Favorable policies, pro-business scene to buoy manufacturing sector

2023-07-07 09:11:10China Daily Editor : Li Yan ECNS App Download

An employee works on the production line of a textile plant in Huzhou, Zhejiang province. (XIE SHANGGUO/FOR CHINA DAILY)

China will further push for the development of a high-end, intelligent and green manufacturing sector, and build a favorable business environment to nurture world-class enterprises, the country's top industry regulator said on Thursday.

Minister of Industry and Information Technology Jin Zhuanglong said in a meeting with representatives of 19 manufacturing companies that the ministry will make greater efforts to meet the requirements of new industrialization, with a focus on high-end, intelligent and green development, in order to speed up the transformation from Made in China to Create in China, from Chinese speed to Chinese quality, and from Chinese products to Chinese brands.

"We will use hearts and emotion to serve manufacturing enterprises, improve the regular communication and exchange mechanism, strengthen policy support and help enterprises solve practical difficulties," Jin said.

The move is part of China's broader measures to build a modern industrial system backed by the real economy amid mounting external uncertainties.

China's top leaders have attached high importance to manufacturing and the central government has unveiled a string of policies for industrial upgrades.

The nation has maintained its position as the world's largest manufacturing hub for 13 straight years, accounting for nearly 30 percent of global manufacturing output in 2022, according to the Ministry of Industry and Information Technology.

However, the country's manufacturing sector slipped into contraction territory in May.

According to the National Bureau of Statistics, the official purchasing managers index for the country's manufacturing sector fell to 48.8 in May from 49.2 in April — below the 50-point mark that separates growth from contraction.

To raise manufacturing growth, more efforts are needed to maintain policy support, which will help restore the confidence of small and medium-sized enterprises, and improve market expectations, said Ye Yindan, a researcher at the BOC Research Institute.

Meanwhile, it is important to adjust policy priorities on time based on economic recovery, such as supporting newly established enterprises through tax incentives and financial support, Ye said.

Industries such as electronics, petrochemicals, steel, equipment manufacturing, automotive, foods and textiles were represented at the meeting, according to the ministry.

Yang Yuanqing, chairman and CEO of Lenovo Group Ltd, the world's largest personal computer maker, said China's efforts to support the manufacturing sector and implement favorable industrial and financial policies are making companies more confident about the future.

"We aim to grow our personal computer business at a rate that outpaces the overall industry and maintain industry-leading profitability in the new fiscal year," Yang said.


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