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China to expand advanced manufacturing, domestic market

Updated: Dec 23,2018 6:52 AM     Xinhua

BEIJING — China’s top economic planner has pledged to strengthen the advanced manufacturing sector and foster stronger domestic market amid efforts to stabilize economic growth.

He Lifeng, head of the National Development and Reform Commission, said China will narrow the gap in major technical equipment capabilities to tap into the huge domestic market potentials in this sector.

Efforts will also be made to accelerate upgrading of traditional industries to make them more digitalized, connected and smart, which will also unleash gigantic domestic market potentials, he said.

China will also speed up development of world-class technological innovation centers to foster new growth drivers, and expand investment in infrastructure related to key areas such as poverty relief, agriculture and energy to stimulate demand, he said.

His remarks came as a key economic meeting of China’s leadership put high-quality manufacturing development high on the work agenda of 2019.

To shore up the real economy especially advanced manufacturing, policies will focus on enhancing fair competition and vitality of market entities while lowering corporate costs.

“One of the primary tasks is to offer the private sector substantial support,” he said, referring to measures including addressing financing difficulties.

China will push for significant improvement in business environment across the nation by improving its environment rating scheme with Chinese characteristics more rapidly, he said.

The country will improve foreign investment environment across the board and clear up restrictive regulations on foreign investment that go beyond the official negative list, according to He.

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