"the chinese economy has strong resilience, full potential and wide room for manoeuvre," the general secretary said in a meeting with chinese and foreign journalists at the standing committee of the political bureau of the 20th cpc central committee. "the fundamentals for long-term sound development will not change." the recent release of the performance of the national economy in october shows that, at a time when the fragility of the world economy is becoming more prominent, the chinese economy continues to recover and its resilience continues to show. we will thoroughly study and implement the party's 20 guiding principles, unify our understanding and strengthen our confidence, and seize the time window to push the economy further back to stability and upward direction. the giant ship of the chinese economy will surely brave the wind and waves on the channel of high-quality development.
in terms of total volume, the resilience of the economy is reflected in the continued recovery of production demand and stable employment prices. at the production end, the added value of industrial enterprises above designated size increased by 4% year-on-year in the first ten months of this year, 0.1 percentage points higher than that in the first nine months of this year. the added value of equipment manufacturing industry in october increased by 9.2% year-on-year. on the demand side, the retail sales of grain, oil, food and beverage by units above designated size increased by 8.3% and 4.1% respectively in october, and the online retail sales of physical goods increased by 7.2% in the first 10 months. what is more, the recovery of industry and consumption has been achieved in the face of triple pressures and multiple epidemics in china. it is not easy. with the courage to face up to new circumstances and continue to address new problems, the giant ship of the chinese economy will be able to steer clear and move forward firmly in spite of strong winds and waves.
in terms of structure, the resilience of the economy is reflected in continued industrial upgrading and stronger new drivers of growth. from january to october, the added value and investment of high-tech manufacturing increased by 8.7% and 23.6%, respectively, faster than that of january to september. from january to october, the output of new-energy vehicles and solar cells increased by 108.4% and 35.6%, respectively, year-on-year, indicating that the green and low-carbon transformation continued to accelerate. from january to october, the investment in water conservancy projects reached 921.1 billion yuan, up 63.3 percent year on year, and 24,000 new water conservancy projects were started. since the beginning of this year, 45 major water conservancy projects have been started, a record high. china's complete industrial system, obvious advantages of scale and strong scientific and technological support have laid a solid foundation for economic development and constituted a strong resilience of the chinese economy.
from the policy perspective, the resilience of the economy is reflected in the continued strength of regulatory measures and the continuous effect of policies. since the beginning of this year, the chinese economy has faced many factors that exceeded expectations. however, under the influence of a series of regulatory policies, the economy recovered significantly in the third quarter and continued to recover in october despite the pressure. for example, policies to support taxes and fees and consumer finance have effectively promoted the rapid growth of consumption of automobiles and home appliances, giving full play to the fundamental role of consumption in economic development. from january to october, the national development and reform commission examined and approved 97 fixed-asset investment projects with a total investment of 1,433.3 billion yuan, which played a key role in optimizing the supply structure. all these show that the political bureau meeting of the cpc central committee's requirement that "macro policies should take an active role in expanding demand" is being effectively implemented, and the implementation of the package of policies and subsequent policies to stabilize the economy is taking effect at a faster pace.
at the beginning of the year, the window of time is very valuable. at present, the international environment is still complicated and the epidemic prevention and control situation is still grim. to ensure sustained economic recovery in the fourth quarter and strive for the best results, we need to work hard to ensure that our policies and measures are fully implemented and fully effective. we must keep to the "primary task" of promoting high-quality development, fully implement the requirements of preventing the epidemic, stabilizing the economy, and ensuring safe development, continue to give higher priority to stabilizing growth, and strive to stabilize employment and prices. we should integrate the strategy of expanding domestic demand with deepening supply-side structural reform, implement all decisions and plans for fine-tuning macro regulation, and make reform and opening up a driving force for economic development. by leveraging resilience, we will continue to strengthen resilience and unleash potential and creativity. we will surely keep the economy operating within the proper range and deliver new outstanding results on the road ahead.
source: state-owned assets supervision and administration commission of the state council