BEIJING—China unveiled an ambitious plan to enhance the competitiveness of its manufacturing sector by encouraging innovation and raising efficiency in an effort to boost economic growth.
The blueprint, titled “Made in China 2025,” comes as China’s factories are struggling with sluggish demand, increasing competition from other developing economies and a slowing domestic economy.
The manufacturing sector is facing new challenges: bigger constraints from the environment and resources, rising labor costs and a notable slowdown in investment and exports, the State Council, or cabinet, said on the main government website Tuesday.
“The key to creating a new driver of economic growth…lies in the manufacturing sector,” it said.
The government vowed to boost 10 high-technology industrial sectors including robotics, aerospace, new-energy vehicles and advanced transport.
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The blueprint, titled “Made in China 2025,” comes as China’s factories are struggling with sluggish demand, increasing competition from other developing economies and a slowing domestic economy.
The manufacturing sector is facing new challenges: bigger constraints from the environment and resources, rising labor costs and a notable slowdown in investment and exports, the State Council, or cabinet, said on the main government website Tuesday.
“The key to creating a new driver of economic growth…lies in the manufacturing sector,” it said.
The government vowed to boost 10 high-technology industrial sectors including robotics, aerospace, new-energy vehicles and advanced transport.
Click here for the full article.
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