According to the official website of the National Bureau of Statistics (NBS), on March 18, the State Council Information Office held a press conference on the operation of the national economy in January-February 2024.
During the meeting, the spokesman of the NBS, who is also the chief economist and director of the Department of Comprehensive Statistics of the National Economy, stated that China's industrial production showed positive growth in January-February. The cultivation of new quality productivity in the industry was accelerated.
In the first two months, the value added of the above-scale equipment manufacturing industry increased by 8.6% year-on-year, surpassing the average level of all industries by 1.6 percentage points. The high-tech manufacturing industry also experienced growth, with a 7.5% increase in value added. Specifically, the semiconductor device special equipment manufacturing industry saw a significant increase of 41.2% in value added, while the integrated circuit manufacturing and intelligent unmanned aerial vehicle manufacturing industries increased by 21.6% and 18.2% respectively. In terms of exports, China's integrated circuit exports reached 39.41 billion, a 6.3% increase year-on-year, with an export value of 160.71 billion yuan, a surge of 28.6% compared to the previous year, according to data from the General Administration of Customs.
Industrial production showed a continued upward trend. In the first two months, China's industrial added value above the designated size increased by 7.0% year-on-year, with an accelerated growth rate of 0.2 percentage points compared to December of the previous year. The manufacturing sector grew by 7.7%, the electricity, heat, gas, and water production and supply sector grew by 7.9%, and the mining sector grew by 2.3%.
The consumer goods industry also showed improvement as market demand continued to recover. In January-February, the value added of the consumer goods manufacturing industry increased by 4.7% year-on-year, a significant rebound compared to December of the previous year. Among the 13 consumer goods industries, 12 industries experienced growth, with more than 90% of both the growth and recovery surfaces.
The cultivation of new quality productivity and the growth of new kinetic energy products were accelerated. In the first two months, the value added of the equipment manufacturing industry above the designated size increased by 8.6% year-on-year, surpassing the average level of all above-scale industries by 1.6 percentage points. Sub-industries such as electronics, railroad ship aerospace, automotive, and instrumentation also showed growth in value added.
The high-tech manufacturing industry experienced a 7.5% increase in value added, with significant growth in industries such as semiconductor device special equipment manufacturing, integrated circuit manufacturing, and intelligent unmanned aerial vehicle manufacturing. Green products also saw strong growth, contributing to the cultivation of new quality productivity. New energy products, such as new energy vehicles and charging piles, increased by 25.6% and 41.8% respectively. Additionally, the supply of green materials increased, with the solar energy industry, ultra-white glass, monocrystalline silicon, and polysilicon experiencing production increases.
Overall, industrial production rebounded in January-February, and the cultivation of new quality productivity accelerated. However, it is important to note that further consolidation is needed to ensure a solid foundation for the industrial economy's recovery.
