China's industrial production registered steady growth in the first three quarters of 2024, accompanied by a faster pace of intelligent and green transformation.
From January to September, the total value added of industrial enterprises above the designated size increased by 5.8 percent year-on-year.
Powered by innovation and green upgrades, industrial performance emerged as a key strength, contributing nearly 40 percent of the GDP in the first three quarters.
In terms of structural adjustments, the value added in equipment manufacturing and high-tech sectors grew by 7.5 percent and 9.1 percent, respectively, significantly surpassing the 5.8 percent growth rate for all designated large industrial enterprises. This shift reflects a transition toward a more efficient, technology-driven industrial model.
"During the first three quarters, the trend of industrial transformation towards 'new' and 'green' has become more obvious, with high-tech manufacturing thriving, intelligent products rapidly growing, the new energy industry continuously expanding, and the acceleration of shifting from old drivers of growth to new ones, becoming a significant force leading high-quality industrial development," said Han Jianfei, deputy director of the Institute of Industrial Economics of CCID Consulting, Ministry of Industry and Information Technology.
In the major equipment sector, the electronics and automotive sectors grew rapidly, with double-digit increases in the production of products such as new energy vehicles, integrated circuits, and 3D printing equipment, serving as important engines driving industrial growth.
In the first three quarters, there was a clear trend of industrial transformation and upgrading. Green products represented by the "three new products" (electric vehicles, lithium batteries and solar cells) gained significant momentum, with production continuing to grow at a double-digit rate.
Industries related to competitive new energy sources like wind power, nuclear power, and photovoltaic power maintained rapid production growth. Meanwhile, the added value of information transmission, software, information technology services, and digital product manufacturing has been growing rapidly, injecting new vitality into the high-quality development of China's industrial economy.
China's industrial production grows steadily in first three quarters
Executives of leading Chinese private enterprises vowed to break new ground in developing private economy and better serve the country's 1.4 billion people after attending a symposium on private economy held in Beijing on Monday.
President Xi Jinping delivered an important speech at the symposium.
In his speech, Xi urged efforts to promote the healthy and high-quality development of the country's private sector.
The private sector enjoys broad prospects and great potential on the new journey in the new era. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities, Xi said.
In exclusive interviews with China Central Television (CCTV), entrepreneurs who attended the symposium said they have been inspired to make greater contributions to the country.
"I think this time we are reassured so that we can roll up our sleeves and go all out to work. I could personally feel the General Secretary's sincere care for us private entrepreneurs and private enterprises, which once again ignited my passion for pioneering," said Qi Xiangdong, chairman of Qi-Anxin Group, a leading Chinese cybersecurity company.
"The promising prospect for the development of private enterprises he talked about encouraged us greatly. I think confidence is more valuable than gold. I believe that in the new situation, the development of private enterprises will surely step up to a new height, and our company will be down to earth to perform what we should do," said Liu Yonghao, chairman of the agricultural conglomerate New Hope Group.
Peng Fan, chairman of the KOCEL Group, an iron and steel foundry in northwest China's Ningxia Hui Autonomous Region, spoke about navigating the specialized field in the industry and taking new challenges.
"We will spare no effort to pool our strength and transform and upgrade our entire enterprise, advancing to intelligent, high-end, and green development. All we think is how to propel our own growth while leading the industry forward, so as to contribute to the country's equipment manufacturing," said Peng.
"After we go back, we will seize every second to put our ideas into action. We will stay rooted in our industry, make our core business prominent, and give back to the society to the best of our ability, so as to take more farmers on the industrial chain to get richer," said Leng Youbin, chairman of Feihe Dairy from northeast China's Heilongjiang Province.
"The General Secretary has urged us all to steadfastly focus on our core business through innovative development, to pioneer new ventures, and to go global. He has laid out many specific requirements, which has inspired private enterprises and entrepreneurs to bolster their fighting will to make new contributions to promoting the country's private economy," said Nan Cunhui, chairman of Chint Group, a leading Chinese smart energy solutions provider.
Symposium on private economy inspires Chinese entrepreneurs