China's equipment manufacturing industry is on fire 🔥! According to Xin Guobin, vice minister of the Ministry of Industry and Information Technology (MIIT), the sector has seen remarkable growth in 2024.
Speaking at the 2024 Equipment Manufacturing Forum in Chongqing held from December 2-5, Xin highlighted that in the first 10 months of this year, the added value of China's equipment manufacturing industry made up 34% of the total added value of large-scale industries. That's a continuous growth above 30% for 20 straight months! 📈
This booming sector has contributed a whopping 42.7% to the country's overall industrial growth. The industry isn't just growing—it's innovating. There's been a surge in high-end equipment manufacturing, and significant improvements in intelligent and green manufacturing. Think electric vehicles and eco-friendly tech leading the way! 🌿🚗
China isn't slowing down either. The government has rolled out a series of policies to promote a new wave of large-scale equipment upgrades and consumer product trade-ins. They've even issued 300 billion yuan (about $41 billion USD) in special long-term government bonds to support these initiatives. That's some serious investment power! 💰
The MIIT has big plans on the horizon. They're looking to introduce new policies to further boost the equipment manufacturing industry. This includes accelerating equipment upgrades, promoting trade-ins, and fostering emerging sectors like electric vehicles and low-altitude equipment. Plus, China aims to deepen international cooperation to drive high-quality development. 🌍🤝
For young entrepreneurs and professionals eyeing the global market, China's equipment manufacturing sector is definitely one to watch! It's not just about numbers—it's about innovation, sustainability, and creating a better future. 🚀🌟
Reference(s):
Ministry: China's equipment manufacturing sector sees notable growth
cgtn.com
