China Releases Report on Industrial Economic Strength

By Dezan Shira & Associates

Posted: 24th September 2012 09:23

Since the 16th National Congress of the Chinese Communist Party (CCP), China’s industrialization process has undergone in-depth development, its overall industrial strength has been improved significantly, and its industrial economic structure has been continuously optimized, according to an official report on achievements in social and economic development released by China’s National Bureau of Statistics on September 4.

As forwarded by the report, China’s industrial scale has continued to expand during the recent years:
The report further provides that the country’s industrial influence among the global manufacturing industry has maintained a steady rise, and its enterprises with international influence have also continued to expand.

According to statistics from U.S. economic consulting company Global Insight, the output of China’s manufacturing industry accounted for 19.8 percent of the global output in 2010, overtaking the United States as the world largest manufacturer. Besides, there were 57 mainland enterprises on the Forbes 500 list in 2011, compared with 21 in 2002.

Moreover, the country’s industrial transformation and upgradation has been undertaken with success in recent years, with the overall strength of its equipment manufacturing industry improving significantly. The total output value of the industry reached RMB27.7 trillion in 2011 (6.4 times the amount seen in 2002), and the total output value of the high-tech manufacturing industry stood at RMB8.8 trillion, (rising by 4.9 times from that in 2002). The output of the main high-tech products – such as mobile phones, televisions, computers and some medications – ranks first in the world.

Surprisingly, the industrial development of the country’s central and western regions outpaced that of the eastern regions.
In addition, over the past decade, industrial exports have maintained relatively rapid growth and the import-export structure has been constantly optimized. The industrial export delivery value reached RMB10 trillion in 2011, four times the amount in 2002. In the meantime, the import of advanced technology, equipment, and key components increased significantly, with customs statistics suggesting that the country imported US$753.3 billion worth of mechanical and electrical products and US$463.3 billion worth of high-tech products in 2011 – rising 3.8 times and 4.6 times the amounts seen in 2002, respectively.
 
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
 
For further details or to contact the firm, please email info@dezshira.com or visit www.dezshira.com

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