China's equipment manufacturing industry has achieved remarkable growth in 2024, according to an official from the Ministry of Industry and Information Technology (MIIT) at the 2024 Equipment Manufacturing Forum held in Chongqing from December 2-5.
Xin Guobin, vice minister of MIIT, highlighted that in the first 10 months of 2024, the added value of China's equipment manufacturing industry accounted for 34 percent of the total added value of large-scale industries. This marks a continuous 20-month growth above 30 percent, with the sector contributing 42.7 percent to the country's overall industrial growth.
The industry has seen a surge in innovative high-end equipment manufacturing, with significant improvements in intelligent and green manufacturing levels, Xin noted.
China has introduced a series of policies aimed at promoting a new wave of large-scale equipment upgrading and consumer product trade-ins. The country has issued 300 billion yuan ($41 billion) in special long-term government bonds to support these initiatives, effectively stimulating investment growth and unleashing consumption potential.
The MIIT plans to unveil new policies to further boost the equipment manufacturing industry. These initiatives include accelerating equipment upgrades, promoting trade-ins, and fostering emerging sectors like electric vehicles and low-altitude equipment. Additionally, China aims to deepen international cooperation to drive high-quality development.
Reference(s):
Ministry: China's equipment manufacturing sector sees notable growth
cgtn.com
