China expects industrial production to grow by 5.7% this year.

The Ministry of Industry and Information Technology in China revealed on Friday its expectations for industrial production growth of 5.7% this year, year-on-year. The ministry also expressed its commitment to achieving stable growth in the industrial economy. In addition, the Chinese ministry clarified that it is currently planning to enhance efforts aimed at implementing extensive modernization of equipment and encouraging exchange programs for consumer goods within China. The ministry reported that it aims to build a supply chain that is self-sufficient and easily managed, in addition to the responsible party's intention to create a system to ensure a stable and reasonable level of investment in the manufacturing sector within China. Industrial production in China recorded a growth of 5.4% in November, year-on-year, which matched market expectations and was higher than the previous reading for October, which showed industrial production growth of 5.3%.