During a recent press conference held by the State Council Information Office, a representative from the Ministry of Industry and Information Technology reported that the industrial economy in China has been operating smoothly in the first three quarters of the year, with ongoing optimization of the industrial structure and a rapid development of new productive forces. The recently released GDP data for the same period indicates that the industrial sector has performed impressively, achieving both quantitative growth and qualitative improvements, which have significantly supported the stability of China’s economic growth and underscored the resilience of its economy.
Stable industrial growth has solidified the positive momentum in the economic recovery. Industry serves as the foundation of the national economy and is a crucial engine for economic development. In the first three quarters, China’s industrial sector maintained steady growth, with a reported year-on-year increase of 5.8% in value-added output among large-scale industries, outpacing GDP growth by one percentage point and contributing nearly 40% to the overall economic growth. From an industry perspective, 38 out of 41 major industrial sectors reported increased value-added output compared to the previous year, representing a growth rate of 92.7%. Regionally, 28 out of 31 regions experienced a year-on-year increase in output. The fact that over 90% of industries and regions in the industrial sector are seeing growth provides strong support for reinforcing the positive trajectory of China’s economic recovery.
The optimization and upgrading of industrial structures have unleashed momentum for high-quality development. Economic growth embodies an organic unity of both quality and quantity. In recent years, China has progressively advanced the optimization of its industrial structure and the upgrading of its industries. Notable achievements have been made in the high-end, intelligent, and green development of manufacturing. In terms of high-end manufacturing, there was a 9.1% year-on-year increase in value-added output in the high-tech manufacturing sector, exceeding the growth rate of all large-scale industries by 3.3 percentage points. Furthermore, there has been significant growth in smart devices and products, with production of virtual reality devices and smartphones increasing by 11.0% and 10.5%, respectively. The renewable energy sector is also flourishing, with production of charging stations, new energy vehicles, and solar cells rising 57.2%, 33.8%, and 12.8%, respectively. These figures indicate a continuous emergence of new drivers for high-quality development, accelerating the creation of new competitive advantages in the economy.
Rapid growth in industrial investment underscores the strong momentum behind economic development. Investment is one of the “three drivers” propelling economic growth, and it plays a critical role in this respect. In the first three quarters, industrial investment experienced rapid growth, with data showing a 12.3% increase in secondary industry investment; manufacturing investment rose by 9.2%, while high-tech manufacturing investment grew by 9.4%. The aerospace and machinery manufacturing sectors saw investments increase by 34.1% and 10.3%, respectively. The upsurge in investment reflects growing expectations and confidence among business entities, which will continuously foster endogenous momentum for economic development and enhance the vitality of China’s economy.
Despite a challenging external environment and evolving domestic economic conditions, China’s industrial sector has still demonstrated solid performance, highlighting the country’s strong resilience and risk endurance capabilities. It also reflects a steadfast confidence and determination to promote high-quality development. However, the industrial sector continues to face numerous challenges, necessitating further comprehensive reforms, enhanced innovation, and consolidation of the economic recovery foundations. Accelerating efforts toward industrial transformation and upgrading, while leveraging the industrial sector as a stabilizing force, is critical. With the rapid implementation of policies like “two new” and “two heavy” initiatives, we can expect these policy effects to continue being unleashed, injecting greater momentum for both China’s industrial high-quality development and global economic growth.
