China Funding Upgrading of Manufacturing Sector
China will support 10 Key manufacturing projects in reconstructing and upgrading the sector until Y 2018, a notice by the National Development and Reform Commission (NDRC) said Wednesday.
The projects will aim to keep growth of value-added industrial output in the manufacturing industry above 7%.
Corporate investment in upgrades should average 15% annually after Y 2018, the notice said.
To drive a more advanced, smart, greener and service-oriented manufacturing sector, the government will support enterprises with a propensity for independent innovation and for using resources efficiently.
China’s value-added industrial output grew 6.1% Y-Y in Y 2015, lower than the 8.3% growth in Y 2014. Manufacturing output expanded 7% in Y 2015, 2.4 percentage points lower than the previous year.