China unveils plans to upgrade its manufacturing sector
March 30, 2015 Category Macro-economy, Weekly
China’s ambitious plans to upgrade its manufacturing power in the next 10 years were unveiled at a meeting of the Chinese government. Support, including special funding and tax incentives, will focus on 10 industrial sectors capable of transforming the nation into a more competitive player globally. The program, “Made in China 2025”, was first mentioned by Premier Li Keqiang in his Government Work Report to the annual session of the National People’s Congress (NPC) at the start of this month. The government called for greener, more intelligent manufacturing, with an emphasis on quality and adapting well to internet integration. The government published a list of industrial sectors that will be given development priority, stating how they can be upgraded further. The lead sectors in the “Made in China 2025” program are: information technology; high-end numerical control machinery and automation; aerospace and aviation equipment; maritime engineering equipment and high-tech vessel manufacturing; advanced rail equipment; energy-saving vehicles; electrical equipment; new materials; biomedicine and high-performance medical apparatus; and agricultural equipment, the China Daily reports.
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