BEIJING, Aug. 22 -- The output value of China's display panels exceeded 360 billion yuan (about 50 billion U.S. dollars) in 2022, accounting for 48 percent of the global total, an official said on Tuesday.

Although affected by sluggish downstream demand, China's new display industry still showed strong resilience and impact resistance, said Yang Xudong, an official of the Ministry of Industry and Information Technology(MIIT).

In 2022, the output of the whole display industry exceeded 490 billion yuan, accounting for 36 percent of the global total, Yang said at a press conference ahead of the 2023 World Conference on Display Industry.

Yang said the MIIT will rev up fiscal support to promote the development of innovation in the new display industry, defining it as a key area of the digital economy, and it will also strengthen supporting public services.

The 2023 World Conference on Display Industry will take place in Chengdu, the capital of southwest China's Sichuan Province, from Sept. 7 to 8.