BEIJING – China’s industrial economy will continue to expand steadily in 2020 despite downward pressures, a senior official said Monday.
China boasts a complete industrial system, a large domestic market, robust consumption potential, abundant human resources, competitive infrastructure and ample policy leeway, which will continue to buoy industrial development this year, Miao Wei, minister of industry and information technology, told a press conference.
China’s unremitting efforts to improve the business environment, such as tax cuts and fee reductions, will further unleash market vitality, he continued.
Innovation-based technology upgrading will also add impetus to the country’s industrial growth, Miao said.
In 2019, China’s value-added industrial output expanded 5.7 percent year-on-year, within the target range of 5.5 to 6 percent set at the start of last year.
During the first 11 months of 2019, 28 out of 41 major industrial divisions posted year-on-year profit growth.