Ministry of Industry and IT: Guide Social Capital to Increase Investment in Manufacturing

On January 11, the National Industry and IT Work Conference was held in Beijing. The meeting summarized the work in 2022 and deployed key tasks in 2023.

The meeting pointed out that in 2022, the Chinese industrial economy will generally stabilize and improve. It is estimated that the value of industries above the designated size will increase by 3.6% year-on-year, of which the manufacturing output value will increase by about 3.1%. According to their data, manufacturing accounted for approximately 28% of GDP.

On January 11, the National Industry and IT Work Conference was held in Beijing. The meeting summarized the work in 2022 and deployed key tasks in 2023.

The meeting pointed out that in 2022, the Chinese industrial economy will generally stabilize and improve. It is estimated that the value of industries above the designated size will increase by 3.6% year-on-year, of which the manufacturing output value will increase by about 3.1%. According to their data, manufacturing accounted for approximately 28% of GDP.

The meeting emphasized that in 2023, we must do a good job in various areas. Government departments must take effort to promote the steady growth of the industrial economy, encouraging major industrial provinces to take the initiative to take the lead. These include supporting Chinese central and western regions to actively undertake industrial transfers and supporting new breakthroughs in the revitalization of the manufacturing industry in the Northeast region. Local authorities should stabilize bulk consumption such as automobiles, and expand the supply of household products and daily necessities suitable for the elderly. The Ministry of Industry and IT will support enterprises to increase equipment renewal and technological transformation, and guarantee key foreign-funded projects in the manufacturing industry; at the same time, deepen cooperation in industry and finance, give full play to the leading role of investment funds, and guide social capital to increase investment in manufacturing.

The meeting emphasized that in 2023, we must stabilize large-scale consumption such as automobiles, support enterprises to increase equipment updates and technological transformation, and guide social capital to increase investment in manufacturing; at the same time, accelerate the industrialization of large aircraft, promote the high-quality development of industrial master machines; and help with the development of small and medium-sized enterprises.