Despite the complicated international and domestic economic environment in 2018, the scale of the industrial sector in China continued its expansion, and the total national industrial added value surpassed 30 trillion yuan ($4.4 trillion) for the first time in 2018. Leading China to rank first in the world, said Miao Wei, head of the Ministry of Industry and Information Technology (MIIT) on a news release conference on Jan 29 this week.
Miao also said that China’s industrial output above designated scale grew 6.2 percent year-on-year, which is better than expectations. The profit of industrial enterprises above designated size also increased by 10.3 percent year-on-year.
Another uptick is China’s industrial investment. Manufacturing investment rose by 9.5 percent year-on-year in 2018, increasing for the past consecutive nine months, and investment in high-tech manufacturing saw growth of 16.1 percent, according to Miao.
Among the manufacturing investment, about 50 percent of total new investment was used at technologies upgrading, which is in line with China’s goal of becoming a more advanced manufacturing powerhouse.
China will continue to push forward the development of quality manufacturing in 2019, boosting connected vehicles, 4K (Ultra HD) video transmission, cruise ship-building industry, information technology sector and telecommunication sector.
In 2018, China also lifted its access restrictions to foreign manufacturers of ship, plane and new-energy car. Meanwhile, the government also clarified the open-up schedules of other types of car manufacturers to international businesses. As of 2018, China has opened up it’s entire general manufacturing to foreign investors. The country’s manufacturing industry used $41.2 billion in 2018, grew 22.9 percent year-on-year.
While the Chinese companies hit blocks while push 5G technologies overseas, it has made breakthrough domestically in 2018.
According to Miao, the third stage test of technical experiments for 5G research and development has been finished, and the 5G system’s devices have the ability for pre-commercial use.
The development of 5G will significantly boost the Chinese economy; an MIIT official said that the first five years of implementing 5G would generate 10 trillion economic output and over three million new jobs. MIIT also released a time map for 5G commercial use, during the first half of 2019, China will launch 5G terminal chip, and in the middle of 2019, China will roll out 5G smartphone terminal. The commercialization of 5G will create many new opportunities, give the entire industrial chain of the chip, terminal, system and the application a strong boost.
China will also continue to improve the internet coverage rate in small cities and villages, by the end of 2020, 98 percent of the poverty strike villages will have the internet connection, letting more Chinese share the dividends of the information communications technology development.
