China to unlock consumption potential and expand manufacturing investment

Restoring and expanding domestic demand is the key to China’s economic recovery, as well as the direction for promoting steady growth of the industrial economy, said the news spokesman of the National Development and Reform Commission of the People's Republic of China (NDRC) at the regular press conference in May.

NDRC will comprehensively implement policies to create a high-quality supply and demand system by unlock consumption potential, and continue to make efforts to expand manufacturing investment.

The action plan for increasing the core competitiveness of the manufacturing industry will be implemented in depth, and the promotion and application of new intelligent manufacturing technologies will be accelerated, explained the spokesman.

The press conference of NDRC.

NDRC will also promote energy-saving and carbon-reduction transformation in key areas, facilitating the upgrading and transformation of the manufacturing industry.

“We will further boost the transformation and upgrading of conventional industries, such as petrochemical and automotive. We encourage enterprises to increase their proportion of advanced production capacity, effectively expanding high-quality supply,” said the spokesman.

The development of new energy, new materials, and high-end equipment will be the driving force for increasing the competitiveness of the whole industrial chain. In addition, strategic emerging industry integration clusters will be developed as new growth engine for industrial development.