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China's industrial sales revenue up 7.3% in first 8 months; high-tech sector rises 15.7%
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According to the latest tax invoice data released by China's State Taxation Administration, the country's industrial sales revenue grew steadily in the first eight months of 2024, with new quality productive forces accelerating cultivation. From January to August, national industrial sales revenue increased by 7.3% year-on-year, with mining, manufacturing, and utilities growing 8.3%, 7.5%, and 5% respectively. Equipment manufacturing, acting as a stabilizer, saw revenue rise 10.1%, with computer and communication equipment manufacturing up 18.8%, electrical machinery up 14%, and instrumentation up 14.1%. High-tech industry sales revenue surged 15.7%, including high-tech manufacturing up 18.9%, and AI-related sectors such as integrated circuits and smart vehicle equipment up 67.7% and 38.8% respectively. The digital economy core sector revenue grew 9%, with digital product manufacturing and services up 16.6% and 11.1%. Enterprises' digital technology procurement spending rose 8.6%, with manufacturing sector digital transformation investment increasing 17.1%. The data was reported by CCTV News.
Source report
According to the latest invoice data released by the State Taxation Administration, China's national industrial sales revenue grew steadily in the first eight months of this year, with accelerated cultivation of new quality productive forces and notable growth in sales revenue from equipment manufacturing and high-tech industries.
Key Industrial Performance (January–August)
- Overall industrial economy: Industrial sales revenue increased by 7.3% year-on-year, maintaining a stable and progressive trend.
- By sector:
- Mining: up 8.3%
- Manufacturing: up 7.5%
- Electricity, heat, gas, and water production and supply: up 5%
All sectors maintained relatively rapid growth.
Equipment Manufacturing as a Stabilizing Force
Equipment manufacturing continued to play a "ballast stone" role, with sales revenue rising 10.1% year-on-year. Notable sub-sectors include:
- Computer and communication equipment manufacturing: up 18.8%
- Electrical machinery and equipment manufacturing: up 14%
- Instrument and meter manufacturing: up 14.1%
Accelerated Cultivation of New Quality Productive Forces
High-tech industry sales revenue grew by 15.7% year-on-year in the January–August period. Within this:
- High-tech manufacturing: up 18.9%
- AI-related sectors:
- Integrated circuits: up 67.7%
- Smart vehicle equipment: up 38.8%
Deepening Integration of Digital and Real Economies
- Digital economy core industries: Sales revenue increased by 9% year-on-year.
- Digital product manufacturing: up 16.6%
- Digital product services: up 11.1%
These figures reflect the continuous improvement in digital industrialization.
- Enterprise digital technology procurement: Nationwide spending on digital technology rose by 8.6% year-on-year.
- Manufacturing sector's digital transformation investment: up 17.1%, indicating increased commitment to digital upgrading.
Source: CCTV News (Reporter: Li Sha)
Source
中国产业经济信息网Eastern
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China’s industrial sales revenue rises 7.3% in Jan-Aug, AI chip sector surges 67.7%