China's equipment manufacturing industry increased by 10.5% year-on-year in 2014

In 2014, the added value of China’s high-tech manufacturing industry increased by 12.3% over the previous year, and the value-added of the equipment manufacturing industry increased by 10.5%, which was 4 and 2.2 percentage points faster than that of the above-scale industries, respectively.

According to the “Statistical Communique on National Economic and Social Development in 2014” released by the National Bureau of Statistics on the 26th, the total industrial added value in China was 2,299.1 billion yuan in 2014, an increase of 7% over the previous year, and the added value of industries above designated size increased by 8.3%. The added value of high-tech manufacturing in the year was 12.3% higher than that of the previous year, accounting for 10.6% of the added value of industries above designated size; the value-added of equipment manufacturing industry increased by 10.5%, accounting for 30.4% of the added value of industrial enterprises above designated size.

According to the communique, the growth of the service industry in China has been strong, driven by the multiple factors of industrialization, informatization, and escalation of consumer spending. In 2014, the added value of the tertiary industry increased by 8.1% year-on-year, 0.8% higher than that of the secondary industry, and 5.6 percentage points higher than the secondary industry.

According to the communiqué, in 2014, energy consumption per 10,000 yuan of GDP fell by 4.8%, and the water consumption per million yuan of GDP was 112 cubic meters, which was 6.3% lower than the previous year.

Xie Hung-kuang, deputy director of the National Bureau of Statistics, commented on the communique that China's economic structure and growth momentum are undergoing profound changes, and the quality and efficiency of economic operations have been continuously improved. The rapid development of high-end manufacturing and modern service industries shows that our country's economy is evolving to the mid-to-high end.

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