The year-on-year added value of manufacturing sector grew by 6.8% in 2016

Entrusted by the State Council, MIAO Wei, Minister of the Ministry of Industry and Information Technology gave a report on promoting the supply side structural reform to speed up the transformation and upgrading of manufacturing industry. The report showed that in 2016 the year-on-year added value of manufacturing industry grew by 6.8%, thus laying a solid foundation for the country's GDP growth of 6.7%.

During the "12th Five-Year" period, the manufacturing sector in China has achieved an average annual growth rate of 9%, becoming an important pillar to withstand the global financial crisis and maintain the steady development of macroeconomy. However, the overall characteristics of China's manufacturing industry are large and weak, and the development model based on large-scale expansion has not yet been fundamentally reversed. Therefore, we must take the strategic transformation from quantity expansion to quality enhancement as the main direction to promote the structural reform of supply side.

MIAO Wei introduced that since 2015, the implementation of “Made in China 2025” has acheived positive effects in various aspects. The release of “Made in China 2015” 11 special planning guidelines promotes the following release of a series of supporting policies and measures. And the provinces (districts and municipalities) have developed implementation scheme or action framework, through vertical and horizontal linkage, thus a concerted policy system is basically established.

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