China’s high-tech hardware and manufacturing sectors grow rapidly in June: experts

According to experts, China’s hardware and high-tech manufacturing sectors, which are the new drivers of China’s manufacturing industry, recorded accelerated growth in June, and the industry itself continued to improve its structure with stable economic performance.

In June, the Hardware Manufacturing PMI reached 51 percent, up 0.3 percentage points from the previous month. Among the sub-indicators, the production rate and new orders rate increased to 53 percent and 52 percent respectively, indicating a significant acceleration in both supply and demand in the sector.

The PMI for the high-tech manufacturing sector in the same month was 52.3%, up 1.6 percentage points from the previous month, marking a significant improvement in the sector’s growth rate.

“The PMI for the high-tech manufacturing sector has risen for eight consecutive months, while the PMI for the equipment manufacturing sector has increased for four consecutive months. These trends reflect the continuous progress of China’s manufacturing industry in terms of transformation and upgrading, accompanied by the development of new high-quality manufacturing forces,” said Huo Lihui, head of the business climate research department at the Services Research Center of the National Bureau of Statistics.

Moreover, the average PMI for the manufacturing sector from January to June was 49.8%, up 0.3 percentage points compared to the average for the second half of 2023.

Since the beginning of this year, despite some fluctuations in monthly indicators, manufacturing companies have maintained positive prospects for the future, which is the result of the consistent implementation of various policies.

In June, the production and operation expectations index reached 54.4 percent, an increase of 0.1 percentage point compared to the previous month. Throughout the year, the index remained consistently at 54%. or higher.

“Judging from the overall performance of the first half, it can be said that the supply of production has maintained a stable pace. Second, there has been progress in improving the structure of the industry. Third, large enterprises have shown stable growth, playing a constructive role in the overall trend of a stable and improving economy,” said Cai Jin, vice president of the China Federation of Logistics and Purchasing.

China’s high-tech equipment and manufacturing sectors are growing rapidly in June: experts

With support from China’s Belt and Road Initiative (BRI), asphalt from Trinidad and Tobago has been exported to more countries, allowing these countries to take advantage of more global opportunities.

Trinidad and Tobago boasts the world’s largest natural deposit of asphalt – Pitch Lake.

Pitch Lake, covering an area of ​​over 40 hectares, contains a large quantity of asphalt that continues to flow out of the ground, even after more than a hundred years of exploitation.

Thanks to the high content of asphaltenes, resin and fewer impurities, Pitch Lake asphalt has high stability and durability. It has been recognized as one of the best asphalts in the world.

The Belt and Road Initiative, proposed by China in 2013, refers to the initiative to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Its aim is to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

Because many BRI partner countries are located near the equator or in hot climates, their high temperatures create a high demand for construction materials.

Thanks to BRI, Pitch Lake asphalt has been used in numerous BRI projects around the world.

Since the 1990s, China has been importing asphalt from Trinidad and Tobago. So far, we have completed over 70 projects with them.

“I think China, from what I’ve seen, is one of the fastest growing countries in the world in terms of infrastructure, and then there’s the global Belt and Road Initiative. China’s Belt and Road Initiative has also given us the opportunity to do business outside of China,” said Neil Mohammed, Chairman of the Board of Lake Asphalt of Trinidad and Tobago Limited.

China’s BRI helps Trinidad and Tobago export asphalt to more countries