China charts high-tech future
to questions by Business Report that Johnson Controls had only relocated its trim business from South Africa to Lesotho. Boelke said the company’s interiors and the just-in-time seat assembly
BEIJING — China has unveiled a vision for the next stage of its economic ascent, moving from plain manufacturing to a world of prosperity from space, e-commerce, green energy and bioengineering, among others.
Faced by economic growth at its lowest level in decades and rising wages and resource costs that are eroding its appeal as a low-cost factory for the world, China’s cabinet on Tuesday published its sweeping “Made in China 2025” strategy.
Its plan is to promote advanced industry by that year and move the economy away from the low-value manufacturing model that fueled its meteoric rise over the past quarter-century.
Manufacturing has helped China “attain major nation status” yet compared to businesses remained Africa.
“The decision to relocate the trim business to Lesotho was based on the need to achieve a more competitive manufacturing the world’s leading standards, China’s manufacturing sector “is big not but not strong,” the document said.western critics warned that China’s lofty ambitions may be hampered by tough cybersecurity rules and internet speeds which can be sluggish.
Dated May 8 and released by the State Council, or China’s cabinet, the document highlighted manned spaceflight, high-speed rail, bioengineering, materials science, new and green energy, e-commerce, big data and
in South mobile internet as among the high-value industries in which it has had success or views as areas that merit intensive investment.
The document issued goals for patent applications and research and development spending as a proportion of revenue at large companies, as well as targets for national broadband penetration and for the reduction of water and energy consumption.
“If China doesn’t change and follows the original economic development, growth would definitely have to fall,” Ding Yifan, an economist at the Development Research Centre affiliated with China’s cabinet, said.
Chinese Premier Li Keqiang has been among the most vocal proponents of upgrading China’s manufacturing sector and has pushed for the consolidation of state-owned enterprises in sectors like high-speed rail to create more competitive companies capable of exporting advanced technology. — Reuters