China’s manufacturing industry is characterized by three key features of high-quality development, according to invoice data.

The manufacturing sector is gaining momentum to higher end. From January to November, sales revenue in the equipment manufacturing industry increased by 8.3% year-on-year. Notably, sales revenue in computer and communication equipment manufacturing, as well as instrument and meter manufacturing, grew by 12.3% and 10.3%, respectively, a positive sign of accelerated progress in high-end manufacturing.

Intelligent upgrading in the manufacturing sector is accelerating. From January to November, supported by policies promoting large-scale equipment renewal, manufacturers' procurement of automated equipment rose by 14.2% year-on-year, indicating faster intelligent upgrading. Their procurement for digital technologies also grew by 11.2% year-on-year, signalling a further integration of digital technologies with manufacturing.

The manufacturing sector is advancing steadily in the green transition. From January to November, the share of sales revenue from high-energy-consuming manufacturing within the total manufacturing sector dropped by 1.2 percentage points compared to the same period last year, a significant result in carbon reduction and emission cuts. Manufacturers' spending on environmental governance services rose by 6.9% year-on-year, meaning a consistent increase in green governance investment.