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

As much as 37 percent of Americans saw their debt increase during this year's holiday shopping season, with average debt rising to 1,223 U.S. dollars from 1,181 dollars last year, according to the latest holiday debt survey of LendingTree, the nation's online loan marketplace.

The survey, conducted earlier this month among more than 2,000 U.S. consumers, found that rising tariffs and higher prices have put additional pressure on household budgets.

In a statement, LendingTree's chief consumer finance analyst Matt Schulz said the strain becomes more pronounced during the holiday season, as many consumers are reluctant to change long-standing shopping traditions, even as costs rise, leading to higher debt levels.

According to the survey, 63 percent of borrowers expect it will take three months or longer to repay their holiday-related debt, while about 41 percent said they are still paying off debt from last year. Schulz warned that if borrowers need six months to a year or more to repay their balances, the situation becomes more serious due to high credit card interest rates.

Data from Bankrate show that the average U.S. credit card interest rate currently exceeds 20 percent.

Meanwhile, U.S. consumers have grown increasingly pessimistic about their financial situation. Data released on Tuesday by The Conference Board showed that the U.S. Consumer Confidence Index fell for the fifth consecutive month in December, dropping to 89.1, the lowest level since April, amid deepening anxiety over jobs and income.

Over one-third of Americans rack up holiday debt: survey