China's investments in high-tech industries surge 9.4% in first two months of 2024: NBS data

Researcher tests a robot at the exhibition site of a humanoid robot competition on March 13, 2024. Photo: Li Hao/GT

China's investment in high-tech industries in the first two months this year rose 9.4 percent year-on-year, with investment in high-tech manufacturing growing by 10 percent and high-tech services rising by 7.8 percent, Liu Aihua, a spokesperson for the National Bureau of Statistics (NBS), said on Monday, underscoring the nation's ramped-up efforts in propelling new quality productive forces.

The fresh economic data was announced by Liu at the press conference held by the State Council Information Office on Monday.

In the high-tech manufacturing sector, the manufacturing of ICT and chemicals grew by 43.2 percent, while investment in aviation and aerospace related equipment manufacturing increased by 33.1 percent. Within the high-tech services sector, professional technological services growing by 36.2 percent, and investment in information services growing by 16.1 percent.

China's industrial production accelerated too, while consumer goods manufacturing and high-tech manufacturing picked up pace. From January to February, the added value of China's high-tech manufacturing industry increased by 7.5 percent, 1.1 percentage points faster than in December, the NBS official said.

China has ramped up efforts on technological innovation. The central government has pledged to allocate 370.8 billion yuan for science and technology in 2024, an increase of 10 percent, with a focus on basic research, applied basic research, and national strategic tasks in science and technology innovation.

Experts said that the robust economic indicators highlight the recent efforts of the Chinese government to advance reforms and enhance openness, while striving for greater self-reliance in science and technology, which is the core for the nation's development of new quality productive forces.

New quality productive forces are tethered to a country's capability in scientific research and technological innovation, to achieve resource recycling and conservation, optimize resource management, and effectively promote improved productivity.

China is striving to modernize its domestic industrial system and develop new quality productive forces at a faster pace, according to the Government Work Report submitted to the Second Session of the 14th National People's Congress in early March, as part of the major tasks for the economic and social development of the world second largest economy in 2024.

The increase in high-tech investment has driven the production and development of related industries and promoted the growth of added value of industries above the designated size.

In January and February, China's total value added of industrial enterprises above the designated size increased by 7 percent year-on-year, accelerating by 0.2 percentage points compared to December 2023, said Liu. Major sectors including mining, manufacturing, electricity, heating and gas all experienced varying degrees of growth.

The value added of consumer goods manufacturing sector rose 4.7 percent, accelerating by 4.4 percentage points compared to December 2023. Additionally, the value added of high-tech manufacturing rose 7.5 percent, accelerating by 1.1 percentage points.

In a breakdown, the output of 3D printing equipment increased by 49.5 percent year-on-year, while the production of electric vehicle chargers increased by the same rate of 49.5 percent. Additionally, the output of consumer electronics reported growth of 41.5 percent year-on-year.