Steady recovery and climbing from “high” to “new” – a look at the highlights of the industrial economy in the first three quarters
Xinhua News Agency, Beijing, October 23 (Xinhua) – The economic information daily published an article on October 23, highlighting the positive growth of the industrial economy in the first three quarters of the year. The article reveals that the added value of industries above designated size increased by 4% year-on-year, with a growth rate 0.2 percentage points faster than the first half of the year. Investment in high-tech manufacturing also increased by 11.3% year-on-year, maintaining double-digit growth for 36 consecutive months. The growth is particularly notable in new energy automobiles, photovoltaic products, aerospace vehicles and equipment. Additionally, the digital transformation of the manufacturing industry is accelerating, with nearly 10,000 digital workshops and smart factories being built.
The data released indicates that the industrial economy has experienced qualitative improvements and reasonable quantitative growth in the first three quarters. The industrial structure is continuously optimizing, new growth drivers and advantages are gathering and strengthening, and the momentum for innovation and development is being released. The Chief Engineer of the Ministry of Industry and Information Technology, Zhao Zhiguo, explains that efforts will be made to stabilize industrial growth and fully leverage the critical period of economic recovery and the window of opportunity for industrial transformation.
The implementation of policies to stabilize growth has contributed to the recovery and development of the industrial economy. Industrial production has shown steady growth, with the added value of large-scale industries increasing by 4% year-on-year in the first three quarters. The profitability of industrial enterprises has also accelerated, with profits increasing by 17.2% year-on-year in August.
Efforts have been made to stabilize growth in key industries such as steel and non-ferrous metals. According to Zhao Zhiguo, industrial production has grown steadily, major industries are stable, and the industrial structure is continually being optimized. In the first three quarters, 27 out of 41 major industrial sectors achieved year-on-year growth. The equipment manufacturing industry, especially electrical machinery, chemicals, electronics, and automobiles, contributed significantly to overall industrial growth.
The industrial economy of most provinces has also recovered steadily, with major industrial provinces playing an increasingly important role. In the first three quarters, the industrial added value of 28 out of 31 provinces increased year-on-year, and the growth rate of 20 provinces accelerated or narrowed the decline compared to the first half of the year. Major industrial provinces such as Jiangsu, Shandong, and Zhejiang experienced higher growth rates than the national average.
In terms of advanced manufacturing, high-tech manufacturing investment increased by 11.3% year-on-year, significantly higher than investment in general manufacturing. Solar cell and charging pile production also saw substantial growth, and the production and sales of new energy vehicles increased significantly. The digital transformation of the manufacturing industry is also progressing rapidly, with the industrial internet being integrated into various sectors of the national economy.
The recovery and improvement of the industrial economy have led to the recovery of benefits and an improvement in expectations. Key indicators of economic performance for small and medium-sized enterprises have rebounded and improved, and the expected index of comprehensive business conditions of enterprises has increased significantly in the third quarter.
Despite facing challenges such as insufficient demand, the industrial economy remains solid. It is crucial to strengthen confidence in development, expand demand, enhance momentum, and ensure industrial stability and growth. The Ministry of Industry and Information Technology will continue to promote the development of new momentum for industrial growth, facilitate the integration of innovation, and develop policies to support the construction and advancement of key industries.
Overall, the industrial economy is on a path of steady recovery and climbing, with positive growth and optimistic expectations for the future.