China's 2017 industrial growth beats expectations

Updated 2018-01-31 14:40:04

(Photo/Video screenshot from CGTN)

Last year saw several major breakthroughs in the Chinese industrial sector. China's first commercial airliner, the C919, took to the skies for the first time; the same is true for China's new amphibious aircraft, the AG600. Several choke points in the areas of nuclear power and machine tools have also been addressed.

Strong growth momentum

China's Ministry of Industry and Information Technology (MIIT) has pointed out that industrial growth in 2017 has surpassed expectations. Electronics and equipment manufacturing were the strongest growing sectors, expanding by 13.8 percent and 10.7 percent respectively.

Consumer product manufacturing grew by 7.6 percent, while the industrial Producer Price Index (PPI) saw a year-on-year increase of 6.3 percent, ending a continuous drop since 2012.

The rise in productivity was coupled with more efficiency. In 2017, China's industrial capacity utilization climbed to 77 percent, reaching a five-year high. Energy usage dipped by 4.3 percent, and water consumption was down six percent.

Made in China 2025

The ministry is also laying out plans for 2018 in line with the goals in the "Made in China 2025" plan. The government wants new demonstration zones and industrial clusters established.

"Chinese industry policies are focused on building a good market environment," said Miao Wei, minister of Industry and Information Technology.

"Made in China 2025 will always follow a market-driven, government-guided principle."

Miao also stressed that the plan welcomes all players who wish to take part.

"All our policies are applicable to any enterprise, be it foreign or domestic, that wish to take part in the Made in China 2025 plan. China will always keep its door open to foreign capital," he said.

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