Weathering the ‘winter’, preparing for the future
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.
Technicians work at an electronics workshop of Gree Electric Appliances in Hefei, Anhui province.