Industrial output slowdown a 'new normal'
China's industrial activity cooled down in 2014 as a key indicator slowed to its lowest point since data was first made available in 1998. The industry watchdog warns of a "continuous slowdown of growth" in the coming years as the country strives to find new economic boosters.
The value-added output grew 8.3 percent in this year, the second consecutive year with a single-digit rate, the Ministry of Industry and Information Technology (MIIT) said on Monday. The growth rate in 2013 was 9.7 percent.
Miao Wei, Minister of MIIT, said China's industry growth will be at "intermediate speed" in the foreseeable future as economy slows. The ministry has set the next years's target at around 8 percent.
"A moderate growth will be the 'new normal' as the country faces strong challenges in lifting growth while tackling overcapacity in industries such as steel, cement and flat-glass," he said.
Miao called for a heavier use of high-technologies in various sectors, including chip-making, telecommunications and clean-energy automobile manufacturing.
Industrial value-added output measures the final output value of industrial production, or the value of gross industrial output minus intermediate input, such as raw materials and labor costs. The statistics only include industrial manufacturers with more than 20 million yuan ($3.2 million) in annual revenue.
China enjoined high industrial production growth over the past decade with the growth rate of value-added output peaked in 2007 at 18.5 percent. Slowing export and domestic demand has dragged the figure since 2012.
Miao Wei, Minister of MIIT, said China's industry growth will be at "intermediate speed" in the foreseeable future as economy slows. The ministry has set the next years's target at around 8 percent.
"A moderate growth will be the 'new normal' as the country faces strong challenges in lifting growth while tackling overcapacity in industries such as steel, cement and flat-glass," he said.
Miao called for a heavier use of high-technologies in various sectors, including chip-making, telecommunications and clean-energy automobile manufacturing.
Industrial value-added output measures the final output value of industrial production, or the value of gross industrial output minus intermediate input, such as raw materials and labor costs. The statistics only include industrial manufacturers with more than 20 million yuan ($3.2 million) in annual revenue.
China enjoined high industrial production growth over the past decade with the growth rate of value-added output peaked in 2007 at 18.5 percent. Slowing export and domestic demand has dragged the figure since 2012.
