Photo taken on July 6, 2019 shows a production line at a subsidiary of Beijing Electric Vehicle Co., Ltd. (BJEV), a new energy vehicle producer, in Huanghua City, Hebei Province.Photo: Xinhua

In October, China's industrial value-added achieved year-on-year growth of 3.5 percent, 0.4 percentage points higher than the previous month, boosted by a continuous increase in high-tech manufacturing, according to data released by the National Bureau of Statistics (NBS) on Monday. 

The data showed that from January to October, China's industrial value-added grew 10.9 percent, compared with 2020 figures, with a two-year average growth of 6.3 percent. In October, high-tech manufacturing value-added grew 14.7 percent year-on-year, 0.7 percentage points faster than the previous month. Moreover, the output of new energy vehicles, integrated circuits and industrial robots increased by 127.9 percent, 22.2 percent and 10.6 percent respectively, compared with 2020 levels.

"The proportion of new growth engines eyes significant growth, showing that China has ramped up efforts to adjust its industrial structure," Cong Yi, a professor from the Tianjin University of Finance and Economics, told the Global Times on Monday.

New growth engines are crucial to China's economy, bringing not only additional economic growth, but also the emergence of new productivity gains, as well as transformation and upgrading of the country's economic structure, which will improve China's high-quality economic growth and provide stronger support for the stable and positive development of the national economy, analyst said.  

Since 2017, China has optimized its industrial structure through the application of information technology, automation and smart technology. The increase of manufacturing value-added reflects that China's manufacturing industry has sustained high-quality development, together with the pull of consumption, exports and investment, Cong said.

According to the NBS, the official manufacturing purchasing managers' index (PMI) came in at 49.2 for October, of which the PMI of high-tech manufacturing industry and equipment manufacturing industry stood at 52.0 percent and 51.2 percent respectively.

From January to September, the total profit of national industrial enterprises reached 6.3441 trillion yuan ($994.2 billion), an increase of 44.7 percent year-on-year, with a two-year average growth of 18.8%.

The data also showed that the value-added of the mining industry increased by 6.0 percent in October, and electricity, heat, gas and water production and supply industry increased 11.1 percent, showing that the government has ratcheted up efforts to ensure that residential heating is available for Chinese households during this year's winter months.

Global Times