BEIJING – China has pledged to consider additional supportive policies for the industrial sector and make these policies more targeted and effective to promote the high-quality development of the sector.

“We should grasp the critical period of economic transformation and upgrading, promote the transformation and structural adjustment of the industrial economy, enhance its endogenous driving force, and push forward its high-quality development,” Tao Qing, an official with the Ministry of Industry and Information Technology (MIIT), told a press conference on Tuesday.

Tao said the ministry will coordinate with other departments to create a policy synergy, improve the communication mechanism with manufacturing enterprises and maximize the effectiveness of the policies.

This statement came after the country unveiled supportive measures for 10 industries, including steel, non-ferrous metals, chemicals, automobile, machinery and construction materials, which collectively account for about 70 percent of the value-added industrial output of major firms in the country, according to the ministry.

“By stabilizing these key industries, we will be able to basically stabilize the industrial economy,” Tao said.

Although the recovery might be a tortuous process, the country’s industrial sector has maintained a trend of continuous recovery, the MIIT official added.

Post time: Sep-07-2023