A worker assembles a vehicle at the general assembly line of FAW Jiefang, a truck-manufacturing subsidiary of First Automotive Works (FAW) Group Co. Ltd., in Changchun, northeast China's Jilin Province, Sept. 1, 2020. (Xinhua/Zhang Nan)
BEIJING, Jan. 27 (Xinhua) -- The added value of China's industrial enterprises with annual turnover of 20 million yuan and above increased 2.8 percent year on year in 2020, said Tian Yulong, spokesperson with the Ministry of Industry and Information Technology (MIIT) at a press briefing held on Tuesday.
In 2020, the added value of the equipment manufacturing sector in China rose 6.6 percent year on year and that of the high-tech manufacturing grew 7.1 percent year on year, according to Tian.
The growth could be attributed to China's efforts to promote production resumption. In addition, driven by the strong export demands in the fourth quarter of last year, the value of export delivery rose significantly. That was also conducive to increasing China's industrial added value, Zheng Houcheng, director of Yingda Securities Research Institute, said in an interview with Securities Daily.
Zhang also noted that China's industrial added value registered positive growth as early as in April of last year and recorded 7.3 percent rise in December 2020.
In 2021, the industrial added value is expected to maintain high-level growth, as the purchasing managers' index (PMI) for the country's manufacturing industry is projected to stay above 50, a reading indicating expansion. Also, China's export value in 2021 is likely to continue growing at double digits, which will drive the increase in export delivery value. Another enabling factor is that industrial enterprises are taking the initiative to replenish inventory, according to Zhang.
The MIIT is likely to issue supportive policies this year for the upgrading of manufacturing industry, with focus on segments such as high-end software, machine tools, experimental instruments and materials, in addition to chips and semiconductors in 2020, according to Zhao Yayun, researcher with CITIC Foundation for Reform and Development Studies. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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