China to enhance tech upgrade to transform traditional industries

Source:China Sport ShowRelease time:17-Feb-2024Clicks:

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China will promote industrial innovation through technological upgrade this year while enhancing efforts to transform traditional industries that comprise over four-fifths of the manufacturing sector. It will also consolidate the fundamentals of foreign trade and investment—trade in goods, trade in services and digital trade.

These were part of reports presented recently by several ministers on the direction of policymaking for this year.

Minister of industry and information technology Jin Zhuanglong highlighted initiatives like a programme to promote the high-quality development of crucial industrial chains in the manufacturing sector and establishing new innovation hubs for manufacturing.

His ministry will support leading enterprises to help optimise their innovation chains. It will also guide large firms to share innovation resources with small and medium enterprises and promote the testing and use of products developed by smaller enterprises.

Competitive industries like the new energy vehicle and rail transport equipment will also receive support, Jin said.

Commerce minister Wang Wentao highlighted the need to expand the trade of intermediate goods, promote the sound development of cross-border e-commerce and improve the professional and digitalisation standards of overseas warehouses, a state-controlled news outlet reported.

Efforts will be made to construct industrial clusters focused on innovation of both digital trade technology and the institution, actively participate in the global digital trade governance and align with international economic and trade rules, Wang added.

Measures will be adopted to foster the development of rural industries, as well as infrastructure and governance in rural areas, agriculture minister Tang Renjian noted.