Beijing: China's manufacturing value-added output is projected to have increased by more than 8 trillion yuan ($1.13 trillion) during the 14th Five-Year Plan period (2021-2025), contributing over 30 percent of global growth, Minister of Industry and Information Technology Li Lecheng announced on Tuesday. Speaking at a press conference, Li highlighted that China has maintained its status as the world's largest manufacturer for 15 consecutive years.
According to Emirates News Agency, Li noted that between 2020 and 2024, the added value of China's equipment manufacturing industry achieved an average growth rate of 7.9 percent, while high-tech manufacturing saw growth of 8.7 percent. In 2024, China's new energy vehicle (NEV) production surpassed 13 million units, marking the country's production and sales of NEVs as the highest globally for the tenth straight year.
Over the past five years, China has consistently increased its innovation investment. The research and development (R and D) expenditure of above-scale manufacturing enterprises accounted for over 1.6 percent of their operating revenue. Li emphasized that China's industrial and technological innovation has entered a new phase marked by accelerated "catch-up," increased "parallel development," and emerging "leadership" in key fields. Achievements include the Chang'e lunar landing, the commercialisation of the self-developed C919 aircraft, and the operation of China's first domestically built large cruise ship, Adora Magic City.
Li further noted the significant improvement in the competitiveness of Chinese large enterprises during the 14th Five-Year Plan period. As of July this year, the number of above-scale industrial enterprises increased by 138,000 compared to the end of 2020. In 2024, 64 manufacturing enterprises were included in the Fortune Global 500.
Meanwhile, small and medium-sized enterprises have experienced rapid expansion, with registered SMEs surpassing 60 million. Additionally, more than 140,000 'specialised and sophisticated' SMEs have been fostered nationwide.