China’s manufacturing value-added output is expected to rise by over 8 trillion yuan ($1.13 trillion) during the 14th Five-Year Plan (2021-2025), contributing more than 30% to global growth, Minister of Industry and Information Technology Li Lecheng said. The country has retained its position as the world’s largest manufacturer for 15 consecutive years. Between 2020 and 2024, equipment manufacturing grew at an average annual rate of 7.9%, while high-tech manufacturing grew by 8.7%. In 2024, China produced more than 13 million new energy vehicles (NEVs), maintaining global leadership in NEV production and sales for 10 years in a row.
Over the past five years, R&D spending by large-scale manufacturing enterprises exceeded 1.6% of operating revenue. Li emphasized that China’s industrial and technological development has entered a new stage of “catch-up,” “parallel development,” and emerging “leadership” in key sectors, citing milestones such as the Chang’e moon landing, the commercialization of the C919 passenger jet, and the launch of the Adora Magic City cruise ship.
The competitiveness of large enterprises has risen, with 64 Chinese manufacturers listed in the 2024 Fortune Global 500. Meanwhile, small and medium-sized enterprises (SMEs) continue to flourish, with over 60 million registered and more than 140,000 recognized as specialized and innovative.
