Industrial production in China surges 5.3 percent last month

(MENAFN) China's industrial production growth remained steady in June, reflecting ongoing advancements in industrial upgrading and the emergence of new productive forces. According to data from the National Bureau of Statistics (NBS) released on Monday, the value-added industrial output grew by 5.3 percent year on year in June. On a monthly basis, this output increased by 0.42 percent compared to May. For the January-June period, industrial output rose by 6 percent year on year.

The industrial output is a key economic indicator that measures the activity of enterprises with an annual main business turnover of at least 20 million yuan (approximately 2.8 million U.S. dollars). Breaking down the data further, the equipment manufacturing sector, which accounts for one-third of overall industrial output, saw a significant increase of 7.8 percent in the first half of the year. The high-tech manufacturing industry also performed well, with output rising by 8.7 percent during the same period.

Notably, production figures for specific sectors showed remarkable growth: service robots surged by 22.8 percent, smartphones by 11.8 percent, and new energy vehicles by an impressive 34.3 percent in the first six months of the year.

NBS official Tang Weiwei noted that industrial production had maintained stable development in the first half of 2024, with positive momentum. However, he cautioned about challenges facing the industrial sector, citing a "complex and grave external situation" and insufficient effective domestic demand.

Additionally, the NBS reported that China's gross domestic product (GDP) grew by 5 percent year on year in the first half of 2024, with a growth of 4.7 percent recorded in the second quarter compared to the same period last year.

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