China is ramping up efforts to boost its manufacturing prowess with investment in technological transformation in the manufacturing industry surging 10.9 percent in the first seven months of 2024, continuing a double-digit growth trend, thanks to the country's push for industrial upgrade and equipment renewal, according to a media report on Saturday.
China has introduced an array of measures since the start of the year to supercharge its large-scale equipment renewal campaign, which is aimed at propelling its green, low-carbon transition and unleashing domestic demand potential.
The National Development and Reform Commission (NDRC) has allocated nearly 50 billion yuan ($7 billion) from the first batch of ultra-long special treasury bonds to support large-scale equipment renewals, and has fast-tracked new project approvals, China Media Group (CMG) reported on Saturday.
In addition, the NDRC has signed re-loan contracts exceeding 50 billion yuan for equipment renewal, with over 15 billion yuan allocated for energy-efficient upgrades in commercial and industrial sectors, according to CMG.
Analysts said that this is not just a boost for investment but also a critical part of China's efforts to revitalize domestic demand and advance its green transition.
The NDRC also vowed to further streamline approval procedures to support projects.
By relaxing restrictions and expanding the scope of eligible projects, local governments are set to accelerate project implementation, said Wen Hua, deputy director of the resource conservation and environmental protection department at the NDRC.
The NDRC will also promote the use of more energy-efficient, low-carbon equipment, so as to advance the industrial upgrade and support the green transition, Wen noted.
In March, China unveiled an action plan to promote the large-scale renewal of equipment and the trading-in of consumer goods, aiming to unleash a vast market potential worth trillions of yuan.
On July 25, the NDRC, together with the Ministry of Finance, announced the issuance of around 300 billion yuan in ultra-long special treasury bonds to increase support for the large-scale renewal of equipment and the trading-in of consumer goods.
Officials have also vowed to help businesses tackle challenges and accelerate a nationwide shift toward high-tech and green industries by ramping up investment and encouraging more companies to upgrade their equipment.
Since the start of 2024, investment in technological transformation of the manufacturing industry has maintained double-digit growth.
Official data showed that in the first half of 2024, spending on technological transformation jumped 17.3 percent year-on-year, boosting a 2.1 percentage point increase in fixed-asset investment growth, a trend that revamped traditional industries and accelerated the ascent of advanced manufacturing, according to the CMG report.
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