China's industrial production registered steady growth in the first three quarters of 2024, accompanied by a faster pace of intelligent and green transformation.
From January to September, the total value added of industrial enterprises above the designated size increased by 5.8 percent year-on-year.
Powered by innovation and green upgrades, industrial performance emerged as a key strength, contributing nearly 40 percent of the GDP in the first three quarters.
In terms of structural adjustments, the value added in equipment manufacturing and high-tech sectors grew by 7.5 percent and 9.1 percent, respectively, significantly surpassing the 5.8 percent growth rate for all designated large industrial enterprises. This shift reflects a transition toward a more efficient, technology-driven industrial model.
"During the first three quarters, the trend of industrial transformation towards 'new' and 'green' has become more obvious, with high-tech manufacturing thriving, intelligent products rapidly growing, the new energy industry continuously expanding, and the acceleration of shifting from old drivers of growth to new ones, becoming a significant force leading high-quality industrial development," said Han Jianfei, deputy director of the Institute of Industrial Economics of CCID Consulting, Ministry of Industry and Information Technology.
In the major equipment sector, the electronics and automotive sectors grew rapidly, with double-digit increases in the production of products such as new energy vehicles, integrated circuits, and 3D printing equipment, serving as important engines driving industrial growth.
In the first three quarters, there was a clear trend of industrial transformation and upgrading. Green products represented by the "three new products" (electric vehicles, lithium batteries and solar cells) gained significant momentum, with production continuing to grow at a double-digit rate.
Industries related to competitive new energy sources like wind power, nuclear power, and photovoltaic power maintained rapid production growth. Meanwhile, the added value of information transmission, software, information technology services, and digital product manufacturing has been growing rapidly, injecting new vitality into the high-quality development of China's industrial economy.
China's industrial production grows steadily in first three quarters
