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China releases a number of programs to encourage expansion in important industries.

China releases a number of programs to encourage expansion in important industries.

Building materials ready for shipment in east China Zhejiang Province, July 3, 2023. /CFP

On Friday, the Ministry of Industry and Information Technology of China released a number of initiatives to encourage steady growth in important industries and quicken high-quality development.

The development of the construction materials sector is essential for the improvement of living standards. Value-added industrial output growth is anticipated to be between 3.5 and 4 percent in 2023 and 2024, with efforts being made to raise the degree of advanced, intelligent, and environmentally friendly development in the sector.

Similar goals are set for the steel sector, which serves as a foundation for many other industries. It wants to achieve consistent value-added industrial output growth of over 3.5 percent in 2023 and raise it to over 4 percent in 2024.

The petrochemical industry, on the other hand, is included into numerous industrial chains. The value-added industrial output is expected to expand at an average annual pace of roughly 5% in both years.

The non-ferrous metals sector aims for the highest growth rates and is crucial for the expansion of important developing sectors and national military technology. Growth in industrial output with added value is anticipated to reach 5.5 percent in 2023 and even higher levels in 2024.

These sectors of the economy support the whole country. Their steady expansion is therefore essential for the advancement of the economy as a whole. Setting specific objectives for each industry demonstrates the nation’s commitment to preserving the national economy.

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