On September 24, the National Development and Reform Commission (NDRC) held a specialized press conference to highlight the progress and typical practices of equipment update actions. According to the NDRC’s Resource Conservation and Environmental Protection Department Director, Liu Dichen, significant progress has been made in the field of equipment updates, demonstrating a positive impact on economic growth and industrial transformation.
Industrial Sector: Boosting Investment and Technological Upgrades
In the industrial sector, the large-scale equipment update policies have significantly contributed to investment growth. From January to August 2024, the investment in equipment and tools increased by 16.8%, outpacing the overall investment growth by 13.4 percentage points. This growth contributed 64.2% to the overall investment growth, marking a 3.5 percentage point increase from the previous month. This policy has also expedited the transformation and upgrading of traditional industries, with manufacturing technical renovation investment growing at a double-digit rate. The manufacturing sector is witnessing the emergence of new growth drivers. In August, the added value of equipment manufacturing and high-tech manufacturing industries increased by 6.4% and 8.6%, respectively, surpassing the total industrial output by 1.9 and 4.1 percentage points.
Construction and Municipal Sector: Enhancing Infrastructure
The construction and municipal sectors have also seen significant progress in equipment updates. Various departments and regions have focused on addressing gaps and weaknesses in the construction and municipal sectors, particularly in areas such as residential elevators and environmental infrastructure. From January to August 2024, the fixed asset investment in the power, heat, gas, and water production and supply industries, as well as the construction industry, grew by 23.5% and 21.6%, respectively.
Transportation and Agriculture: Modernizing Equipment and Upgrading Services
In the transportation and agriculture sectors, the replacement of old buses with electric ones, the updating of old operational trucks and ships, and the scrapping and updating of old agricultural machinery have all seen significant growth. In August 2024, the number of old buses being replaced with electric ones, old operational trucks and ships being updated, and old agricultural machinery being scrapped and updated all increased substantially. Additionally, the number of scrapped cars reached 4.21 million, a 42.4% increase from the previous year, representing over 90% of the previous year’s total scrapped vehicles. The scrapping and updating of old agricultural machinery also contributed to a 5.2% increase in investment in the agriculture, forestry, and fisheries sectors.
Education, Culture, and Healthcare: Modernizing Learning and Healthcare Facilities
In the education, culture, and healthcare sectors, the modernization of educational and healthcare facilities has been accelerated. The ongoing upgrades of teaching and research instruments and training equipment in universities and vocational schools, as well as the expansion of smart tourism, have led to a 3.0% and 2.2% increase in investment in the education and cultural and sports entertainment sectors, respectively. Multiple public hospitals have also released procurement lists for medical equipment, with upgrades to ultrasound machines and CT machines.
Future Actions: Enhancing Policy Implementation and Promoting Green Transformation
Looking ahead, the NDRC will continue to implement the decisions and deployments of the central government, utilizing all available policies and funds to accelerate the transformation of industries towards higher levels of intelligence, greenness, and specialization. Director Liu emphasized that the NDRC will work with relevant departments to ensure that policy benefits reach a broader range of market entities, promoting the green transformation of industries.
These developments underscore China’s commitment to modernizing its industrial base and enhancing its technological capabilities, contributing to sustainable economic growth and environmental protection. As China continues to push forward with its equipment update actions, it is expected to see further improvements in its industrial structure and overall economic performance.
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