China accelerates new industrialization to bolster real economy: MIIT
The State Council Information Office, Beijing, March 1, 2023. /CFP
The State Council Information Office, Beijing, March 1, 2023. /CFP

The State Council Information Office, Beijing, March 1, 2023. /CFP

China's pace of pushing its "new industrialization" strategy has continued to significantly accelerate in the past decade which further sharpened the country's competitive edge with vast improvements in the manufacturing and digital sectors, said the Ministry of Industry and Information Technology (MIIT) on Wednesday.

In 2022, China's industrial added value exceeded 40 trillion yuan ($5.7 trillion), or 33.2 percent of the country's GDP, with the manufacturing industry ranking first in the world for 13 consecutive years, said Jin Zhuanglong, minister of MIIT. 

Specifically, high-tech manufacturing accounted for 15.5 percent in the total added value of industrial enterprises above designated size, while equipment manufacturing accounted for 31.8 percent. The output of new energy vehicles and photovoltaic products remained the first in the world for many consecutive years. 

"Manufacturing is the foundation of the real economy and the economy's lifeblood. To build a modern industrial system, we must not only base ourselves on domestic circulation, but also promote domestic and international dual circulation," Jin said.

He also cautioned that at present, the process of new industrialization which is a national strategy aiming at building a modernized industrial system, is undergoing profound changes. China is at an important juncture of transforming into a manufacturing power, he said. 

Facing potential risks in terms of supply chain and competition, the ministry will enhance policy support to improve the resilience and security level of the industrial chain, strengthen core technology research, and cultivate more specialized and sophisticated small- and medium-sized enterprises.

Search Trends