China confident to maintain recovery momentum in industrial sectors: ministry

Source: Global Times Published: 2020/10/22 14:38:40

China's National Bureau of Statistics announces on Monday that value-added industrial output, an important economic indicator, expanded 1.2 percent year-on-year in the first three quarters. Photo: cnsphoto

China is capable of maintaining the current recovery momentum in its industrial sectors, an official with the Ministry of Industry and Information Technology (MIIT) said on Thursday. 

China's value-added industrial output, an important economic indicator, recorded 1.2 percent annual growth in first three quarters and bounced back into positive territory, said MIIT spokesperson Huang Libin at a press conference at the State Council Information Office.

Industrial production recovery is accelerating quarter by quarter, reaching 5.8 percent for the third quarter from a 4.4 percent increase recorded in the second quarter. During the first quarter, China's industrial production contracted by 8.4 percent as the country entered a lockdown period to contain the spread of the coronavirus. 

More manufacturing sectors are reporting gains for the third quarter or in September, boosted by fixed-asset investment and a resurgent demand for consumer goods, Huang said. Meanwhile, high-tech manufacturing led the recovery by posting a 5.9 percent increase in value-added industrial output for the first three quarter, or 4.7 percentage points higher than the national average.

China's enormous market, complete industrial system, supportive policies and effective containment of the epidemic were the underlying reasons for the recovery in industrial production, Huang said.

The industrial output is used to measure the activity of designated large enterprises with an annual business turnover of at least 20 million yuan ($3 million).

In the first eight months, China slashed taxes and fees by over 1.8 trillion yuan, effectively shoring up the operations of industrial companies. 

Posted in: ECONOMY

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