China's industrial capacity utilization rate accelerates in the second quarter

China's industrial occupancy rate rose from 74.5% in the same period last year to 74.9% in the second quarter of 2024, supported by increases in mining (76.0% vs. 74.8%) and manufacturing (75.2% vs. 74.8%).

At the same time, growth in electricity, heat, gas, and water was maintained (71.4% vs. 71.4%).

The industrial equipment utilization rate in the first quarter was 73.6%.

The occupancy rate for the first half of 2024 was 74.3%, with little change from 74.4% in the first half of 2023.

The industrial equipment utilization rate moderated from 75.6% in 2022 to 75.1% last year.

Source: China National Bureau of Statistics

China's equipment utilization rate is expected to reach 73.90% by the end of this fiscal year. In the long run, according to economic models, China's industrial equipment utilization rate is predicted to be 4.00% in 2025 and 76.00% in 2026.