China is planning to boost measures to strengthen the growth of 10 important sectors, including automobiles, electronics, and steel, according to the country's Ministry of Industry and Information Technology (MIIT) on Wednesday.
Official data reveals that China's industrial output increased by 3.8 percent in the first half of 2023 compared with the same period last year.
Despite facing challenges such as insufficient demand and declining efficiency, the Chinese economy continues to show a consistent upward trajectory, with the industrial sector demonstrating resilience, according to MIIT chief engineer and spokesperson Zhao Zhiguo.
To further boost consumption, the MIIT plans to expedite the implementation of policies that support automobile and household consumption.
Zhao noted that there has been an improvement in the quality of China's industrial exports, with a significant year-on-year increase of 61.6 percent in the export of new energy vehicles, lithium-ion batteries, and solar batteries during the first half of this year.
China emerged as the world's largest car exporter in the first quarter of the year and is expected to maintain the position throughout 2023, according to the China Association of Automobile Manufacturers.
Zhao also referred to the significance of computing power as a new productive force in the digital economy era.
China currently holds the second position worldwide in terms of computing power, and has consistently achieved an annual growth rate of approximately 30 percent, said Zhao.
The ministry pledged to continue promoting the development of computing infrastructure and invest in core technology research to address the challenges presented by the advancement of artificial intelligence.
China's focus on ensuring stable growth and the development of key industries underscores the country's proactive approach to tackling the obstacles faced by the economy. With targeted policies in place, China aims to achieve a 5-percent economic expansion for this year.