China's Ministry of Industry and Information Technology (MIIT) will roll out a new round of growth initiatives for 10 key industries, and increase support for major industrial provinces and cities, officials said. The 10 key industries are steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry and electronics. These industries together account for about 70% of the industrial added value of sectors above the designated size, according to the MIIT. In 2024, the MIIT deepened the implementation of growth plans for 10 key industries and supported major industrial provinces in taking a leading role. China's total industrial added value reached CNY40.5 trillion, with the manufacturing sector maintaining its top position globally for the 15th consecutive year, Zhang Yunming, MIIT Vice Minister, said at a press conference in Beijing. The value added of the information transmission, software and IT services sectors accounted for 4.7% of GDP. The industrial and information technology sectors contributed more than 40% to economic growth, effectively serving as key “stabilizers” for the economy, Zhang said.
The momentum for the growth of China's industrial economy further strengthened in 2024. This was reflected in a 7.7% year-on-year increase in the value added of large-scale equipment manufacturing, contributing 46.2% to the overall growth of industrial sectors above the designated size. Meanwhile, innovation in high-end equipment and artificial intelligence (AI) further advanced, while emerging industries such as new materials, bio-manufacturing and robotics grew rapidly, according to Zhang. Given the three characteristics of being large in scale, highly interconnected and having strong driving power in the 10 key industries, focusing on their development allows for steady growth at a lower cost, and promotes transformation and upgrading. It could help achieve a dual leap in both scale and quality for China's economy, Pan Helin, Member of the Expert Committee for the Information and Communication Economy under the MIIT, told the Global Times.
The MIIT also vowed to increase support for major industrial provinces and cities. “It will improve policies and mechanisms to promote the orderly transfer of industries, support regions in developing and expanding their unique and competitive sectors, and make greater contributions to industrial economic growth,” Zhang said. As a leading industrial powerhouse, the industrial output of South China's Guangdong Province exceeded CNY20 trillion in 2024, with revenue from industrial enterprises above the designated size – a annual turnover of CNY 20 million – surpassing CNY19 trillion, the Global Times reports.
