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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China’s Gross Domestic Product (GDP) grew 4.8 percent from January to September, according to data from the National Bureau of Statistics through its deputy director, Sheng Laiyun.

The official indicated in a press conference that the GDP stood at 94.97 trillion yuan (13.33 trillion dollars) in the described period, clarifying that during the third quarter, the Chinese economy experienced an expansion of 4.6 % from year to year.

Laiyun has described the performance of the local economy as stable, amid adverse external factors. He highlighted the economic recovery in September, with an increase in production and demand. In the industrial production sector, as well as equipment manufacturing and high-tech, an increase of 5.8 % was seen compared to 2023. Likewise, the service sector showed an increase of 4.7 % in added value.

“Consumption maintained an upward trend, with a 3.3% growth in retail sales of consumer goods compared to last year. Investment in fixed assets rose by 3.4 %, driven by the vibrant influx of capital into high-tech industries.”

The Chinese government is striving to coordinate existing policies with new ones, for their prompt implementation, which will lead the Asian country to the economic and social development goals set for the entire year.

M.Pino

Source: Xinhuanet

(Reference image source: Christian Lue in Unsplash)

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