China Releases Report on Industrial Economic Strength
By Dezan Shira & Associates
Posted: 24th September 2012 09:23Since 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 primary business revenue of industrial enterprises above designated scale reached RMB84.2 trillion in 2011 (6.7 times the amount seen in 2002);
- The total value of industry assets stood at RMB67.6 trillion, (increasing 3.6 times from that in 2002); and
- The total profits achieved RMB6.1 trillion, (rising by 9.6 times since 2002).
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 2011, the total industrial output of enterprises above designated scale in the central regions reached RMB16.1 trillion, taking up 19.1 percent of the national output (a 5.5 percent increase from that in 2002);
- The total industrial output of enterprises above designated scale in the western regions achieved RMB11.8 trillion, constituting 14 percent of the national output (a 2.9 percent increase from that in 2002).
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