China plans to take four key measures to boost the competitiveness of its manufacturing industry, as the country puts more emphasis on quality rather than quantity of its economy.
Photo taken on February 24, 2017 shows workers carrying a monocrystalline silicon stick at a factory in Ningjin county, north China's Hebei Province. [Photo / Xinhua]
The four measures include optimizing investment environment, lowering operational costs for businesses, expanding financing channels and coordinating the shift of production at home and abroad, according to Miao Wei, minister of industry and information technology.
Miao made the remarks when delivering a report submitted to Chinese lawmakers for deliberation at a four-day bimonthly session of the National People's Congress Standing Committee, which opened on April 24.
"China's manufacturing sector is tasked with challenges including a downshift in growth, structural adjustment and a shift in growth engines," he said, stressing that the country's manufacturing sector, already large in scale, needs to speed up its transition to a stronger industry worldwide, featuring more innovation and value-added products.
China will improve its innovation system with a focus on the research and development of new materials, intelligent manufacturing and robots, the minister added.
Despite rising labor, land and logistics costs, Chinese manufacturers face a moment of opportunity with the industry's upgrading in full swing.
Two years ago, China announced its "Made in China 2025" plan to move the country's manufacturing sector up the value chain, promoting development in 10 key sectors such as medical devices and robotics.
The country's industrial value added in the manufacturing sector expanded 6.8 percent year on year in 2016, with high-tech and equipment manufacturing posting about 10 percent year-on-year growth.
Since 2013, the central government has eliminated or reduced about 500 administrative fees on enterprises. In 2016 alone, the reform to replace business tax with value-added tax has reduced taxes for businesses by over 500 billion yuan (about 72.7 billion US dollars).
Thanks to strong demand, talented professionals and continuous government support, China is well positioned to become one of the world's most advanced manufacturers by 2049, Xu Zhaoyuan, a researcher with the Research Development Center of the State Council, told Xinhua News Agency.
