• President of China, Xi Jinping
A report by China Briefing, a regional Asian publication has revealed that China is home to over 2,000 industry clusters.
The report said that China contributed about 30 per cent of the global manufacturing value in 2023, making it the world’s manufacturing powerhouse.
The report said that the manufacturing industry is a cornerstone of China’s economy, with the sector’s added value accounting for 26.2 percent of China’s total gross domestic product (GDP) in 2023.
In its 2024-25 Manufacturing Tracker, China Briefing noted that in the first half of 2024 (H1’24), manufacturing GDP reached $2.34 billion, up 6.3 percent on the same period in 2023 and accounting for around 27 percent of total GDP.
“Despite a gradual shift towards a more service-oriented and high-tech economy, manufacturing remains a key driver of China’s economic growth, providing substantial employment, innovation, and export revenue,” the report stated.
Data from both the World Bank and China’s General Administration of Customs indicated that manufacturing exports account for over 90 percent of China’s total exports.
“In 2023, China exported about $3.68 trillion worth of manufacturing products, while total goods exported amounted to about $3.71 trillion, with manufacturing products accounting for 98 percent of the total,” the data revealed.
In this context, manufacturing exports account for a larger percentage of the overall industry exports. This outcome is primarily due to the exclusion of agricultural exports from the total goods trade. ▪︎