New Growth Drivers In Manufacturing Boost China’s Industrial Output In July
New growth drivers in the manufacturing sector contributed to the stable growth of China’s value-added industrial output, an important economic indicator, in July.
Source: Bastillepost
Data from the National Bureau of Statistics (NBS) shows that the country’s value-added industrial output expanded 5.1% year-on-year in July, with 33 of the 41 major industrial sectors experiencing growth.
Notably, the value-added output of equipment manufacturing enterprises increased by 7.3% year-on- year, contributing 2.4 percentage points to the entire industrial output growth. The new growth drivers of the manufacturing sector, including high-end equipment manufacturing, information technology, green industries, were also major contributors to the industrial output growth in July.
“On one hand, the digital and eco-friendly transformation in manufacturing is accelerating, leading to more robust growth. On the other hand, emerging industries such as new energy and new materials are developing rapidly, becoming new momentum and new driving forces for industrial growth. The role of the equipment manufacturing industry as a ‘ballast stone’ is becoming more prominent.” said Gong Tianxiao, Deputy Director of the Institute of Information and Industrialisation Integration at the China Academy of Information and Communications Technology (CAICT).
Last month, the output of aerospace vehicles, electronic and communication devices, and computers and office equipment saw double-digit year-on-year increases. In terms of products, the production of civil drones, service robots, integrated circuits, and industrial robots all saw rapid double-digit growth.
Additionally, green industry production surged last month. The production of new energy vehicles surged by 27.8% year-on-year, polysilicon by 27.3%, and wind turbine by 39.6%. The industrial output measures the activity of enterprises each with an annual main business turnover of at least RMB20 million (about US$2.8 million).
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