China charts high-tech fu­ture

Lesotho Times - - Business -

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

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