China's manufacturing sector improves in Jan-Sept

BEIJING - China's manufacturing sector registered sound growth in the first nine months of this year, with higher profits for enterprises, an official said.

The value-added output of the sector expanded 6.7 percent year-on-year in the first three quarters, Xin Guobin, vice-minister of the Ministry of Industry and Information Technology (MIIT), told a recent press conference.

Profit climbed 13.5 percent year-on-year in the first eight months, Xin said, adding that the sector has found a bright spot in investment growth.

Xin said the faster growth of private investment in the manufacturing sector reflects mounting confidence in the market amid a slew of favorable policies designed to beef up private investment.

MIIT data shows manufacturing investment for technological upgrades expanded 15.2 percent from the previous year in the January-September period and served as the main driver of overall investment growth in the sector.

Official data also points to China's progress in cutting overcapacity and industrial upgrading.

Value-added output from high-tech and equipment manufacturing sectors jumped 11.8 percent and 8.6 percent, respectively, in the first nine months, overshooting the 6.4-percent growth rate of the industrial average.

Despite rising downward pressure, China's economy is holding steady against headwinds with strong resilience and large market potential, Xin said.

China's GDP expanded 6.7 percent year on year in the first nine months to about 65.09 trillion yuan ($9.38 trillion), official data shows.