China's manufacturing industry has maintained the top position in the world in terms of overall scale for 15 consecutive years as of 2024, the Ministry of Industry and Information Technology said Tuesday.
In 2024, China's industrial economy has maintained overall stability with steady progress, said Vice Minister of Industry and Information Technology Zhang Yunming at a press conference in Beijing.
In 2024, China's total value-added industrial output reached 40.5 trillion yuan (about 5.65 trillion U.S. dollars). Industrial output measures the activity of enterprises above the designated size, each with an annual main business turnover of at least 20 million yuan.
"In 2024, the value added by industrial enterprises above the designated size increased by 5.8 percent year on year, 1.2 percentage points higher compared with that of 2023. The manufacturing industry has maintained the top position in the world in terms of overall scale for 15 consecutive years. The contribution of the industrial and information technology sectors to economic growth exceeded 40 percent, effectively playing the role of stabilizer and ballast," said Zhang.
He said that the country's industrial economy is noted for three key characteristics in 2024.
"The first characteristic is that the foundation of 'stability' is continuously being consolidated. By industry, among the 41 industrial categories, 39 industries registered a year-on-year growth, with key industries such as electronics, non-ferrous metals, chemicals, and automobiles contributing more than 40 percent to the growth of industrial production," said Zhang.
"The second characteristic is that the driving force of 'development' is constantly increasing. The main manifestation is that the added value of the equipment manufacturing industry above the designated size increased by 7.7 percent year on year, and its contribution to the growth of all industries above the designated size reached 46.2 percent. The innovation capacity in fields such as high-end equipment, artificial intelligence, and others has been further improved, and emerging industries like new materials, bio-manufacturing, and robotics have grown rapidly," he noted.
"The third characteristic is the continuous accumulation of positive factors. Especially under the influence of large-scale equipment upgrades and consumer goods trade-in programs, investment in purchasing equipment and tools increased by 15.7 percent year on year, driving the total investment up by 2.2 percentage points," he said.
As the next step, a new plan will be initiated to ensure the steady growth of 10 key industries and fully harness the large-scale impact, broad connectivity, and strong driving force within these sectors, Zhang said, promising greater support for major industrial provinces and cities.
Overall scale of China's manufacturing industry tops world for 15 consecutive years
