China's equipment manufacturing industry has achieved remarkable growth in 2024, said an official from the Ministry of Industry and Information Technology (MIIT) at the 2024 Equipment Manufacturing Forum, held in Chongqing from December 2-5.

Xin Guobin, vice minister of MIIT, highlighted that in the first 10 months of 2024, the added value of China's equipment manufacturing industry accounted for 34 percent of the total added value of large-scale industries, marking a continuous 20-month growth above 30 percent. The sector has contributed 42.7 percent to the country's overall industrial growth.

The industry has witnessed a surge in innovative high-end equipment manufacturing. The level of intelligent manufacturing and green manufacturing has also improved significantly, according to Xin.

China has introduced a series of policies focusing on promoting a new round of large-scale equipment upgrading and consumer product trade-ins. The country has issued 300 billion yuan ($41 billion) of special long-term government bonds to support these initiatives, effectively stimulating investment growth and unleashing consumption potential.

The MIIT plans to introduce new policies to boost the equipment manufacturing industry. This includes accelerating equipment upgrading, promoting trade-ins, and fostering emerging sectors like electric vehicles and low-altitude equipment. China will also deepen international cooperation to drive high-quality development.