SHANGHAI (Reuters) – China’s Minister of Industry and Information Technology, Jin Zhuanglong, has reported that the country’s industrial economy exhibited stability and recovery during the first three quarters of 2023, with a particularly strong performance in the new energy sector, notably electric vehicles.
“In the fourth quarter, we are confident the industrial economy will keep the recovery momentum,” said Jin Zhuanglong in an interview with China’s state television CCTV.
China’s industrial output in September increased by 4.5 percent compared to the same month in the previous year, mirroring the growth rate recorded in August. This growth was facilitated by policy support measures that contributed to stabilizing the world’s second-largest economy.
Over the first nine months of the year, car sales in China saw a 2.1 percent rise, amounting to 15.41 million units. However, it is worth noting that overseas markets continue to play a crucial role in growth, even though an EU investigation into China-made electric vehicles (EVs) may pose challenges to exports.
Jin also emphasized the growing importance of artificial intelligence (AI) in manufacturing and the medical field, along with the significance of humanoid robots and the metaverse, suggesting that these technologies could become emblematic of the scientific and technological revolution in the future, as reported by CCTV on Saturday.
Additionally, the prevention of a “debt implosion” at the local government level is a top priority, as stated by China’s securities regulator, according to the China Securities Journal, a state media outlet. The regulator emphasized the need to address bond default risks among large property firms and to enhance risk monitoring for the debt of local government financing vehicles (LGFVs).
