BEIJING — Chinese public manufacturing companies accounted for nearly half of the country’s stock market capitalization thanks to government emphasis on innovation-driven development and the real economy by the end of June this year.
Publicly-traded manufacturers saw a combined market value of 24.08 trillion yuan ($3.47 trillion), making up 43.78 percent of the A-share market, a report said.
Of all 3,527 Chinese listed companies, nearly two-thirds are in the manufacturing sector.
“Manufacturing remains an important pillar of the national economy,” according to the report released by the Research Institute of Machinery Industry Economic & Management and the government of East China’s city of Suzhou at a forum.
More companies in smart and advanced manufacturing went public on the NASDAQ-style ChiNext board and the small- and medium-sized enterprises board this year, marking a positive shift in the manufacturing sector, said Zhou Yongliang with the forum’s organizer.
Chinese authorities have increased efforts to support the real economy, with measures ranging from tax breaks to easier financing channels.
The manufacturing sector registered sound growth in the first nine months of this year, with higher profits, recovering private investment, and robust high-tech and equipment manufacturing, official data showed.