China's Industrial Economy Begins Year Of The Tiger With Vigor - Industry News - News

With motors rotating and machines roaring, China's industrial firms started the first week after the Chinese Lunar New Year holiday full of vim and vigor.

Facing multiple challenges in 2022, Rong Juchuan, founder of the Beyond Group, a textile company headquartered in Ningbo, East China's Zhejiang province, said the company "can't just wait, but should take the initiative."

Xyoo 2022, lub tuam txhab yuav ua qhov tseem ceeb los txhim kho nws cov peev xwm digital thiab siv cov kev muag khoom tshiab xws li nyob -streaming platforms kom txo cov nqi khiav lag luam thiab coj mus rhaub rau qhov xav tau, Rong hais.

Recent economic data has echoed such enthusiasm for business. The purchasing managers' index (PMI) for China's manufacturing sector, a key economic barometer, came in at 50.1 in January, staying in the expansion territory for three months in a row.

In particular, manufacturing companies' confidence was on the rise, with the sub-index for production and operation activity expectations at 57.5, up 3.2 percentage points from a month earlier.

China's economic performance in the first quarter is expected to beat market expectations, said Li Chao, chief economist of Zheshang Securities, citing a PMI remaining above the boom-bust line for three consecutive months and steady credit growth.

The resilience of China's industrial economy was also reflected in other barometers, including the total consumption of electricity.

One of the country's industrial powerhouses, East China's Jiangsu province, saw its total electricity use rise 18.27 percent year-on-year during the holiday, while Hubei, a key manufacturing base in China, reported a 36.45-percent year-on-year increase in power use.

According to an estimate of the China Electricity Council, the country's total electricity consumption will rise by 5 percent to 6 percent year-on-year in 2022.

In the face of headwinds such as high commodity prices and supply chain challenges, China has prioritized stable growth for industrial development in 2022, which is the "ballast stone" of the macroeconomic market.

Xiao Yaqing, tus thawj coj ntawm kev lag luam thiab cov ntaub ntawv thev naus laus zis, tau hais hauv kev xam phaj yav dhau los nrog Xinhua tias ua kom muaj kev lag luam ruaj khov, tshwj xeeb tshaj yog pib zoo hauv thawj peb lub hlis twg ntawm 2022, yuav tsum tau teeb tsa ua txoj haujlwm tseem ceeb tshaj plaws.

Txhawm rau kom muaj kev nthuav dav ruaj khov, ntau yam kev ntsuas tau raug nthuav tawm suav nrog kev txhawb nqa kev loj hlob ntawm cov lag luam me thiab nruab nrab- loj, txhim kho cov saw hlau resilience, thiab muab kev ua si tag nrho rau lub luag haujlwm ntawm cov haujlwm tshiab xws li tsheb tshiab (NEVs) .

The ministry aims to incubate about 3,000 "little giant" firms this year, referring to small enterprises in their early stage of development and focusing on high-end technologies.

"In 2022, more importance will be attached to promoting collaboration and innovation among small, medium-sized and large enterprises," said Xu Xiaolan, vice-minister of industry and information technology.

The NEV market could be another driving force shoring up China's industrial growth. The country's NEV sales ranked first globally for a seventh straight year in 2021.

Saib rau pem hauv ntej, Tuam Tshoj lub hom phiaj los txhawb kev loj hlob ntawm qhov kev loj hlob ntawm no los ntawm kev txo cov nti tsis txaus, txhim kho cov chaw txhawb nqa xws li cov chaw hloov roj teeb, thiab ua kom rov ua dua thiab siv cov roj teeb hluav taws xob NEV.