World Economy

China Industrial Output to Grow

China Industrial Output to GrowChina Industrial Output to Grow

China’s industrial output is expected to rise 6% in 2015, though energy consumption is down 4%, the Chinese Ministry of Industry and Information Technology said Saturday. The ministry also said it anticipates challenges for next year, but will push for supply-side reforms, aiming to realize its national industrial goal of “Made in China 2025”.

Industrial output is growing in a healthier direction, in spite of challenges, it was reported after the annual work meeting of the ministry officials was held. Both energy consumption and water consumption have been reduced for every unit of industrial output produced, Yahoo reported.

Internet and IT sectors are on track for prominent growth, “We anticipate industrial output to expand by about 6%, energy consumption to go down about 4%, while water consumption per unit of industrial added value will be reduced by 4.5%. Prominent growth will take place in the internet and IT sectors, which are expected to rise by 25% and 14% respectively,” said Miao Wei from Minister of Industry & Information Technology.

Miao said the top priority for next year is to reinvigorate a new round of technology upgrades. “We will support traditional industries with market demand, meanwhile improving technology by aiming for international standards. We will improve the level of design, crafts, equipments, and energy efficiency, and support the growth of innovative and emerging industries. We will also provide guidance to support high-end products, and core technology transformation.”

Miao also said China will continue to develop smart manufacturing, with over 60 new projects on the pipeline. He also said investments will go to areas such as internet network building–especially research into 5G networks–in-car connectivity, and smart urban transportation.