Published on : May 20, 2015
In a bid to boost its slowing manufacturing sector, China has launched “Made in China 2025” campaign which will transform its manufacturing sector in a span of 10 years. With neighboring nation India trying to enhance its manufacturing industry through “Make in India” initiative, China seems to compete with India to become a global manufacturing hub. The state media reported that the plan was approved by central cabinet, which is headed by Premier Li Keqiang.
As Chinese economy continues to slow down, factories are struggling with sluggish demand. The campaign is termed as the first action plan to promote manufacturing amid the weak economy. Two other plans are in pipeline to transform China as a global manufacturing power by 2049, which marks completion of 100 years of the founding of People’s Republic of China. The new plan is expected to focus on upgrading technology in the manufacturing sector. 10 key sectors such as numerical control tools and robotics, new information technology, ocean engineering equipment and high-tech ships, aerospace equipment, energy saving and new energy vehicles, railway equipment, power equipment, agricultural machinery, and new materials, medicine and medical devices, have been identified to work on under the plan. Enforcing green manufacturing, strengthening the industrial base, improving manufacturing innovation, integrating technology and industry, and fostering Chinese brands have been identified as the priority tasks under the campaign.
Miao Wei, minister of industry and information technology, mentioned that by the year 2025, China aims to gather manufacturing abilities equaling the production capacities of countries such as Japan and Germany during their early stages of industrialization.