China maintains global leadership in industrial sector for the 15th year

Zhang Yunming, China’s Vice Minister of Industry and Information Technology, announced that the country’s industrial sector grew by 5.8 per cent in 2024 compared to the previous year, achieving an added value of 40.5 trillion yuan ($5.57 trillion).

According to People’s Daily of China, this marks the 15th consecutive year that China has maintained its position as the world’s largest industrial power.

During a press conference held by the State Council Information Office to discuss “High-Quality Economic Development Achievements”, Zhang highlighted that China installed 4.25 million new 5G base stations in 2024, boosting digital transformation in industrial and rural areas.

In the electric vehicle sector, production reached 12.88 million units, with sales totalling 12.86 million units, accounting for 40.9 per cent of global new vehicle sales. These achievements were supported by advanced infrastructure, including over 12.8 million charging stations and 4,443 battery-swapping stations.

Key industrial achievements in 2024 included the delivery of 16 C919 large passenger jets, the operation of the first 300 MW heavy-duty gas turbine, and the launch of China’s second domestically-built large cruise ship.

Zhang reaffirmed China’s commitment to ambitious strategies aimed at driving economic growth, supporting small and medium-sized enterprises, and prioritising sustainability while advancing comprehensive industrial development.

China is not seeking a trade surplus and is willing to import more competitive and high-quality products and services to balance trade, Ding Xuexiang, the country’s vice premier, said on Tuesday.

Addressing the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, Ding said economic globalisation was a process of mutual benefit and shared progress.

“Protectionism leads to nowhere, and there are no winners in a trade war,” Ding said, calling multilateralism “the right path for maintaining world peace and promoting human development”.

Chinese policymakers are intensifying efforts to stimulate a faltering economy in the face of concerns over potential US tariff hikes following President Donald Trump’s inauguration on Monday.

Trump unexpectedly held off from imposing tariffs on China on his first day back in the White House.

China welcomed more investment by foreign companies in the country, Ding said, adding that China was willing to solve problems encountered by domestic and foreign firms.

Ding is leading an official government delegation at this week’s WEF, making him the second-highest-ranking Chinese official to rub shoulders with global business and political elites at the Davos summit since President Xi Jinping’s attendance in 2017.

Chinese Premier Li Qiang attended the forum last year when he delivered a keynote speech that also highlighted China’s economic openness and potential for foreign investment.

In his speech this year, Ding said the stable and healthy development of China’s economy would provide impetus for global economic development.

A prolonged property crisis, high local government debt and weak consumer demand has slowed China’s economic growth, and the country’s exports - one of the few bright spots - could soon face US tariffs in excess of 60 per cent if Trump delivers on his campaign pledges.

China’s GDP grew 5 per cent in 2024, matching the government’s target, but in a lopsided fashion, with many people complaining of worsening living standards and raising concerns of deepening structural problems in 2025.

Although the country is expected to maintain a roughly 5 per cent GDP growth target in 2025, analysts forecast growth to slow to 4.5 per cent this year and 4.2 per cent in 2026.

In addition, businesses and investors have longstanding worries about geopolitical and regulatory uncertainties. Foreign direct investment into China fell 27.1 per cent in 2024 from the previous year to 826.3 billion yuan ($112.75 billion), official data showed.

Ding, 62, is the sixth highest-ranked leader in the Politburo Standing Committee, the top governing body led by President Xi Jinping. He was Xi’s chief of staff before being promoted to his current position in 2022 when Xi unveiled a leadership line-up stacked with loyalists.

Beyond the message on the Chinese economy, investors will be watching for any closed-door meetings on the sidelines of the event, notably between China’s official delegation and global investors and business executives.

WEF President and CEO Borge Brende said last week that Trump, who has twice previously attended Davos, will join “digitally” on Jan. 23, without giving further details. He said it would be a “very special moment” to learn about the Trump administration’s policy priorities.

Topics on the Davos agenda range from mounting global geopolitical and economic uncertainty to trade tensions, climate goals and how AI can help make lives better.

