Keeping new industry well oiled sure shot for economy's revival

The accelerated recovery of the industrial economy in the third quarter, growing by 4.8 percent year-on-year, up 4.1 percentage points from the second quarter, played a major role in boosting China's overall economic growth in the third quarter, and it also demonstrates the resilience and potential of China's real economy.

In the third quarter, the value added growth of industrial enterprises above the designated size in 23 provincial-level regions recovered from that in the second quarter, and the Yangtze River Delta region, which was badly affected by the COVID-19 pandemic, rebounded sharply. In September, the growth of value added in electronics, chemical and steel industries accelerated at a much faster rate.

The high-tech sector enjoyed a sound growth momentum in the third quarter, with the value added of high-tech manufacturing increasing by 6.7 percent year-on-year, 1.9 percentage points higher than that of industrial enterprises above the designated size nationwide. With the restoration of the automobile industry and supply chains, the automobile manufacturing sector also recovered rapidly in the third quarter.

From a trend perspective, the value added of industrial enterprises above the designated size increased by 3.8 percent, 4.2 percent and 6.3 percent year-on-year respectively in July, August and September, showing an accelerated recovery trend. With the prices of some commodities falling, the upstream and downstream structure of industrial enterprises' profits has also significantly improved.

China's economic performance in the third quarter indicates that the country should give full play to the role of the industrial sector. It should give priority to stabilizing industrial growth and strive to enhance the core competitiveness of the manufacturing sector.

At present, industrial enterprises still face multiple difficulties in production and operation, such as an increasingly complex and severe international environment, frequent epidemic outbreaks and relatively weak market demands. Therefore, it is still necessary for relevant departments to further promote the implementation of economic policies and measures adopted to solve difficulties.

The report of the 20th National Congress of the Communist Party of China says that China should focus its economic development on the real economy. As long as China unswervingly embarks on the road to a new type of industrialization, its industrial fundamentals turning better in the long run will not change and its manufacturing will grow from big to strong.