Economic Daily: Continuously Strengthening the Foundation for the Recovery and Improvement of the Industrial Economy

　　In the first three quarters, the industrial added value above designated size in China increased by 4% year-on-year, with the growth rate accelerating by 0.2 percentage points compared to the first half of this year, showing a trend of gradual improvement quarter by quarter and month by month. This achievement was made despite numerous difficulties and fully demonstrates the development potential and resilience of China's industrial economy. However, the fourth quarter still faces severe challenges, requiring continued efforts to consolidate the foundation for recovery and improvement.

　　The recovery and improvement of the industrial economy are reflected not only in quantity but also in quality and momentum. In terms of quality, the industrial structure continues to optimize, with high-tech manufacturing accounting for 15.3% of the industrial added value above designated size. Products in new growth areas such as solar cells and new energy vehicles maintain high growth rates. In terms of momentum, positive factors continue to accumulate, with investment in high-tech manufacturing growing by 11.3% year-on-year, maintaining double-digit growth for 36 consecutive months, and the decline in industrial exports narrowing. Enterprise benefits improve month by month, and industrial enterprises' expectations and confidence gradually strengthen.

　　The fundamentals for the long-term improvement of the industrial economy remain solid. China's industrial system is comprehensive, with a wide variety and large scale, and there is huge potential for industrial upgrading. Among 500 major industrial products, more than 40% of China's products rank first in the world in output, and the manufacturing scale has ranked first globally for 13 consecutive years. At the same time, a series of "combined measures" by the Party Central Committee and the State Council to stabilize growth are being intensified and showing results, which will further unleash the driving force for industrial upgrading, the potential of resident consumption, and the vitality of business entities.

　　It is also necessary to clearly recognize that the situation facing the industrial economy remains complex and severe. Internationally, multiple factors are squeezing China's advantageous industries, which is unfavorable for leveraging the external circulation momentum. Domestically, the industrial economy is still affected by insufficient demand expansion momentum, changes in the real estate market, and risks related to local government debt. Greater efforts are needed to make up for the export gap of industrial products, the confidence gap of small and medium-sized enterprises, and the growth gap under the real estate cycle.

　　Continuously consolidating the foundation for the recovery and improvement of the industrial economy focuses on industries. Since the beginning of this year, the Ministry of Industry and Information Technology has targeted 10 key industries including steel, non-ferrous metals, petrochemicals, and chemicals, and introduced relevant growth stabilization plans. These industries are large in scale, have strong driving effects, and high interconnections, serving as important pillars supporting stable growth of the industrial economy. Stabilizing these key industries basically stabilizes the industrial economy. According to the development level and characteristics of different industries, the relevant growth stabilization plans are also tailored and targeted. Next, it is necessary to implement and refine the series of growth stabilization policy measures already introduced, and strengthen the precise coordination and synergistic efforts of industrial policies with fiscal, financial, trade, and investment policies to maximize policy effectiveness.

　　Continuously consolidating the foundation for the recovery and improvement of the industrial economy depends on regions. Practice has proven that major industrial provinces play an important role in industrial growth, and support should continue for these provinces to "take on major responsibilities," encouraging each region to leverage its own advantages and achieve growth targets. For example, fully leverage the key supporting role of major industrial provinces in the eastern region, consolidate the rapid growth momentum in the central and western regions, promote the comprehensive revitalization of the northeast, support the accelerated development of the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, forming more growth poles.

　　Continuously consolidating the foundation for the recovery and improvement of the industrial economy depends on enterprises. When enterprises are stable, the economy can be stable. Currently, small and medium-sized enterprises still face prominent problems such as insufficient orders, rising costs, and difficulties in payment collection. It is necessary to adhere to the "two unwavering principles," emphasize both management and service, and combine assistance with development, creating a fair competition environment for small and medium-sized enterprises, strengthening precise and efficient services, promoting integration and innovation among large, medium, and small enterprises, encouraging small and medium-sized enterprises to move up the value chain, and supporting them in making good use of the two markets and two resources to achieve high-quality development.