China's Industrial High-Quality Development Injects New Momentum into World Economy

Strategic Insights -

China's economy continues to stabilize and show a new and favorable development trend, with industrial production experiencing relatively fast growth and transformation towards high-end, intelligent, and green industries. This has provided strong support for economic development. Chinese Ambassador to Iran, Cong Pei Wu, highlights that China's industrial transformation and upgrading have continued, with new momentum constantly strengthened. High-tech manufacturing has grown rapidly, and industrial intelligentization and greenization have been transformed and accelerated.

Key Takeaways:

  • China's industrial production has maintained relatively fast growth, with industrial development transforming towards high-end, intelligent, and green industries, providing strong support for economic development.
  • China's industrial transformation and upgrading have continued, with new momentum constantly strengthened, achieving a 10% year-on-year increase in the added value of high-tech manufacturing above designated size in April.
  • The added value of integrated circuit manufacturing and optoelectronic device manufacturing grew by 21.3% and 19%, respectively, significantly faster than the growth of industrial production above scale.
  • China's new-quality productive forces have rapidly iterated, with photovoltaic conversion efficiency of mass-produced solar cells continuously upgraded, and technology of MW-level wind turbines formed multiple mature routes.
  • China's high-quality and affordable electric vehicles have become increasingly popular globally, with patent numbers leading the world.
  • The International Renewable Energy Agency reported that over the past 10 years, the average levelized cost of electricity of global wind and photovoltaic power projects has decreased by more than 60% and 80%, respectively, with a significant portion attributed to China's innovation, manufacturing, and engineering.
  • China's new-quality productive forces have optimized the global industrial chain and supply chain, continuously increasing capacity cooperation with countries along the Belt and Road.

Statistics:

  • 10% year-on-year increase in the added value of high-tech manufacturing above designated size in April.
  • 21.3% growth rate of integrated circuit manufacturing.
  • 19% growth rate of optoelectronic device manufacturing.
  • Over 60% decrease in the average levelized cost of electricity of global wind power projects over the past 10 years.
  • Over 80% decrease in the average levelized cost of electricity of global photovoltaic power projects over the past 10 years.

Sources:

  • Ministry of Foreign Affairs of the People's Republic of China
  • Tehran Times
  • International Renewable Energy Agency