Chinese industrial sector sees stable growth in first 3 quarters in 2024
Date
10/24/2024 10:00:27 AM
(MENAFN) China's industrial sector experienced stable growth in the first three quarters of 2024, according to the Ministry of Industry and Information Technology. This positive trend reflects the rapid expansion of the country’s equipment manufacturing and high-tech manufacturing industries. Notably, sectors such as electronics, nonferrous metals, chemicals, and automobiles contributed significantly to this growth, accounting for nearly half of the total industrial production increase during this period.
The ministry reported that the value-added output of the automobile industry alone surged by 7.9 percent year on year, indicating strong performance in this critical sector. Additionally, the boost to the country's consumer goods trade-in program has led to a remarkable increase in the consumption of electronic and digital products. From January to September, the electronic information manufacturing sector, particularly companies with an annual business revenue of at least 20 million yuan (approximately 2.81 million U.S. dollars), saw a year-on-year growth of 12.8 percent in value-added output. Furthermore, mobile phone shipments within the domestic market reached 220 million units, marking a 9.9 percent increase compared to the same period last year.
China has also made significant strides in optimizing its industrial structure. The production and sales of new energy vehicles rose sharply, with increases of 31.7 percent and 32.5 percent, respectively. Additionally, China has secured more than 70 percent of the world’s green shipbuilding orders, underscoring its leadership in environmentally sustainable manufacturing practices.
In the first eight months of 2024, the operating income margin for China's so-called "little giant" firms—small to medium-sized enterprises specializing in niche markets and holding advanced technologies—stood at 7.5 percent, surpassing the average margin for industrial firms. This highlights the significant role these innovative companies play in the broader industrial landscape. Additionally, by the end of September, China had established over 4.09 million 5G base stations, further bolstering its technological infrastructure and connectivity capabilities.
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