China eyes upgrades to manufacturing industry: report

Source: Xinhua| 2017-04-24 21:41:27|Editor: Xiang Bo
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BEIJING, April 24 (Xinhua) -- China will make unwavering efforts in upgrading its manufacturing industry as the nation transitions to an economy that relies more on innovation and high value-added products.

"China's manufacturing sector is tasked with challenges including a downshift in growth, structural adjustment and a shift in growth engines," said Miao Wei, minister of industry and information technology.

He made the remarks when delivering a report submitted to Chinese lawmakers for deliberation at a four-day bimonthly session of the National People's Congress Standing Committee, which opened Monday.

China is determined to roll out more policies to optimize the investment environment and tap investment potential of businesses in a bid to support the development of advanced manufacturing, according to the report.

The manufacturing sector will also be bolstered by lowered operation costs by standardizing fee systems, optimizing land supply and streamlining the tax structure, Miao told lawmakers.

In the report, Miao also stressed expanding financing channels for the manufacturing sector and reducing market entry restrictions to make the manufacturing industry more open to foreign investment.

China will aim to improve its innovation system with focus on the research and development of new materials, intelligent manufacturing and robots.