With “high-level opening-up” of its manufacturing sector, China would push local businesses to integrate more fully into global industrial and supply networks, a top government official stated.
The effort comes as western countries work to reduce their reliance on Chinese suppliers, industrial company earnings in China fell 22.9% in the first two months of 2023 compared to the prior year, and the factory sector is still struggling to recover from COVID-related disruptions.
During the China Development Forum in Beijing, the industry and information technology minister stated that the goal of the second-largest economy in the world is to build open and cooperative supply chains and to strengthen collaboration to achieve win-win growth.
At the meeting, the industry and information technology minister stated that “China will develop a number of generic technological innovation platforms to target a new cycle of technological revolution and industrial transformation.”
The industry and information technology minister added that the country would also concentrate on important areas, including artificial intelligence (AI), biological manufacturing, and smart vehicles, and create new industrial and supply networks.
