Xi Pushes Advanced Manufacturing Drive
Advanced manufacturing must deliver "strong support" for advancing Chinese modernization, Xi said, according to a state-run news agency.
The directives were issued at a national conference on advanced manufacturing held in Beijing on Wednesday and Thursday.
Xi urged officials to pursue development that is smart, green and integrated, while working to make China's industrial supply chains more self-reliant and resilient against external shocks.
He also called for accelerating the buildout of a modern industrial system anchored in advanced manufacturing, along with stronger foundations for the real economy, the news agency reported.
The manufacturing push comes as fresh economic data reveal weakening domestic demand. China's retail sales rose just 0.4% year-on-year in August, while fixed-asset investment plunged 7.2%.
The unemployment rate climbed to 5.3% in August, even as industrial production increased 5.2%—underscoring a split between resilient factory output and softness in consumer spending and investment.
Lynn Song, chief China economist at ING, said consumption and investment remained subdued because of weak domestic demand, while high-tech industries and sectors benefiting from external demand continued to perform relatively strongly.
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