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February 18, 2017

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China eyes 6% rise for industrial output

CHINA aims for a 6 percent growth in industrial production this year, which it sees as “a stable rate to bolster economic growth,” while it will make more efforts to develop advanced manufacturing and cut steel overcapacity, said Miao Wei, minister of industry and information technology.

The target is unchanged from last year’s, which will “meet the stable domestic demand growth and is in step with the GDP increase,” Miao said yesterday.

The government will upgrade traditional manufacturing with digital technologies, he added.

Although the production value of high-tech industries surged 10.8 percent last year to account for 12.4 percent of the industrial’s total, “traditional manufacturing takes up more than 80 percent to dominate the industrial performance,” Miao said.

The minister added that digital control and process have been used in 45.4 percent of “key manufacturing work flows.”

Xu Lejiang, vice minister of industry and information technology, also said China will be unwavering in its efforts to eliminate excess steel production capacity this year.

The government will do more in 2017 — the pivotal year — “to curb steel overcapacity” given that “last year most of the trimmed capacity came from idle blast furnaces,” Xu added.

He pledged measures to further stimulate the sector this year, including reductions of low-quality steel products and phasing out outdated and substandard capacity.


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