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      China's industrial economy to expand steadily in 2020

      Economy

      China's industrial economy will continue to expand steadily in 2020 despite downward pressures, a senior official said Monday.

      XinhuaUpdated: January 21, 2020

      China's industrial economy will continue to expand steadily in 2020 despite downward pressures, a senior official said Monday.

      The State Council Information Office of China holds a press conference on China's industrial and communications development in 2019, in Beijing on Jan. 20, 2020. [Photo by Liu Jian/China SCIO]


      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% year on year, within the target range of 5.5% to 6% 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.

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