China confident of stabilising industrial growth in 2020

BEIJING: China is confident of maintaining steady industrial growth this year despite big pressures facing the sector, Minister of Industry and Information Technology Miao Wei said on Monday.

The country’s industrial output topped expectations in December by growing 6.9% from a year earlier, the strongest pace in nine months, bringing full-year 2019 expansion to 5.7%.

Economic growth in the world’s second largest-economy cooled to a near 30-year low of 6.1% in 2019 amid a bruising trade war with the United States, and more stimulus is expected this year as Beijing tries to boost sluggish domestic demand.

China welcomes foreign firms to participate in the building of its 5G networks and opposes politicising the technology issue, Miao told a news conference, in an apparent criticism of Washington’s moves against Huawei, the world’s largest maker of mobile networking equipment.

Washington is trying to persuade Britain not to use Huawei equipment in the upgrade of its telecoms network.

China is also studying postponing the reduction of subsidies for new energy vehicles, Miao added.

China expects vehicle sales to remain at around 25 million units in 2020, and they could be flat from last year or decline, Miao said. – Jan 20, 2020, Reuters

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