• Comment(193)
  • 2024-06-26
  • News

Strengthening Industrial Growth Momentum

At present, China's industry is at a critical period of climbing uphill, transforming from big to strong, and accelerating its progress towards the mid-to-high end of the global value chain. It is essential to seize all favorable opportunities and utilize all favorable conditions to fully promote the stable growth of the industrial economy and consolidate the upward trend.

Data from the National Bureau of Statistics show that in September, the national industrial added value above designated size grew by 5.4% year-on-year, with the growth rate accelerating by 0.9 percentage points compared to August, marking the first time the decline has been halted and reversed after four consecutive months of decline. The reversal of the monthly decline in industrial production growth, along with positive changes in the service industry, consumption, and investment, reflects the resilience of the Chinese economy and further consolidates the foundation for the economy to continue to rise and improve.

Since the beginning of this year, China's industrial economy has achieved a good start, but affected by insufficient market demand and seasonal factors, the growth rate of industrial production has slowed down since the second quarter, with the monthly growth rate falling from 6.7% in April to 4.5% in August. The recovery of industrial growth in September is the result of the "two-way rush" of policy efforts and corporate efforts.

In recent years, various regions and departments have introduced measures to help enterprises, which has played a positive role in improving the development environment for enterprises and boosting confidence in development. Especially since the end of July this year, the State Council has arranged for ultra-long-term special treasury bond funds to support large-scale equipment updates and the replacement of consumer goods with old ones, adding new momentum to industrial development. Under the traction of the "two new" policies, the production of equipment manufacturing, automobiles, home appliances, and other industries has achieved rapid growth. Data shows that in the first three quarters, the added value of ship and related equipment manufacturing, radio and television equipment manufacturing, and communication equipment manufacturing industries all achieved double-digit growth. Looking at September alone, the policy effects are more evident. In September, the output of new energy vehicles grew by 48.5% year-on-year, setting a new high since May 2023.

Advertisement

Industry plays a "ballast stone" role in stabilizing the macroeconomic situation. In the first three quarters of this year, the national industrial added value above designated size grew by 5.8% year-on-year, with the growth rate 1 percentage point higher than the GDP growth rate, contributing nearly 40% to economic growth. The "ballast stone" not only means a heavy weight but also implies playing a supporting role in the face of wind and wave impacts. Only when industry stabilizes can the economy stabilize. Currently, China's industry is at a critical period of climbing uphill, transforming from big to strong, and accelerating its progress towards the mid-to-high end of the global value chain. However, affected by insufficient domestic effective demand and other factors, the生产经营 difficulties of enterprises, especially small and medium-sized enterprises, remain numerous, and the profitability level of enterprises is still relatively low. It is necessary to seize all favorable opportunities and utilize all favorable conditions to fully promote the stable growth of the industrial economy and consolidate the upward trend.

Enhance demand traction. To promote the stable operation of the industrial economy, it is necessary to continue to play the traction role of the "two new" policies and actively expand domestic demand. At the same time, it is also necessary to leverage the advantages of China's complete industrial system, a wide variety of products, and large scale to stabilize and expand the export of industrial products, creating more export growth points.

Strengthen the foundation of development. From the industry perspective, the added value of ten key industries such as steel, non-ferrous metals, petrochemicals, chemical industry, building materials, machinery, automobiles, electric power equipment, light industry, and electronics accounts for about 70% of the above-scale industry, with large scale, strong driving force, and high correlation. From the regional perspective, the role of industrial provinces in stabilizing growth is very important, especially the four major industrial provinces of Guangdong, Jiangsu, Shandong, and Zhejiang, which contributed more than 40% to the national above-scale industrial production growth in the first three quarters of this year. It is necessary to play the "big beam" role of key industries and industrial provinces, and consolidate the basic plate of the industrial economy.

Strengthen innovation momentum. In the first three quarters, the added value of the equipment manufacturing industry accounted for 33.8% of the total above-scale industry, maintaining above 30% for 19 consecutive months; high-tech industry investment grew by 10% year-on-year, maintaining double-digit growth for 7 consecutive months. From these two sets of data, it can be seen that new quality productive forces are continuously empowering the development of new-type industrialization. Industry is the industrial sector with the most R&D investment, the most active technological innovation, and the strongest radiation driving force. It is necessary to aim at the direction of high-end, intelligent, and green, adhere to driving industrial innovation with scientific and technological innovation, and accelerate the shaping of new momentum and new advantages for development.

Industrial development ultimately depends on enterprises. It is necessary to increase policy support for industrial enterprises in terms of financing, cost reduction, and burden reduction, accurately solve the actual difficulties faced by enterprise development, help small and medium-sized enterprises accelerate digital transformation, and truly enhance enterprise development confidence and stimulate enterprise development internal momentum through a combination of management and service, and assistance and development.

Leave a Comment