Business
2021.05.01 15:13 GMT+8

China's equipment manufacturing output surges 40% in Q1 2021

Updated 2021.05.01 15:13 GMT+8
CGTN

A worker assembles light trucks at a production line in east China's Shandong Province. /CFP

China's equipment manufacturing sector saw rapid expansion in the first quarter of this year amid broader economic recovery, official data showed.

A key barometer of the country's manufacturing strength and overall economic operation, the equipment manufacturing sector saw its added value increase 39.9 percent year on year in the first three months, data from the Ministry of Industry and Information Technology showed.

Combined profits of the sector jumped 710 percent year on year in the first two months. Data also showed that the output of engineering machinery and trucks surged more than 70 percent from a year ago in the first quarter, reflecting sound momentum in production and construction.

China's April official manufacturing Purchasing Managers' Index, a key gauge of manufacturing activities, came in at 51.1 on Friday, edging down from last month's 51.9 but still in expansion territory.

The world's second-largest economy recorded an 18.3 percent year-on-year economic expansion in the first quarter, driven by stronger demand at home and abroad.

(With input from Xinhua)

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