The new growth driver industry, represented by high-tech manufacturing, has become a powerhouse that fuels main revenue of industrial enterprises above the designated size in China.
Industrial enterprise above the designated size refers to that with an annual revenue from principal activities reaching or above 20 million yuan (about 2.8 million U.S. dollars).
The latest figures from the National Bureau of Statistics reveal an exciting trend. In the first three quarters of this year, high-tech manufacturing profits soared 9.8 percentage points above the industrial average, propelling a 1.1 percentage point surge in overall industrial profits.
A new energy truck manufacturing factory in northwest China’s Shaanxi Province responded to niche market demands like coal transport and ports, unveiling a lineup of innovative new energy trucks that doubled sales compared to the previous year.
"Analyzing the development of the whole new energy commercial vehicles industry, we will make further innovation efforts in product development, market expansion and sales module," said Wang Huadong, deputy director of new energy project promotion office, Shaanxi Automobile Group Co., Ltd.
Benefiting from China's action plan on promoting large-scale equipment upgrades and consumer goods trade-ins this year, many new growth driver companies have cut costs for higher efficiency.
China unveiled an action plan to implement the renewal program in March 2024 in an effort to expand domestic demand and shore up the economy, and stepped up policy support in July with an extra funds injection of 300 billion yuan (about 42.53 billion U.S. dollars) via ultra-long special treasury bonds.
A factory in central China’s Henan Province managed to improve its manufacturing efficiency by 50 percent and its profit by at least 10 percent, as a result of its successful equipment upgrading. In the first three quarters, the company saw its profit skyrocketed by 60 million yuan (about 8.57 million U.S. dollars).
"We expect another 70 million yuan (about 10 million U.S. dollars) of investment in purchasing smart energy storage and manufacturing equipment to accelerate smart and digital transformation and upgrading," said Wu Tianyou, president of Tiansheng Electric Co., Ltd.
"The large-scale equipment upgrading can effectively reduce costs and increase efficiency for enterprises, promoting continuous advancement towards high-end, intelligent, and green direction. The rapid growth of new growth driver industry will bolster the sustained improvement of profits of industrial enterprises," said Chen Xi, a researcher of the Academy of Macroeconomic Research under the National Development and Reform Commission.
China’s new growth driver industry fuels profit surge
Ren Juncheng, captain of a large container vessel, expressed pride as a Chinese in successfully completing an evacuation mission for Chinese citizens from Lebanon amid growing tension in the Middle East.
Under the arrangement of the Chinese government, 69 Chinese citizens and 11 foreign family members in Lebanon were successfully evacuated on October 1 aboard the "Xin Xia Men" container vessel of China COSCO Shipping Corporation navigating the route from the Mediterranean to Northwest Europe.
Escalating conflicts between Israel and Hezbollah resulted in Israeli airstrikes across multiple areas in Lebanon. Given the heightened tensions in the country, the Chinese government prioritized the safety of its citizens and promptly activated the evacuation mechanism.
Due to severe disruptions in flights, the first batch of Chinese citizens needed to be evacuated by ship. The "Xin Xia Men" was the Chinese ship capable of reaching Lebanon in the shortest time, thus undertaking the evacuation mission.
Upon receiving the order at 2:00 (Beijing Time) on Sept. 29, the "Xin Xia Men" sailed overnight from Iskenderun port in Türkiye to Lebanon.
"The mission was extremely urgent, demanding immediate action upon reception. Typically, we allocate three to five days for preparation when launching a new route. However, this mission afforded us no preparation time, so we had to start the relevant work right away," he said.
As the captain of a container vessel embarking on an evacuation mission to a volatile region, Ren's primary concern was assessing the risks involved.
"As this was a cargo ship, and it was carrying over 3,000 containers at that time, my biggest concern was the potential risk of fire in case of an attack. Therefore, my immediate order was to have the crew conduct an overnight inspection of all firefighting equipment, connect all water guns and fire hoses, and have everything prepared and ready for immediate use," Ren said.
Meanwhile, all preparations for receiving Chinese citizens were also underway, including clearing rooms, preparing food and water, setting up welcome banners, and arranging safety measures. The entire crew stayed up all night.
After nearly 12 hours of full-speed sailing, the "Xin Xia Men" arrived off the coast of Lebanon at 9:00 local time on Sept. 30 and entered the country's territorial waters following permission from the naval vessel.
However, upon entering the territorial waters, the Lebanese Naval Force suddenly demanded that the "Xin Xia Men" leave Lebanon's territorial waters. Ren complied with the Lebanese navy's request to depart while simultaneously reporting the situation to the support team for further coordination.
"After that, I reflected that throughout the evacuation mission, our ship, the 'Xin Xia Men,' merely carried out specific tasks, which, in the grand scheme of things, I considered relatively straightforward. The truly challenging and intricate tasks were accomplished by the support team working behind the scenes," he said.
After coordination efforts, the "Xin Xia Men" smoothly docked at the container terminal of Beirut Port in Lebanon at 17:30 local time on Sept. 30.
Four and a half hours later, escorted by personnel from the Chinese Embassy in Lebanon, 80 Chinese citizens and their family members arrived at the terminal and began boarding the ship.
"To welcome our compatriots and their families home, our crew prepared a banner that was hung on the gangway, reading 'Welcome Home to the Motherland.' We also hung the national flag at the gangway entrance. When the compatriots and their families got off the bus and saw this banner, they were deeply moved. Some were shedding tears, while many immediately took out their phones to contact their family members back home. I heard them saying, 'Don't worry, we are safe now. The motherland has sent a ship to pick us up,'" Ren said.
At 22:30 local time on Sept. 30, 80 compatriots and their family members boarded the "Xin Xia Men" for evacuation. Departing from Beirut port at 23:48, the ship sailed to Limassol port in Cyprus. It arrived at Limassol around 8:00 on Oct. 1 after over eight hours.
"Having been a captain for over a decade, I have witnessed sunrises and sunsets in various ports around the world. While witnessing our compatriots willingly wrapping themselves in the national flag is an indescribable moment. It evokes an unparalleled closeness to our motherland. Through this evacuation mission, we truly feel proud to be Chinese and understand the pride that comes with having a strong motherland behind us," Ren said.
At 11:00 local time on Oct. 1, the "Xin Xia Men" docked at Limassol port's container terminal. An hour later, the 80 compatriots and their family members disembarked in an orderly manner, marking the end of a nearly 40-hour evacuation operation across three countries.
Chinese captain proud after evacuating compatriots from Lebanon amid escalating conflict
Chinese captain proud after evacuating compatriots from Lebanon amid escalating conflict
