China's industrial output up 5.8 pct in first three quarters
Xinhua, October 23, 2024 Adjust font size:
China's value-added industrial output, an important economic indicator, went up 5.8 percent year on year in the first three quarters of 2024, official data showed on Friday.
In September, the industrial output rose 5.4 percent year on year, and the growth pace was 0.9 percentage points faster from the previous month, according to the National Bureau of Statistics (NBS).
The industrial output measures the activity of enterprises each with an annual main business turnover of at least 20 million yuan (about 2.8 million U.S. dollars).
The operation of the industrial industry is a bright spot of the economic performance this year, said Sheng Laiyun, deputy head of the NBS, citing that the growth rate of the industrial output in the first nine months is one percentage point higher than that of the gross domestic product.
The contribution rate of the industrial output to economic growth was almost 40 percent in the first three quarters, said Sheng.
Despite the challenges posed by external shocks and internal structural adjustments, China's industrial sector has demonstrated strong competitiveness as it has solid foundations, he said.
A breakdown of the data showed the output of the equipment manufacturing sector, which took up one-third of the overall industrial output, climbed 7.5 percent in the Jan.-Sept. period.
The high-tech manufacturing industry also posted strong growth, with its output up 9.1 percent in the first half, according to the NBS.
The country's production of new energy vehicles, integrated circuit and 3D printing equipment products surged 33.8 percent, 26 percent and 25.4 percent, respectively, in the first three quarters.
In recent years, the industrial sector is becoming more high-end, more intelligent and greener, said Sheng.
Meanwhile, the export delivery value of the industrial sector climbed 4.1 percent year on year in the first three quarters.
With the implementation of supporting policies in the third quarter, China's industrial economy will maintain a stable development trend with improvements in both quality and efficiency, Sheng said.