Front line staff members assemble an automobile at the First Automobile Works  in Changchun, Northeast China's Jilin province, July 9, 2019. [Photo/Xinhua]

Firms attaching greater importance to technology-driven expansion

China is confident of achieving its annual industrial growth target of 5.5 to 6 percent year-on-year in 2019, as the nation works hard to boost the high-quality development of manufacturing, despite trade friction with the United States, the nation's top industry regulator said on Tuesday.

From January to June, investment in the technical upgrading of manufacturing went up by 13.1 percent year-on-year, 10.1 percentage points higher than the growth rate of overall manufacturing investment.

Such strong input indicates a good foundation for future growth and highlights that companies are attaching greater importance to technology-driven growth, Xin said.

According to the ministry, though the trade friction with the US have affected the country's sprawling manufacturing sector, the impacts are controllable. The government has rolled out a string of policies, including tax cuts for semiconductor companies, to cushion the negative effects, and China's trade with the European Union, ASEAN and South Korea all achieved growth in the first half of this year.