BEIJING: China recently rolled out a raft of policy measures to advance new industrialization and fully enhance the quality, efficiency and global competitiveness of its industrial development, which experts and executives said will facilitate the country’s technological advancement and sustainable growth.
Such initiatives will also promote the upgrading and optimization of existing industries, strengthen the resilience and security of the nation’s industrial and supply chains and foster new drivers of economic growth in the long run, they added.
In late September, a State Council Executive Meeting introduced the measures to push new industrialization at a faster pace, so that central authorities can keep up with the shifting dynamics at home and abroad and the new development stage of China’s industrialization.
The quality of industrial development determines the speed, efficiency and level of a country’s modernization, said Cheng Nan, director of the planning institute at the China Center for Information Industry Development, a think tank in Beijing.
China’s industrial output — a gauge of activities in the manufacturing, mining and utilities sectors — grew by 4.5 percent year-on-year in August, with the growth rate accelerating by 0.8 percentage point compared with the previous month, data from the National Bureau of Statistics showed.
The high-end manufacturing sector, in particular, continued to grow at a good clip, as the industrial output last month in integrated circuits and optoelectronic devices surged 21.1 percent and 29.9 percent year-on-year, respectively, according to the NBS.
China is embracing enormous prospects offered by the latest round of the scientific and technological revolution and industrial changes, but the nation is also dealing with growing uncertainty and instability brought on by the challenging and intricate international landscape, Cheng said. –The Daily Mail-China Daily news exchange item