Agencies

Zhang Yunming, China’s Vice Minister of Industry and Information Technology, announced that the country’s industrial sector grew by 5.8 per cent in 2024 compared to the previous year, achieving an added value of 40.5 trillion yuan ($5.57 trillion).

According to People’s Daily of China, this marks the 15th consecutive year that China has maintained its position as the world’s largest industrial power.

During a press conference held by the State Council Information Office to discuss “High-Quality Economic Development Achievements”, Zhang highlighted that China installed 4.25 million new 5G base stations in 2024, boosting digital transformation in industrial and rural areas.

In the electric vehicle sector, production reached 12.88 million units, with sales totalling 12.86 million units, accounting for 40.9 per cent of global new vehicle sales. These achievements were supported by advanced infrastructure, including over 12.8 million charging stations and 4,443 battery-swapping stations.

Key industrial achievements in 2024 included the delivery of 16 C919 large passenger jets, the operation of the first 300 MW heavy-duty gas turbine, and the launch of China’s second domestically-built large cruise ship.

Zhang reaffirmed China’s commitment to ambitious strategies aimed at driving economic growth, supporting small and medium-sized enterprises, and prioritising sustainability while advancing comprehensive industrial development.

China is not seeking a trade surplus and is willing to import more competitive and high-quality products and services to balance trade, Ding Xuexiang, the country’s vice premier, said on Tuesday.

Addressing the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, Ding said economic globalisation was a process of mutual benefit and shared progress.

“Protectionism leads to nowhere, and there are no winners in a trade war,” Ding said, calling multilateralism “the right path for maintaining world peace and promoting human development”.

Chinese policymakers are intensifying efforts to stimulate a faltering economy in the face of concerns over potential US tariff hikes following President Donald Trump’s inauguration on Monday.

Trump unexpectedly held off from imposing tariffs on China on his first day back in the White House.

China welcomed more investment by foreign companies in the country, Ding said, adding that China was willing to solve problems encountered by domestic and foreign firms.

Ding is leading an official government delegation at this week’s WEF, making him the second-highest-ranking Chinese official to rub shoulders with global business and political elites at the Davos summit since President Xi Jinping’s attendance in 2017.

Chinese Premier Li Qiang attended the forum last year when he delivered a keynote speech that also highlighted China’s economic openness and potential for foreign investment.

In his speech this year, Ding said the stable and healthy development of China’s economy would provide impetus for global economic development.

A prolonged property crisis, high local government debt and weak consumer demand has slowed China’s economic growth, and the country’s exports - one of the few bright spots - could soon face US tariffs in excess of 60 per cent if Trump delivers on his campaign pledges.

China’s GDP grew 5 per cent in 2024, matching the government’s target, but in a lopsided fashion, with many people complaining of worsening living standards and raising concerns of deepening structural problems in 2025.

Although the country is expected to maintain a roughly 5 per cent GDP growth target in 2025, analysts forecast growth to slow to 4.5 per cent this year and 4.2 per cent in 2026.

In addition, businesses and investors have longstanding worries about geopolitical and regulatory uncertainties. Foreign direct investment into China fell 27.1 per cent in 2024 from the previous year to 826.3 billion yuan ($112.75 billion), official data showed.

Ding, 62, is the sixth highest-ranked leader in the Politburo Standing Committee, the top governing body led by President Xi Jinping. He was Xi’s chief of staff before being promoted to his current position in 2022 when Xi unveiled a leadership line-up stacked with loyalists.

Beyond the message on the Chinese economy, investors will be watching for any closed-door meetings on the sidelines of the event, notably between China’s official delegation and global investors and business executives.

WEF President and CEO Borge Brende said last week that Trump, who has twice previously attended Davos, will join “digitally” on Jan. 23, without giving further details. He said it would be a “very special moment” to learn about the Trump administration’s policy priorities.

Topics on the Davos agenda range from mounting global geopolitical and economic uncertainty to trade tensions, climate goals and how AI can help make lives better.

Agencies