China will take strong initiatives to help the growth of high-end manufacturing, said China’s President in his opening remarks at the closely watched National People’s Congress.
The manufacturing industry must always remain a foundation of strength for China, said China’s President addressing delegates from Jiangsu province. The government must safeguard its technological independence, develop small and medium-sized firms, and establish global innovation hubs, state-run CCTV cited China president.
A China media report also conveyed the commentary due to accelerating shifts of production capacity from China to neighboring nations like India and Vietnam.
Large electronics assemblers from technology companies are expanding their operations outside China in response to customer demand for a more diverse supply chain. In addition, crippling US trade sanctions against China undermine the world’s second-largest economy’s plans for growth and development. But China’s President struck a firm note on China’s role as the world’s factory.
“I’ve always maintained there are two crucial areas for China: safeguarding our rice bowl and building up manufacturing,” the president stated. “As a large nation of 1.4 billion people, we must rely on ourselves to overcome these two difficulties. We can’t count on international markets to help us out.”
India has successfully established itself as an alternate location for electronics firms that assemble devices. The latest model of smartphone arrived in India far faster this year than previous generations, and exports of the smartphone have doubled. A technology company intends to build a $700 million facility in India.
According to research analysts, China could accelerate information and communications technology localization and implement new supportive policies for its chip sector to ensure self-sufficiency. These steps might be implemented in the second quarter of this year.
According to Chinese officials, significant local demand will help maintain the global tech supply chain centered on the nation. China aspires to create technological advances in essential areas like semiconductors and advanced machinery.
