China's industrial production recovers steadily, and the equipment manufacturing industry grows rapidly

On July 17, according to China’s National Bureau of Statistics, the added value of the national industries above designated size increased by 3.8% year-on-year in the first half of 2023, of which the added value of the equipment manufacturing industry increased by 6.5% year-on-year, higher than the industrial average of 2.7%. From the perspective of industry, the added value of the electrical machinery (15.7%) and automobile (13.1%) industry achieve double-digit growth, and the production of railway ships (8%) and special equipment (5.5%) is good.