China has continued to promote industrial upgrading and development since the beginning of this year with its high-tech manufacturing industry maintaining rapid growth, ushering the country’s economy in an accelerated transformation and upgrading.
According to the data released by the National Bureau of Statistics, in October, the added value of high-tech manufacturing industry in China increased by 10.6% year on year, 1.3 percentage points higher than that in September, driving the growth of all industries above designated size by 1.6 percentage points, which strongly supported the steady and rapid growth of industry.
Since the start of this year, China has maintained the momentum of industrial transformation and upgrading with the industrial sector continuing to promote digital, intelligent and green transformation, significantly enhancing its role in promoting the economy.
The Ministry of Industry and Information Technology continued to promote the application of industrial Internet in industrial parks and county economies so as to have constantly expanded the integrated industrial ecology.
China has also accelerated its investment in high-tech industries. Since the beginning of this year, various regions have actively promoted the construction of major new energy and new medicine projects, which has strongly supported manufacturing investment.
In the first 10 months, China's high-tech industry investment grew 20.5% year on year, 0.3 percentage points faster than that in the first three quarters, and 14.7 percentage points higher than the growth rate of all investment.
"Through sustained efforts and investment, China's economic development has achieved a solid industrial foundation, enhanced enterprise confidence and sufficient development potential.The high-tech industry has become an important force leading economic transformation and upgrading and high-quality development," said Xu Zhaoyuan, Vice Director, Industrial Economy Research Department, Development Research Center, State Council.
