By Kate Yuan

(JW Insights) Nov 17 -- The added value of China’s the specialized equipment manufacturing industry for semiconductor devices increased by 33.9% in October over the last year, according to the data released by China’s National Bureau of Statistics (NBS).

The overall industrial production showed a stable and upward trend in October with the gradual recovery of market demand and the accelerated transition between new and old growth drivers. The industrial added value above the designated size increased by 4.6% year on year in October, with a cumulative growth of 4.1%, said Liu Aihua, the spokesperson of NBS.

The growth rate of equipment manufacturing has rebounded for three consecutive months. In October, the value added of the equipment manufacturing industry increased by 6.2% over the last year, up by 0.7 percentage points compared to the previous month, showing a continuous growth for three consecutive months.

The automotive manufacturing industry performed particularly well, with a 10.8% increase from a year earlier in value added, up by 1.8 percentage points from the previous month.

The production of major new energy products maintained rapid growth. In October, the production of new energy vehicles reached 927,000 units, an increase of 27.9% from a year ago. The production of photovoltaic cells climbed by 62.8% over the last year, automotive lithium-ion power batteries by 57.3%, and charging piles by 33.5%.

The aerospace equipment manufacturing industry grew by 12.3% from a year earlier in October and maintained a fast growth rate.

Enterprise profits continued to improve. In September, the profits of industrial enterprises above the designated size increased by 11.9% over the last year, achieving double-digit growth for two consecutive months.

The level of production and sales coordination also continued to improve. In October, the product sales rate of industrial enterprises above the designated size reached 97.4%, maintaining above 97% for four consecutive months, indicating that market demand is steadily recovering.

Overall, the confidence of enterprises remains stable. In October, the manufacturing industry's index of production and operation expectations was 55.6%, remaining in the relatively high prosperity range for four consecutive months, according to NBS.

“Despite certain pressures on the industrial economy, the expanding domestic demands and the growing of strategic emerging industries have provided a solid foundation for sustained industrial growth,” said Liu Aihua.