China's industrial economy grows steadily in first eight months

China's industrial sales revenue grew steadily in the first eight months of this year, with equipment manufacturing and high-tech industries posting notable growth as new quality productive forces are cultivated at a faster pace, revealed the country's latest tax data released on Monday.

From January to August, the industrial economy maintained steady progress, with industrial sales revenue rising 7.3 percent year on year, according to the State Taxation Administration (STA).

Sales revenue in mining, manufacturing, and the production and supply of electricity, heat, gas and water grew 8.3 percent, 7.5 percent and five percent respectively, all maintaining relatively fast growth.

Equipment manufacturing continued to play a stabilizing role, with sales revenue up 10.1 percent year on year. In particular, sales revenue in computer and communication equipment manufacturing, electrical machinery and equipment manufacturing, and instruments and meters manufacturing grew 18.8 percent, 14 percent and 14.1 percent respectively.

Meanwhile, new quality productive forces were cultivated at a faster pace. In the first eight months, sales revenue of high-tech industries rose 15.7 percent year on year.

Among them, high-tech manufacturing sales revenue grew 18.9 percent, with AI-related sectors such as integrated circuits and intelligent vehicle-mounted devices up 67.7 percent and 38.8 percent respectively, the data showed.

In addition, the integration of the digital and real economies continued to deepen. From January to August, sales revenue of core industries of the digital economy grew 9 percent year on year, according to STA.

Sales revenue of digital product manufacturing and digital product services grew 16.6 percent and 11.1 percent respectively, reflecting the continuous improvement of digital industrialization.

Nationwide, corporate procurement of digital technology rose 8.6 percent year on year. In particular, the manufacturing sector increased investment in digital transformation, with its procurement of digital technology also growing from a year earlier.

China's industrial economy grows steadily in first eight months

An LPG tanker was hit by debris from unknown projectiles while transiting outbound from the Strait of Hormuz, following a similar incident earlier in the day, the United Kingdom Maritime Trade Operations (UKMTO) said on Monday.

The UKMTO said it had received a delayed report of the incident from the vessel's master. All crew members were reported safe, with no environmental impact reported.

The tanker will continue to its next port of call, while authorities are investigating the incident, the UKMTO said.

It was the second tanker-related attack that the UKMTO recorded on Monday. Earlier in the day, the agency said another tanker transiting the Strait of Hormuz had been struck by an unknown projectile, leaving two crew members with minor injuries. That vessel also continued to its next port under its own power.

LPG tanker hit by debris from unknown projectiles near Strait of Hormuz: UKMTO