Industrial Upgrading will Continue

Industrial Upgrading will Continue


China will maintain its determination to accelerate industrial upgrading, despite short-term challenges in the sprawling manufacturing sector, the nation's top industry regulator said on September 20.
His comments came after China's official manufacturing Purchasing Managers' Index, or PMI, remained below 50 for the fourth consecutive month. A reading above 50 indicates expansion, while a reading below reflects contraction.
One of the sound foundations for smart manufacturing is the strides China has made in the past 70 years. In 2018, the country's industrial output topped 30 trillion Yuan (USD 4.2 trillion), a dramatic shift from the 12 billion Yuan output in 1952, data from the ministry show.
More importantly, China has built up a modern industrial system. Boasting 41 industrial divisions, 207 groups and 666 classes of products and services, China is the only country in the world that ticks all the industrial category boxes under the United Nations' industrial classification standard.
Official data show that China has so far contributed the largest number of patents essential to 5G standards in the world. The progress came after the country's mobile service subscribers hit 1.57 billion in 2018.
Source: China Daily

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