China is building more factories and factories are starting to build more cars, according to the latest report from the National Bureau of Statistics.
The growth in China’s manufacturing is outpacing the growth of China’s economy, which was just 4.6% last year, according the latest figures.
The manufacturing industry in China is expected to grow by 20% in 2019, up from 9.5% in 2018, according NBS.
“China’s manufacturing growth is projected to grow at 6.3% in 2020 and 8.7% in 2021, the most rapid growth in five years, according a recent NBS report,” the report said.
More from the ABC Business podcast: The NBS also noted that the country is expected have a growth rate of 7.3%, up from 6.2% in 2017.
“In 2020, China’s economic growth is expected at 7.7%, a 2.4 percentage point increase from the previous year,” the NBS said.
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More than half of China is now connected to the internet, and we expect the number of internet users to grow from 1.7 billion to 2.7 trillion over the next five years.”
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