China's manufacturing industry has a broad space for development, said a spokesman for the National Bureau of Statistics (NBS) on Monday.
According to data released by the NBS, in the first two months, manufacturing investment increased by 9 percent year on year, maintaining a rapid growth rate. With the continued advancement of the manufacturing industry's high-end, intelligent, and green transformation, the effects of large-scale equipment upgrading policies are becoming evident.
"The investment structure continues to optimize, with investment in the equipment manufacturing industry growing rapidly. As the demand for equipment products expands with the upgrading of the manufacturing sector, it has driven industry investment growth. In the first two months, investment in the equipment manufacturing industry increased by 8.9 percent year on year. Notably, investment in the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment, as well as general equipment manufacturing, grew by 37.3 percent and 21.6 percent, respectively, both significantly outpacing the overall manufacturing investment growth rate," said Fu Linghui, the NBS spokesman, at a press conference in Beijing.
Looking ahead, China's manufacturing industry has vast potential for development, with numerous favorable factors supporting the continued growth of manufacturing investment, he said.
"In recent years, China has made breakthrough in fields such as large artificial intelligence models, humanoid robots, quantum communication, and semiconductors. The creation and application of AI+ products have accelerated, driving a surge in demand for related products and significantly boosting investment in relevant industries. The Central Economic Work Conference and the 'two sessions' have made comprehensive arrangements for expanding effective investment. Local governments have redoubled efforts in the implementation of large-scale equipment upgrades and consumer goods trade-in programs, strengthening the guarantee of project, funding, and other elements, which will effectively support the growth of manufacturing investment," said Fu.
China's manufacturing industry has broad space for development: official
