Factory output revives in China

Steady recovery: Employees working on the production line for domestic appliances at a factory in Jiujiang in China’s central Jiangxi province. Industrial output increased 24.5% on a yearly basis in the first quarter. — AFP

BEIJING: Industrial production in China has returned to pre-Covid-19 levels amid efforts to revive economic activity and the renewed confidence of enterprises, the Ministry of Industry and Information Technology said.

Huang Libin, a spokesman for the ministry, said that during the first three months of this year, the utilisation rate of industrial capacity in the nation reached 77.2%, the highest for the same period since 2013.

According to Huang, industrial output increased 24.5% on a yearly basis in the first quarter, while profits of industrial enterprises jumped 1.79 times on a yearly basis in January and February, with the vitality of enterprises getting a further boost.

“As the economy continues seeing a steady recovery, major industries are gradually overcoming the impacts of the epidemic, and the scope of recovery continues to expand, ” Huang said.

In the first quarter, 40 of the 41 major industrial sectors achieved year-on-year growth, the spokesman said.

Huang said rising commodity prices had an impact on the manufacturing industry, but the effect has been controllable.

Joint efforts with relevant departments will be made to stabilise the prices of raw materials and prevent panic purchases or stockpiling.

The strong data came after China took a series of measures to revive industrial production and encourage consumption.

Liu Wenqiang, deputy head of the China Centre for Information Industry Development, a Beijing-based think tank, said though there have been increases in international commodity prices, its impact on China’s sprawling industries will be limited, given the nation’s strong industrial capacity and relatively sound industrial system.

According to him, more efforts are needed to fuel the recovery of the services sector and small enterprises, as they are still facing difficulties while employment pressure persists for some rural migrant workers and young job seekers.

The ministry said it is drafting the manufacturing development plan for the 14th Five-Year Plan period (2021-25), which will include goals for the overall development of the manufacturing industry, efforts to boost industrial fundamental technological innovation and initiatives for cultivating strategic industries such as raw materials of major technical equipment.

The ministry said it will carry out a special plan to fight unfair competition in the Internet industry, with a focus on rectifying malicious blocking, traffic hijacking and other behaviours that disrupt market competition. — China Daily/ANN

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

China , economy , factory output , industrial activity ,


Next In Business News

Tenaga, plantations power KLCI sharply higher
Malaysia maintains CPO export tax at 8% for July
FDI slips to lowest since 2009 due to pandemic
Vehicle sales in May doubled on-year but minimal sales seen in June
Malaysia's Carsome weighs US listing with SPAC as option
Pound tumbles as virus resurgence clouds hope for UK recovery
China advises US on inflation: Remove punitive tariffs
Crude oil extends slump as traders weigh dollar against demand
National Budget Office: Safer to open economy in stages
MIDF Amanah AM launches ESG Mustadamah fund

Stories You'll Enjoy