The pace of transformation and upgrading in China's manufacturing industry is constantly accelerating

"From January to February, investment in high-tech industries increased by 9.4%, of which investment in high-tech manufacturing increased by 10% and investment in high-tech services increased by 7.8%." Liu Sushe, Deputy Director of the National Development and Reform Commission, stated at a press conference held by the State Council Information Office on March 21 that China's new energy investment has shown good growth momentum recently.

Of particular note, in the investment in high-tech industries, the investment in electronic and communication equipment manufacturing increased by 11.6%, while the investment in aviation, spacecraft, and equipment manufacturing increased by 33.1%.

From January to February, the growth rate of investment in the manufacturing industry accelerated. It is reported that investment in the manufacturing industry increased by 9.4%, with a growth rate 2.9 percentage points faster than last year and 5.2 percentage points higher than total investment. The investment in technological transformation in the manufacturing industry increased by 15.1%, with a growth rate 5.7 percentage points higher than the total investment in the manufacturing industry.

From the production situation, from January to February, the added value of equipment manufacturing industry above designated size increased by 8.6%, and the added value of high-tech manufacturing industry increased by 7.5%, with growth rates 1.6 and 0.5 percentage points higher than the added value of all industries above designated size, respectively. The production of service robots and 3D printing equipment increased by 22.2% and 49.5% respectively.

"These data show that the pace of transformation and upgrading in China's manufacturing industry is accelerating, the structure is continuously optimizing, and industries with high-tech, high-efficiency, and high-quality characteristics are showing a positive trend." Liu Sushe said that investment in equipment and high-tech manufacturing industry is growing rapidly, reflecting the support and guidance role of national policies and the confidence of enterprises in future development.

According to Liu Sushe's analysis, from the perspective of supporting policies, the National Development and Reform Commission has issued and implemented the "Guiding Catalogue for Industrial Structure Adjustment (2024 Edition)", organized major technological equipment research projects and actions to enhance the core competitiveness of the manufacturing industry, focused on the shortcomings of industrial development, increased support for technological innovation, and promoted the optimization and strengthening of strategic emerging industry clusters. He also mentioned that in terms of economic benefits, the profit of China's equipment manufacturing industry increased by 4.1% in 2023, providing strong support for expanding production and investment in related fields.

Liu Sushe stated that the next step will be to accelerate the cultivation and development of new quality productive forces, and vigorously promote the construction of a modern industrial system. By strengthening the position of enterprises as the main body of innovation, creating a highland for industrial agglomeration and development, promoting the development of strategic emerging industry integration clusters, optimizing the ecosystem of industrial innovation and development, and other measures, we continuously shape new driving forces and advantages for development, and promote high-quality economic development.