China has spent 37.3 percent more in high technology investment sector investment compared to the same period last year, against the backdrop of steady investment rebound in fixed asset investments, according to statistics released from the National Bureau of Statistics (NBS) on Friday.
According to the NBS, investment in high technology manufacturing increased by 41.6 percent, and investment in the high-technology services sector rose by 28.9 percent. The average growth of high-tech investment averages at around 9.9 percent.
Within the high-technology sector, the investment in medical equipment manufacturing was up by 50 percent year-on-year, and the investment in computers and office equipment soared by 49.5 percent.
Industrial growth has also demonstrated a steady increase in the first quarter this year. According to the NBS, added value in China’s equipment manufacturing grew by 39.9 percent in the first quarter. The growth of production of new energy vehicles, industrial robots, and microcomputers all exceeded 60 percent, with the average in the past two years over 19 percent.
Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, a think-tank under the Ministry of Commerce, told the Global Times that the fast growth in high-tech manufacturing shows “quality recovery” of the economy, upgrading from its pre-pandemic level.
“The fast development in high technology is backed by the strong resumption of the manufacturing sector, as well as government policy to shift the focus onto quality development and breaking the core technology bottleneck.”
The Chinese government has been ramping up efforts to encourage faster development in China’s technology sector, including more investment in the industry and more spending on basic research and development.
According to the Government Work Report, during the 14th Five-Year Plan (2021-25) period, the country will strive for above 7 percent annual growth in R&D spending, and will account for a higher percentage of GDP than that during the 13th Five-Year Plan period to keep up the country’s momentum to scale the technological ladder.