AIGC Says Economy | Industrial Production Stable and Rising in August | China's Economy Continuously Exhibits Resilience and Vitality | Industry | Economy
Recently, the National Bureau of Statistics released industrial production data for August. Overall, in August, industrial production remained stable and recovered, and the results of high-quality development continued to show.
Industrial production has steadily increased, and the growth rate of the manufacturing industry has significantly accelerated. In August, the added value of industries above designated size in China increased by 4.5% year-on-year, an increase of 0.8 percentage points compared to the previous month.
Most industries and products have achieved growth, with over 60% of product growth rebounding. In August, among the 41 major industrial sectors, 23 industries achieved growth in added value, with a growth rate of nearly 60%.
Equipment manufacturing provides strong support, highlighting the resilience of industrial development. In August, the added value of the equipment manufacturing industry increased by 5.4% year-on-year, 0.9 percentage points higher than the average level of all large-scale industries, contributing 38.9% to the growth of all large-scale industries, providing strong support for the steady recovery of industrial production.
The high-tech manufacturing industry is steadily developing, and the production of new products is improving. China's industrial sector has continuously made new breakthroughs in innovation, driving the year-on-year growth rate of added value in high-tech manufacturing in August to accelerate by 2.2 percentage points compared to the previous month, with a rebound rate 1.4 percentage points higher than the average level of all industries above designated size.
In the first eight months of this year, the Chinese economy once again delivered impressive results, industrial production continued to recover, most industries accelerated their growth, and the equipment manufacturing industry rebounded significantly. New progress was made in the high-quality development of the industrial economy.
Since the second quarter, multiple international organizations and institutions such as the United Nations, the World Bank, and the International Monetary Fund have raised their expectations for China's economic growth this year. The United Nations has released a mid year update report on the World Economic Situation and Outlook, raising China's economic growth forecast for 2023 from 4.8% at the beginning of the year to 5.3%; JPMorgan Chase has raised its forecast for China's GDP growth rate in 2023 to 5.0%, showing a positive outlook on this year's economic growth, fully demonstrating the international community's confidence in China's economic development prospects. The President of the World Economic Forum, Borg Brend, stated that many measures taken by China have supported economic growth, and a survey by the World Economic Forum shows that business people are full of expectations for opportunities in the Chinese market.
Foreign investment is also generally optimistic about the prospects of high-quality development of the Chinese economy. According to data released by the Ministry of Commerce, from January to August 2023, there were 33154 newly established foreign-invested enterprises in China, a year-on-year increase of 33%. The actual investment in China by the UK, Canada, France, Switzerland, the Netherlands, and Germany increased by 132.6%, 111.2%, 105.6%, 59.2%, 25.3%, and 20.8%, respectively. Jean Paul Angong, Chairman of L'Oreal Group in France, said, "China is the 'stabilizer' of the world economy and the 'accelerator' of the global consumer market. Investing in China is investing in the future."
China's economy has strong resilience, great potential, and abundant vitality. It is developing through overcoming challenges, growing through trials and tribulations, and growing through trials and tribulations.
