China Q1 Industrial Growth Diversifies in Electronics, Automotive &Machinery
In the first quarter of this year, the three major fields of electronics, automobiles, and machinery advanced in parallel, accelerating the growth of industrial economy, and emerging momentum continued to release strong traction.
According to the data of the Ministry of Industry and Information Technology, the added value of industrial enterprises above designated size increased by 6.5% year-on-year in the first quarter of this year, the equipment manufacturing industry performed well, and the electronics, automobile, electrical machinery and equipment industries played a prominent role in driving growth. In terms of the three major categories, the added value of the mining industry increased by 6.2% year-on-year, the manufacturing industry increased by 7.1%, and the electricity, heat, gas and water production and supply industry increased by 1.9%. The added value of the equipment manufacturing industry increased by 10.9% year-on-year, 3.2 percentage points faster than the previous year; the added value of the high-tech manufacturing industry increased by 9.7%, 0.8 percentage points faster. In the first quarter of this year, driven by innovation, equipment manufacturing and high-tech industries are becoming the dual engines of industrial upgrading.
"Yuan Yuan, Director of the Industrial Development Research Department of the Institute of Information and Industrialization, China Academy of Information and Communications Technology: This year's government work report clearly proposed to accelerate the high-quality development of key industrial chains in the manufacturing industry, strengthen the reconstruction of industrial foundations and the research and development of major technical equipment, and promote the transformation of traditional industries to high-end, intelligent and green. Traditional manufacturing is regarded as fertile ground for nurturing new quality productivity, and it will release huge growth potential through digitalization and greening."
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