China will focus on the quality and profitability of industrial growth in its next five-year plan, turning away from the current priority of maintaining high industry growth rates, state media reported. Industry and Information Technology Minister Li Yizhong said that while China is the world’s major manufacturing economy, the value it adds in the manufacturing process is far below par. "China’s industrial value-added rate stands at 26.5%, far lower than the world’s average of 35 to 40%," Li said. According to the National Bureau of Statistics, China’s industrial value-added output growth slowed to 13.1% in October from 13.3% in September. Li expects China’s industrial value-added output to grow by at least 13.5% year-on-year in 2010.
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