China's manufacturing sector improves in Jan-Sept

Source: Xinhua | 2018-10-29

China's manufacturing sector registered sound growth in the first nine months of this year, with higher profits for enterprises, an official said.

The value-added output of the sector expanded 6.7 percent year on year in the first three quarters, Xin Guobin, vice minister of the Ministry of Industry and Information Technology (MIIT), told a recent press conference.

Profit climbed 13.5 percent year on year in the first eight months, Xin said, adding that the sector has found a bright spot in investment growth.

Xin said the faster growth of private investment in the manufacturing sector reflects mounting confidence in the market amid a slew of favorable policies designed to beef up private investment.

MIIT data shows manufacturing investment for technological upgrades expanded 15.2 percent from the previous year in the January-September period and served as the main driver of overall investment growth in the sector.

Official data also points to China's progress in cutting overcapacity and industrial upgrading.

Value-added output from high-tech and equipment manufacturing sectors jumped 11.8 percent and 8.6 percent, respectively, in the first nine months, overshooting the 6.4-percent growth rate of the industrial average.

Despite rising downward pressure, China's economy is holding steady against headwinds with strong resilience and large market potential, Xin said.