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Key sectors chosen to promote growth with other countries

Updated: May 16,2015 4:59 PM

China has decided to boost cooperation in production capacity and equipment manufacturing with other countries, to ensure quality and efficiency in economic growth, according to a guideline issued by the State Council on May 16.

The decision came on the heels of accelerated adjustment of global industrial structure, growing infrastructure construction as well as the industrialization and urbanization process in developing countries, the guideline said.

By 2020, priority will be given to setting up a mechanism to carry out production capacity with the main partners, to achieving progress in a number of key projects, and to establishing several overseas demonstration centers.

The mechanisms of global capacity and equipment manufacturing cooperation will be further improved, with more preferential policies and better service guarantee, and a number of key enterprises that are able to compete internationally and expand the global market will be encouraged.

Moreover, such cooperation will bring more benefits to economic growth and social development, thus boosting the domestic economy as well as industrial transformation and upgrading.

According to the guideline, a list of 12 sectors, including steel, railway, electricity, communication and aviation, have been chosen as the key sectors to promote such cooperation.

While priority will be given to developing countries whose demands are highly complementary with China’s equipment and capacity advantages, and those that are willing to cooperate with China, efforts will also be done to expand markets in developed countries.