From January to November 2018, China’s industrial added value above a designated size stood at 6.3 percent. China’s industrial economy ran at a reasonable range in 2018 and its industrial added value will grow by 6 percent in 2019, said Xin Guobin, vice-minister of the Ministry of Industry and Information Technology.
China remains upbeat about the development of the auto industry. As car ownership has plateaued, the high growth rate will not be sustained, but we will not see fluctuations in the auto industry. With the introduction of new environmental standards, many outdated cars will be phased out at a faster pace.
Amid declining traditional manufacturing industry, the high-tech manufacturing sector is gaining greater momentum. In the first 11 months of 2018, for instance, it grew by 11.8 percent and accounted for 13.6 percent of the total industrial economy.
As the driving force of the traditional manufacturing sector is waning, high-tech manufacturing sector is becoming the major force propelling the industrial economy forward, said Xin.