China's manufacturing sector can turn perils into opportunities: Official

BEIJING - China's manufacturing sector has ample room for maneuvers, and "has the confidence to turn perils into opportunities," an official has said.

Miao Wei, minister of Industry and Information Technology made the remarks in an interview with Xinhua, when talking about the impact of recent China-US trade frictions on the country's manufacturing sector.

"After a long period of development, the country's manufacturing sector has made historical breakthroughs," Miao said."The huge domestic market, a complete industry chain and a quality-assurance system meeting global standards have laid a solid foundation for the sector."

Meanwhile, sound fundamentals of the industrial sector and constant pushes for innovation and transformation have become the ballast stone and source for stabilizing expectations and boosting confidence, Miao said.

In the first eight months of 2018, the value-added industrial output of major companies rose 6.5 percent, with the growth for manufacturing companies at 6.8 percent.

Investment growth was another highlight, as investment in the manufacturing sector was up 7.5 percent in the first eight months, faster than the 5.3-percent overall fixed-asset investment growth in the same period.

The strong growth shows the positive expectations of companies and industries for the manufacturing sector, Miao said.

Despite escalating trade frictions, China's determination of opening up has not been affected, he said. "China will maintain strategic composure and continues its transition from a large manufacturing nation to a high-quality manufacturer in accordance with established goals and policies."

Profits of China's major manufacturing firms grew 13.5 percent in the first eight months of 2018, accounting for more than 84 percent of profits for all large industrial firms, the National Bureau of Statistics said Thursday.