More numbers

SCMP

mining output declined by 1% year-on-year, thanks to Beijing’s efforts to strengthen environmental standards ahead of the winter heating season. At the same time, production of electronic equipment, computers and IT-related products has continued to grow strongly, up 13% relative to a year ago. Such a divergence is one indication that the economy is moving up the value-added chain.

A similar trend is evident in corporate investment. Growth in total fixed-asset investment eased in October, driven by a 2% decline in heavy-polluting industries.

However, corporate capital expenditure in hi-tech sectors has continued to climb, up 17% year-on-year. President Xi Jinping’s pledge to foster growth in innovation and cutting-edge technology should ensure that research and development, and hardware investments in these industries will continue to grow at a buoyant pace for years to come.

Finally, changing consumer shopping behaviour has driven an ongoing divergence between online and offline retail sales. The 6% growth registered in offline sales was pale in comparison to the 34% jump in online activities.

The 34% doesn’t include Singles’ Day: Alibaba set a world record for payment transactions, with its mobile wallet app Alipay processing 256,000 payment transactions per second, in 2017. A total of 1.48 billion transactions were processed by Alipay in the entire 24 hours, with delivery orders through Cainiao (Alibaba’s logistics affiliate) reaching close to 700 million, breaking 2016’s record

Leave a Reply