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China’s 2022 industrial output expected to have grown 3.6% y/y

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China's 2022 industrial output expected to have grown 3.6% y/y
© Reuters. FILE PHOTO: An employee works on the production line of vehicle components during a government-organised media tour to a factory of German engineering group Voith, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China July 21, 2022.

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BEIJING (Reuters) – China’s industrial output is expected to have grown 3.6% in 2022 from the previous year, the Ministry of Industry and Information Technology (MIIT) said on Wednesday, despite production and logistics disruptions from COVID-19 curbs.

The output of the manufacturing sector is estimated to have risen 3.1% last year, accounting for 28% of China’s gross domestic product, according to the MIIT statement following a meeting held on Wednesday.

After stringent COVID lockdowns and curbs disrupted production lines and supply chains last year, the ministry pledged stable growth of the industrial economy in 2023.

Key industries such as autos and consumer goods would be stabilised, said the MIIT, as the government tries to spur consumption in a bid to drive an economic recovery.

China would improve autonomy and controllability of key industrial chains and speed up development of major technical equipment and the large passenger aircraft industry, said the statement.

The country would also accelerate industrial upgrading – through the automation of production lines and the adoption of greener manufacturing processes. It would also target improving the global competitiveness of manufacturers in new technologies such as artificial intelligence, “internet of things” technologies and alternative energy vehicles.

Source: Investing.com

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