China Media Group (CMG) and the government of Shandong Province jointly launched a trade-in consumption season and a China-chic product promotion week in Yantai City in east China on Monday.
Using its various media channels and extensive media resources, CMG is partnering with the Shandong government to boost consumption by providing more creative scenarios and options for customers participating in the trade-in program.
Additionally, as part of this consumption boost effort, CMG has designed a comprehensive China-chic pavilion. It uses 5G, AI, and ultra-high-definition technology for online exhibitions, interactive experiences, and AI-generated videos to promote Shandong's China-chic brands and showcase the unique charm of Chinese traditional culture to consumers.
A China-chic themed gala evening will also be held later, along with activities such as photo spots at the China-chic fairs, better enhancing the city images of Yantai.
Trade-in program, China-chic product promotion launched in Shandong to boost consumption
China in 2024 saw a faster transformation and upgrading of investment in manufacturing industry, a strong growth of investment in high-tech industries, and a rebound of investment in infrastructure construction, according to the latest data released by the National Bureau of Statistics on Saturday.
The investment in manufacturing industry grew by 9.2 percent compared to the previous year, or six percentage points higher than the growth rate of overall investment. In particular, investment in technological upgrades of manufacturing industry increased by eight percent, or 4.8 percentage points higher than overall investment growth.
Private investment in manufacturing grew by 10.8 percent, driving up overall private investment by 5.3 percentage points.
The structure of investment continued to optimize. Investment in high-tech industries rose eight percent compared to the previous year, which was 4.8 percentage points higher than the growth rate of overall investment. In particular, investment in high-tech manufacturing grew by seven percent, and that in high-tech service industry grew by 10.2 percent. Investments related to high-tech industries, such as aerospace equipment manufacturing and professional technical services, increased by more than 30 percent.
In 2025, China plans to moderately increase central government budgetary investments, issue ultra-long-term special treasury bonds and local government special bonds, and enhance efforts to support projects for implementing major national strategies and building security capacity in key areas, as well as implementation of large-scale equipment upgrades and consumer goods trade-in programs, with the aim of stimulating private investment activity through various measures, effectively leveraging government investment to drive social investment, improving investment efficiency, and promoting steady growth in investments.
Transformation, upgrading of China's manufacturing investment accelerates in 2024