BEIJING- China assured to stabilize the industrial growth and aid its progress for 2020 despite pressing concerns encountered by the sector, Minister of Industry and Information Technology Miao Wei said on Monday.
China’s industrial production surpassed expectations last December by jumping up to 6.9% from a year earlier. Such was the most rapid pacing it tallied in nine months, closing 2019‘s overall expansion to 5.7%.
China’s economic growth retreated not far from 30-year low of 6.1% in 2019 brought by Sino-US trade war. In line, higher volume of stimulus is expected this year as Beijing fixes weak domestic demand.
China enabled an alliance of foreign firms with an aim of building a 5G network and to stand against technology politics, Miao disclosed to media, as a subtle criticism to United States’ scheme against Huawei, world’s leading provider of mobile networking apparatus.
Washington is persuading Britain to cancel the use of Huawei equipment for the country’s upgrading plan of its telecommunication networks.
China is also weighing the possibility of reducing subsidies for new energy vehicles, Miao added.
China expects vehicle sales to meet its previous records of 25 million units as the country anticipates that the production may stabilize or may inch down, he added.