China’s equipment manufacturing industry has achieved remarkable growth in 2024, according to an official from the Ministry of Industry and Information Technology (MIIT). Speaking at the 2024 Equipment Manufacturing Forum held in Chongqing from December 2 to 5, Xin Guobin, vice minister of MIIT, highlighted the sector’s significant contributions to the country’s industrial growth.
In the first ten 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. This marks a continuous 20-month period where growth has remained above 30 percent. The sector has contributed 42.7 percent to China’s overall industrial growth, underscoring its vital role in the nation’s economy.
“The industry has witnessed a surge in innovative high-end equipment manufacturing,” Xin noted. “The levels of intelligent manufacturing and green manufacturing have also improved significantly.”
To further bolster the industry, China has introduced a series of policies aimed at promoting large-scale equipment upgrades and consumer product trade-ins. The issuance of 300 billion yuan ($41 billion) in special long-term government bonds is supporting these initiatives, effectively stimulating investment growth and unleashing consumption potential.
Looking ahead, the MIIT plans to introduce new policies to boost the equipment manufacturing industry. These include accelerating equipment upgrades, promoting trade-ins, and fostering emerging sectors such as electric vehicles and low-altitude equipment. Additionally, China aims to deepen international cooperation to drive high-quality development.
The robust growth of China’s equipment manufacturing sector not only reflects the country’s ongoing industrial advancement but also signals strong potential for investors and businesses interested in Asia’s dynamic economic landscape.
Reference(s):
Ministry: China's equipment manufacturing sector sees notable growth
cgtn.com
