Weather­ing the ‘win­ter’, pre­par­ing for the fu­ture

China Daily (Hong Kong) - - BUSINESS -

per­cent ern re­gions and help speed up the trans­for­ma­tion of the coun­try’s man­u­fac­tur­ing sec­tor, cre­ate in­no­va­tive mech­a­nisms and fa­cil­i­tate open­ing up and co­op­er­a­tion.

The “Made in China 2025” strat­egy was first un­veiled in 2015 to pro­mote the man­u­fac­tur­ing sec­tor to be smarter, greener and more ser­vice­ori­ented.

Since its launch, av­er­age pro­duc­tiv­ity is up by 38 per­cent for China’s first 109 pi­lot projects in smart man­u­fac­tur­ing, while oper­at­ing costs have dropped by 21 per­cent, data from the MIIT showed.

The pri­or­ity of boost­ing man­u­fac­tur­ing is to at­tract both the tal­ented peo­ple and funds to the real econ­omy, said Li Beiguang, an of­fi­cial with the MIIT.

At the Na­tional Fi­nan­cial Work Con­fer­ence that ended on July 29, a key meeting held ev­ery five years since 1997, China also un­veiled re­form plans to make the fi­nan­cial sec­tor bet­ter serve the real econ­omy.

“From the medium and long-term view, China’s man­u­fac­tur­ing sec­tor is on the eve of ‘ex­plo­sive growth’,” said Zuo Shi­quan, head of the Equip­ment Man­u­fac­tur­ing Re­search In­sti­tute, which is part of the China Cen­ter for In­for­ma­tion In­dus­try De­vel­op­ment.

Although pres­sure from in­dus­trial trans­for­ma­tion and up­grad­ing re­mains, Zuo said he could see a con­vinc­ing trend of a fu­ture turn­around.

PRO­VIDED TO CHINA DAILY

Tech­ni­cians work at an elec­tron­ics work­shop of Gree Elec­tric Ap­pli­ances in He­fei, An­hui prov­ince.

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