China’s industrial economy maintained good momentum in the first quarter of 2018, latest data from the Ministry of Industry and Information Technology shows.
Statistics revealed a smooth start, as the added value of industries above a designated size in the first quarter increased by 6.8 percent year-on-year, 0.2 percent faster than last year, and the added value of manufacturing increased by 7 percent.
What is more noteworthy is that the added value growth of strategic emerging industries increased by 9.6 percent year-on-year, faster than the overall industrial growth rate by 2.8 percentage points. The output of smart, green, and high-end products also showed rapid growth.
“The good performance of the industrial sector so far this year is the result of supply-side structural reform in the Chinese economy, and increasing demand for infrastructure construction in countries involved in the Belt and Road Initiative,” said Zhou Minliang, researcher of the Institute of Industrial Economics, Chinese Academy of Social Sciences.
But there are still challenges along the way to high quality development. “As the international economic and political situation is undergoing profound and complicated changes, domestic industrial transformation and upgrading still need to make breakthroughs,” Huang Libin noted, spokesperson of Ministry of Industry and Information Technology.
China is dedicated to transitioning from being a big manufacturer to a strong manufacturer. “We will move forward with multilateral trade with nations in the international community who share the same vision and encourage domestic innovation,” Zhou said.