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China to maintain manufacturing growth, upgrade service outsourcing

Updated: Jan 03,2020 10:10 PM    Xinhua

BEIJING — China will take measures to boost the steady growth of the manufacturing sector and accelerate the transformation and upgrading of the service outsourcing industry.

A State Council executive meeting on Jan 3 determined efforts to promote steady manufacturing growth to stabilize the base of economic development.

It also made arrangements for accelerating the transformation and upgrading of the service outsourcing industry to improve the structure of the service sector, according to a statement released after the meeting chaired by Premier Li Keqiang.

To strengthen manufacturing development, work must be done to push forward reform and innovation that improves the business environment, including tax and fee reductions and financial innovation, it said.

Meanwhile, attention should be paid to advanced manufacturing, particularly smart and green manufacturing, according to the meeting.

Private firms and small and medium-sized enterprises should play a larger role in manufacturing investment, which will be encouraged to expand investment in areas including technological improvement, traditional industry upgrading and productivity enhancement.

The meeting also urged further opening up of the manufacturing sector by ensuring policy implementation, encouraging competition and cooperation with global partners and pushing for the launch of major manufacturing projects.

Support will be given to China's central, western and northeastern regions to take over industrial relocation and attract foreign investment, the statement said.

The meeting pointed out that there is still significant potential to be tapped in domestic demand for manufacturing development.

For instance, improved measures should be rolled out to boost auto industry development, and the government should encourage the supply of industrial products that are diversified, high-quality and well branded.

A draft regulation on the management of cosmetic products was also passed at the meeting.