China’s 13th Five-Year Plan to optimise the manufacturing sector’s innovation capabilities will strengthen the country’s position as a global manufacturing powerhouse under the Made in China 2025 initiative, according to a new report, The Challenges and Opportunities of Made in China 2025, released by the Hong Kong Trade Development Council (HKTDC).
Structural reforms will be implemented in order to enhance and strengthen the country’s core industrial base. This includes manufacturing key basic materials and core parts and components, developing new-type manufacturing such as smart production, enhancing quality and brand building, as well as advancing traditional industry upgrading and eliminating outdated production capacity in order to add a new competitive edge to the manufacturing industry.
The plan also includes steps to streamline industrial and business management, improve bureaucratic efficiency and reform the financial system in support of modernising manufacturing.
