China in a Decade: Continued industrial growth, transformation and upgrading

As the lifeblood of economy, the development of industry continues to drive social progress and improvement of living standards. Since the 18th CPC National Congress, the Party Central Committee with Comrade Xi Jinping at its core has attached great importance to the real economy and introduced a series of plans to advance the stable and healthy development of the industrial economy. China's industrial economy has since embarked on a track of higher quality and greater sustainability, characterized by steady growth of industrial output, structural optimization and transformation, and prosperity of multiple economic types with overall improvement in both quality and efficiency.

I. Steady growth of industrial economy and great enhancement of overall strength

1. Robust industrial growth has ensured steady operation of China’s economy

- From 2013 to 2021, China’s industrial added valued grew at an annual rate of 6.1% on average, far outperforming that of other major economies

- In 2021, China’s industrial added value grew by 9.6% year on year, driving economic growth by 3.1% and contributing 38.1% to GDP growth

2. Industrial economy continues to expand, and China’s manufacturing capacity is quickly rising

- 2012, the total added value of China’s industry exceeded 20 trillion yuan for the first time, exceeded 30 trillion yuan in 2018, and reached 37.3 trillion yuan in 2021, accounting for 32.6% of GDP

- 2020, China’s manufacturing added value accounted for 28.5% of the global total, up 6.2% than in 2012

3. Efficiency of industrial enterprises steadily improves, and the industrial economy shows strong resilience

- In 2021, industrial enterprises above designated size registered a total business revenue of 128 trillion yuan, up 37.7% over 2012 with an average annual growth of 3.6%;

- Total profits reached 8.7 trillion yuan, up 40.7% over 2012 with an average annual growth rate of 3.9%

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Editor: JYZ