The industrial sector sure got a bad hit with this pandemic time that struck every country. However, China has gained full control over the manufacturing sector and is showing positive growth in its latest scenarios. Honestly, COVID 19 brought a devastating effect on every part of the world. But getting a slow recovery is what is expected. Nonetheless, China again proved its potentiality in bringing together the factory output, which is quite similar to the pre-pandemic period.
The industrial sector with proficient effort has successfully brought back economic steadiness as confirmed by the Ministry Of Industry and Information Technology this Tuesday. Huang Libin stated, the first three months of the year brought back the utilization rate of industrial capacity, bringing a hike of 77.2% which is the highest since 2013. Also, the industrial yields achieved an annual spike, which is 24.5% based on the data procured from the first quarter.
Huang added ‘As the economy continues seeing a steady recovery, major industries are gradually overcoming the impacts of the epidemic, and the scope of recovery continues to expand,’. The report suggests that out of 41 industrial sectors, 40 has profitability gained a year on year growth. Well, according to Huang, the increase in the commodity price brought this positive change with a controllable effect. However, there is a constant need for mutual collaboration from all the relevant departments to bring balance in the price range of raw materials to check the stockpiling and panic purchases.
As per Liu Wenqiang, the increase in the commodity prices will have a limited impact on China’s industrial sector, since China has a strong industrial capacity paired with a solid industrial platform. He believes more effort is needed to bring back the previous picture which was before the pandemic. Well, there is still a confusing situation dealing with rural migrant employees and job seekers.
The ministry, on the note, is currently designing the 14th Five-year plan (2021-2025) that covers a robust development strategy for the manufacturing sector. More effort is needed to perk up the industry’s fundamental technological promotions, coupled with various initiatives that would nurture the factories, thus manufacturing the raw materials for profound technical instruments.
The ministry also states that they would look for opportunities that would carry out special paths, to work on the competitive market in the cyber industry. This area will primarily lay its focus on correcting the malicious sites, side by side trafficking, hijacking and blocking behaviours, that brings unwanted hurdles in the overall growth of the Chinese Industrial sector.