Wednesday, June 7, 2023

Economic Watch: China's tech-boosted economic recovery to deliver ... - Pakistan Today

Last updated Wednesday, February 15, 2023 12:05 ET , Source: TopWireNews

TIANJIN: In a science and technology park in north China’s Tianjin municipality, dozens of mechanical arms moved along a production line, while busy robots carrying components weaved around.
Each day more than 2,000 sets of power batteries were turned out, which would be used for nearly 200 electric vehicles.
The scene is a sharp contrast to three years ago when production of the line was suspended from time to time in the Tianjin Lishen Battery Joint-Stock Co., Ltd. due to an order shortage.
Lishen started providing power batteries for the Dongfeng Motor Corporation four years ago, delivering about 53,000 sets by last year. In 2023 alone, however, it is estimated that 45,000 sets will be supplied.
“We didn’t stop working even during the Spring Festival holiday,” said Zhao Xiaojun, deputy head of Lishen’s power battery manufacturing department.
“Now that we are no longer worried about order shortage, we fear that we couldn’t complete the orders on time.”
Lishen is just one of the examples to show the resilience of the Chinese economy after the country relaxed its COVID-19 restrictions late last year.
According to statistics by the China Association of Automobile Manufacturers (CAAM), in 2022, output and sales of new energy vehicles in China were 7.06 million and 6.89 million, up 96.9 percent and 93.4 percent, respectively.
The International Monetary Fund (IMF) has lifted its forecast for China’s economic growth this year to 5.2 percent from a previous prediction of 4.4...

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