China's light-industry added value goal set at around 4%

(ECNS) --The annual growth goal in China's light-industry added value has been set at around 4 percent from 2023 to 2024, according to a plan released by China's Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Commerce.

According to information from the Ministry of Industry and Information Technology on Friday, China's scale-above light-industry enterprises achieved total operating revenue of 24.3 trillion yuan（about $3.4 trillion）in 2022, with profits reaching 1.54 trillion yuan, accounting for 17.6 percent and 18.3 percent of the overall industrial sector, respectively.

The accumulated exports amounted to $953.54 billion, making up 26.5 percent of the total national exports, highlighting the sector's significance in stabilizing the foundation of traditional industries.

Due to external factors and weak demand, light-industry added value grew only by 0.4 percent year-on-year in the first half of 2023, falling below the industrial average.

The plan aims to address these challenges and foster stable growth in the light industry. 

It outlines strategies and measures to promote the sector's development, enhance competitiveness, and drive innovation.