China’s equipment manufacturing industry is experiencing remarkable growth, marking a significant milestone in the nation’s industrial development. At the 2024 Equipment Manufacturing Forum held in Chongqing from December 2 to 5, Xin Guobin, Vice Minister of the Ministry of Industry and Information Technology (MIIT), announced impressive statistics showcasing the sector’s expansion.
In the first ten months of 2024, the added value of China’s equipment manufacturing industry accounted for 34% of the total added value of large-scale industries. This marks a continuous 20-month period where growth has remained above 30%. The sector has been a powerhouse, contributing 42.7% to the country’s overall industrial growth.
Innovations in high-end equipment manufacturing have surged, with significant improvements in intelligent and green manufacturing processes. These advancements are not only boosting production efficiency but also aligning with global sustainability goals.
To support and accelerate this growth, China has implemented a series of policies aimed at promoting large-scale equipment upgrades and encouraging consumer product trade-ins. The government has issued 300 billion yuan ($41 billion) in special long-term bonds to stimulate investment and unleash consumption potential.
Looking ahead, the MIIT plans to introduce new policies to further bolster the equipment manufacturing industry. Key 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 and maintain its upward trajectory in the global manufacturing arena.
Reference(s):
Ministry: China's equipment manufacturing sector sees notable growth
cgtn.com
