China’s industrial sector reported expansion in May
China's industrial sector showed a sustained growth last May thanks to the drive of continued innovation
Reports for May in China’s industrial sector indicate sustained growth, driven by innovation. According to data for last month, “China’s value-added industrial output grew 5.8 percent year-on-year.”
In the manufacturing sector, value-added output increased 6.2 % year-on-year, with increases of 9 % and 8.6 % in equipment manufacturing and high-tech manufacturing, respectively, according to the National Bureau of Statistics.
China’s industrial production grew 6.3 % from January to May. This sector is key to the Asian nation’s economy, as it serves as a benchmark for measuring the activity of large companies with annual revenues of at least 20 million yuan (about $2.79 million) from their core business.
This boost to the industrial sector is the result of effective policy support and continuous improvements, which have enabled relatively rapid expansion last month, “demonstrating strong resilience and potential,” said bureau spokesperson Fu Linghui.
The official highlighted strong expansion in high-end manufacturing, the digital economy, and the new energy sector. Specifically, last month saw an increase in production of 3D printing equipment. as well as industrial robots and new energy vehicles, by 40, 35.5, and 31.7 percent year-on-year, respectively.
M.Pino
Source: xinhuanet
(Reference image source: Bernd 📷 Dittrich on Unsplash)
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