MIIT unveils blueprint to boost manufacturing
May 26, 2015 Category Macro-economy, Weekly
The Ministry of Industry and Information Technology (MIIT) announced an ambitious plan to encourage innovation and boost the competitiveness of China’s manufacturing sector. The plan, “Made in China 2025”, will have a far-reaching influence on the nation’s manufacturing strategy over the next decade by shaping the technology development path and future strengths of Chinese companies. Ten sectors, including machinery manufacturing, biotech and information technology, will be the first to benefit from the plan, which includes setting up several innovation centers and IT facilities to boost manufacturing. “We are trying to push China from being the largest to being one of the strongest,” MIIT Minister Miao Wei said, adding the “low-end” tag attached to most of the products made in the country does not bode well for long-term development. “’Made in China 2025′ is designed to make some breakthroughs in bottleneck areas so that the country can play an even more important role in the global manufacturing chain,” he added. One of the key bottlenecks the industry is facing is in the manufacture of high-end microchips. China spent USD210 billion last year on importing integrated circuits, more than was spent on buying oil, the China Daily reports. Other industry bottlenecks that the strategy aims to correct include the production of gas turbines for oil tankers, engines for aircraft, joints used for robots and batteries for new-energy vehicles. “Breakthroughs in these technologies will lead to a new round of manufacturing growth,” Minister Miao said.
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