ordos city in North China’s Inner Mongolia autonomous region, despite the lingering impact of the novel coronavirus outbreak.
Statistics show that from January to October, the added value of Ordos' industrial enterprises above designated size increased by 0.5 percent year-on-year, an increase of 0.5 percentage points over the previous three quarters. It was the first time this year for Shenyang’s industrial enterprises’ added value growth rate to turn positive.
From January to October, the added value of the Ordos city's industrial enterprises above designated size fell by 10.1 percent year-on-year. The decline rate narrowed by 1.4 percentage points from the previous month, which was 8.9 percentage points lower than that of the entire autonomous region.
In October, the value-added of industrial enterprises above designated size in Ordos increased by 5.9 percent year-on-year, and the growth rate rebounded by 14.6 percentage points from that in September. The statistic represents the first positive growth this year for the value-added of industrial enterprises above designated size in the city.
Among the 13 major industries of Ordos, five industries maintained positive growth in added value. Petroleum processing and coking increased by 10.0 percent year-on-year, non-metallic mineral products increased by 1.6 percent, the metallurgical industry by 1.9 percent, the equipment manufacturing industry increased by 2.2 percent and the pharmaceutical manufacturing sector by 32.6 percent.
Meanwhile, in the first 10 months of 2020, Ordos's fixed-asset investment increased by 5.8 percent year-on-year, ranking third in the autonomous region. It was 10.1 percentage points higher than the entire autonomous region and 4.0 percentage points higher than the national level.
During the same period, industrial investment continued to pick up. Investment in power, heat, gas and water production and supply industries increased by 18.7 percent year-on-year, and the growth rate was 7.8 percentage points higher than that from January to September.
The implementation of tax cuts and fee reductions has eased enterprises' financial difficulties and boosted the confidence of private capital to a certain extent.
From January to October, private investment in fixed assets increased by 9.9 percent, an increase of 1.3 percentage points from January to September, ranking second in the autonomous region.
From January to October, the city's general public budget revenue was 36.12 billion yuan ($5.42 billion), a year-on-year decrease of 13.2 percent. The decline rate narrowed by 2.4 percentage points from January to September – ranking first in the region.
The general public budget expenditures were 44.77 billion yuan, a year-on-year decrease of 1.3 percent, and the rate of decline narrowed by 0.1 percentage point from January to September.