Industrial production in China has reached pre-pandemic levels, according to the information office of the State Council. The added value of industrial enterprises above the designated size increased by 24.5pc in the first quarter of 2021 from the prior-year period. The two-year average growth rate in the quarter was 6.8pc, up by 2pc from the preceding quarters. The industrial capacity utilization rate reached 77.2pc, the highest since Q1 2013.
Some challenges, however, still exist mainly as the auto sector deals with chip shortages. A rise in raw material costs has also led to an imbalance in recovery between industries and enterprises, the Ministry of Industry and Information Technology believes. The ministry states 40 of the 41 major industries in China registered growth.
The ministry is also in the process of formulating the 14th Five-Year plan and mid-to-long-term manufacturing development plans.