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Slower rise expected in industrial production
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CHINA’S industrial value-added output will grow more slowly in 2018 as the economy shifts gear, the Ministry of Industry and Information Technology said yesterday.
Industrial output is set to grow at around 6 percent for 2018, retreating from the 6.5 percent expansion estimated for this year, according to the annual work conference of the ministry.
The combined scale of telecom business will expand by 50 percent, and revenue from the Internet industry will grow by 30 percent, the ministry predicted.
Reviewing China’s industrial performance in 2017, the ministry took note of increasing innovation, gathering new momentum and continued integration between manufacturing and Internet.
This year also saw a faster pace of industrial overcapacity cuts, with the steel industry outperforming the annual target of cutting 50 million tons of capacity.
For next year, the ministry said it will focus more on improving the quality of manufacturing supplies and speed up the shift from traditional drivers to new ones.
Industrial output is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan (US$3 million).
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