The latest national manufacturing strategy unveiled by China’s central government seeks to expand the role of private investment in the sector.
The Ministry of Industry and Information Technology (MIIT) released the “Guidance Opinions on Employing the Role of Private investment and Advancing the Realization of a Manufacturing Strong Nation Strategy” (关于发挥民间投资作用 推进实施制造强国战略的指导意见) on 20 November in collaboration with over a dozen other central government agencies, including the China Banking Regulatory Commission, the Ministry of Commerce, the Ministry of Finance and the People’s Bank of China.
The Guidance Opinions seek to “further stimulate private investment, guide the transition and upgrade of privately run manufacturing enterprises and expedite the development of a strong manufacturing nation.”
According to the state-owned Xinhua News Agency slowing growth in manufacturing sector private investment over recent years prompted the launch of the new measures.
“Private enterprises have given strong feedback that restraints on private investment are impacting improvements to quality and efficiency…the Guidance opinions proposes a total of eight key missions for upgrading private manufacturing, in accordance with the [principle] of market guidance.
The eight key missions include “providing encouragement and support to private enterprises in the manufacturing sector to raise their innovative development capability, industrial foundation capability and quality brand levels…advance the upgrade of green manufacturing, optimisation of the industry structure…and internationalised development.”
The State Council said that the series of measures and guarantees outlined by the Guidance Opinions will help to remove systemic constraints on private investment, and help to advance China’s 2025 Manufacturing Plan.