On March 12, Li Yizhong, Minister of Industry and Information Technology, said in a group interview with the “Industrial Structure Upgrading and SME Development†held at the Third Session of the 11th National People's Congress that the industrial growth rate in the first two months of this year reached 20 percent. 7%, but we cannot be blindly optimistic, and inflation expectations are still very strong. The main line of China’s economic work this year is to adjust the structure and promote the transformation. The Ministry of Industry and Information Technology will adopt six measures to promote the industrial sector to achieve the target of about 11% growth.
Li Yizhong said that from the statistical data from January to February of this year, the growth rate of heavy industry was significantly higher than that of light industry. This shows that high-energy-consuming industries have a rapid growth rate and pose severe challenges to the completion of the tasks of saving energy, reducing energy consumption, and energy-saving emission reduction. Li Yizhong pointed out that in terms of energy saving, consumption reduction, emission reduction, and pollution control, industry is the bulk. Industry accounts for 70% of energy consumption, 70% of carbon dioxide emissions, and 83% of sulfur dioxide emissions. Therefore, if industrial energy-saving emission reduction can not catch up, the country's energy-saving emission reduction tasks will not be completed. Therefore, this year, the Ministry of Industry and Information Technology has made energy saving and consumption reduction and elimination of backwardness one of the primary measures for restructuring and promoting transformation, and has strictly controlled blind investment in excess capacity such as steel, building materials, and coal chemical industries.
According to Li Yizhong, for the backward production capacity, the Ministry of Industry and Information Technology has counted 18 industries, with backward production capacity accounting for 15% to 25%. For example, the coal chemical industry is in surplus. At present, the methanol utilization rate is only 40%, but there are still many projects under construction; polysilicon is also the case, last year's output reached about 10,000 tons, while the polysilicon project under construction still has 60,000 tons.
Li Yizhong also reminded that PPI increased by 4.9% in the first two months of this year, and fuel, power, and raw material prices rose by 9.1%. The indicator remained negative until the end of last year. Now it has not only changed from negative to positive, but also rose quickly. Therefore, we must be prepared for this year's inflation forecast and we must respond.
According to another understanding, the 6 measures adopted by the Ministry of Industry and Information Technology this year include adjusting investment structure, stimulating economic development with consumption, developing strategic emerging industries, advancing the integration of “two industries†and improving corporate management. Li Yizhong said that relying on investment to drive growth has now come to an end, and the central government cannot spend more money on infrastructure and manufacturing. This year's new 7.5 trillion yuan loan will be mainly used to support independent innovation, small and medium-sized enterprises, emerging industries, and technological transformation. It will not place capacity expansion, especially in industries that already have excess capacity.
Li Yizhong said that from the statistical data from January to February of this year, the growth rate of heavy industry was significantly higher than that of light industry. This shows that high-energy-consuming industries have a rapid growth rate and pose severe challenges to the completion of the tasks of saving energy, reducing energy consumption, and energy-saving emission reduction. Li Yizhong pointed out that in terms of energy saving, consumption reduction, emission reduction, and pollution control, industry is the bulk. Industry accounts for 70% of energy consumption, 70% of carbon dioxide emissions, and 83% of sulfur dioxide emissions. Therefore, if industrial energy-saving emission reduction can not catch up, the country's energy-saving emission reduction tasks will not be completed. Therefore, this year, the Ministry of Industry and Information Technology has made energy saving and consumption reduction and elimination of backwardness one of the primary measures for restructuring and promoting transformation, and has strictly controlled blind investment in excess capacity such as steel, building materials, and coal chemical industries.
According to Li Yizhong, for the backward production capacity, the Ministry of Industry and Information Technology has counted 18 industries, with backward production capacity accounting for 15% to 25%. For example, the coal chemical industry is in surplus. At present, the methanol utilization rate is only 40%, but there are still many projects under construction; polysilicon is also the case, last year's output reached about 10,000 tons, while the polysilicon project under construction still has 60,000 tons.
Li Yizhong also reminded that PPI increased by 4.9% in the first two months of this year, and fuel, power, and raw material prices rose by 9.1%. The indicator remained negative until the end of last year. Now it has not only changed from negative to positive, but also rose quickly. Therefore, we must be prepared for this year's inflation forecast and we must respond.
According to another understanding, the 6 measures adopted by the Ministry of Industry and Information Technology this year include adjusting investment structure, stimulating economic development with consumption, developing strategic emerging industries, advancing the integration of “two industries†and improving corporate management. Li Yizhong said that relying on investment to drive growth has now come to an end, and the central government cannot spend more money on infrastructure and manufacturing. This year's new 7.5 trillion yuan loan will be mainly used to support independent innovation, small and medium-sized enterprises, emerging industries, and technological transformation. It will not place capacity expansion, especially in industries that already have excess capacity.
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