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."

I 2022 vil selskapet prioritere å forbedre sine digitale evner og utnytte nye salgskanaler som live-streamingplattformer for å senke driftskostnadene og utnytte potensiell etterspørsel, sa Rong.

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, minister for industri og informasjonsteknologi, sa i et tidligere intervju med Xinhua at å sikre stabil industriell vekst, spesielt en god start i første kvartal 2022, bør settes som den viktigste oppgaven.

For å sikre en stabil ekspansjon har flere tiltak blitt rullet ut, inkludert å øke utviklingen av små og mellomstore-bedrifter, forbedre forsyningskjedens motstandskraft og gi full spille til rollen til fremvoksende sektorer som nye energikjøretøyer (NEV-er) .

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.

Ser fremover, har Kina som mål å legge til rette for veksten av denne blomstrende sektoren ytterligere ved å avhjelpe brikkemangel, forbedre støttefasiliteter som batteribyttestasjoner og utføre resirkulering og utnyttelse av NEV-strømbatterier.