China's industrial production grows steadily in first three quarters

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

Russia said on Monday that its armed forces had captured another settlement in the Kharkiv region, while Ukraine reported striking Russian targets and power outages following Russian attacks.

The Russian Ministry of Defense said in its latest report that over the past 24 hours, Russian forces struck 142 areas, including facilities used to transport Western-supplied weapons, as well as ammunition and fuel depots, and temporary deployment sites of Ukrainian forces and foreign mercenaries.

It said Russian forces also destroyed Ukrainian armored vehicles, various types of artillery and other military vehicles, while air defense units shot down 76 Ukrainian drones.

In addition, the ministry said Russian forces had taken control of the settlement of Vilcha in the Kharkiv region.

The General Staff of the Ukrainian Armed Forces said on the same day that 223 combat engagements took place over the past 24 hours.

The Ukrainian Air Force, together with missile units and artillery, struck Russian personnel concentration areas and one key target.

The Ukrainian side said its forces repelled the Russian army's attacks in the directions of Kursk, Kupyansk, Lyman, and Pokrovsk.

Russian forces launched air strikes on power facilities in Odesa region, Zaporizhzhia region, Dnipropetrovsk region and Donetsk region in the early hours of Monday, according to Ukrainian media reports.

As of Monday morning, some areas in those regions were experiencing power outages.

Ukraine's largest private energy company, DTEK Group, said Russian forces attacked two of its power facilities in the Odesa region in the early hours of Monday, causing severe damage.

The company said repairs would take time, adding that continued air raid sirens have complicated the work. Technicians are working to restore key facilities and power supplies as soon as possible.

The Russian side has not commented on the attacks.

Russia captures one more settlement in Kharkiv, Ukraine reports power outages from Russian attacks