China intends to speed up new industrialization

BEIJING: China is considering efforts to advance new industrialization at a faster pace, according to a State Council executive meeting chaired by Premier Li Qiang on Wednesday. The meeting heard reports on inspections and research on promoting sustained economic recovery. Efforts were highlighted to boost industrial development quality, efficiency, and international competitiveness.
It also emphasized the need to push the transformation and upgrading of traditional industries while cultivating strategic emerging industries, accelerating the development of advanced manufacturing industries, and promoting the development of digital industrialization and industrial digitalization in a coordinated way. Efforts should be made to mobilize all types of business entities and use domestic and international markets and resources to inject vitality into the new industrialization. Qin Hailin, the chief engineer of the China Electronics and Information Industry Development Research Institute, said that although there is a strong focus on the current stage of the country’s economic recovery, improving manufacturing competitiveness and high-quality development, it is also important to accelerate the new industrialization development.
In the first eight months of 2023, the added value of industrial enterprises above the designated size increased by 3.9 percent year on year, the high-end manufacturing industry made solid progress, and the green transformation strengthened the drive for industrial production. However, traditional industries are also facing the pressure of transformation and upgrading, and new industries require further stimulation. In the next step, China will insist on strengthening basic industrial capabilities and the overall strength of the industrial chains, and taking intelligent manufacturing as the main direction to speed up the development of a modern industrial system, said an official from China’s Ministry of Industry and Information Technology. –The Daily Mail-GGTN news exchange item