China's New Industries See Big Growth, AI Sector Up 28%

China's market regulator released data showing that in the first half of 2024, 561,000 new companies were set up in eight emerging industries and nine future industries. Among them, 55,000 new companies were in generative AI, up 28% year-on-year, and 116,000 in humanoid robots, up 9.5%.

Manufacturing upgrades are also speeding up. High-end equipment manufacturing saw 28,000 new companies, up 2.5%, with smart equipment up 6.4%. High-tech manufacturing reached 330,000 companies, with spacecraft and launch vehicle manufacturing up 185.7% and fiber optic cable manufacturing up 129.4%.

Meanwhile, overcapacity industries are shrinking. Cancellations in new energy vehicles, solar, and lithium battery sectors grew 4.6%, 8.3%, and 12.3% year-on-year, respectively.