China will boost investment to foster technological progress in six manufacturing industries between 2015 and 2017 as the country tries to upgrade its manufacturing sector and lift economic growth, the top economic planner said on July 30.
The six sectors include railway equipment, ocean engineering equipment, industrial robotics, new-energy vehicles, modern agricultural machinery and medical equipment, said Zhao Chenxin, deputy director of the policy studies department under the National Development and Reform Commission (NDRC), at a press conference.
The investment is part of China’s ambitious plan to enhance the competitiveness of its manufacturing sector by encouraging innovation in an effort to boost economic growth.
The blueprint, titled “Made in China 2025,” comes as the country’s factories struggle with sluggish demand, increasing competition from other developing countries and a slowing domestic economy.
To step up investment, the NDRC last year pledged to speed up construction of seven major projects, including power grids, transportation, water conservation and environmental protection. The investment totaled 3.3 trillion yuan ($539.2 billion) at the end of June, Zhao said.