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China Announces Bold Measures to Advance New Industrialization Through Reform and Opening Up

Beijing, March 08, 2024, The Europe Today: Chinese Minister of Industry and Information Technology, Jin Zhuanglong, unveiled a comprehensive strategy on Friday to propel the nation’s new industrialization forward. Emphasizing the need for concerted efforts to deepen reform and expand opening up, Jin outlined key initiatives aimed at fostering innovation, removing investment barriers, and driving high-quality development in the manufacturing sector.

One of the pivotal measures involves the removal of all restrictions on foreign investment access in the manufacturing sector, signaling China’s commitment to fostering a more open and globally collaborative industrial landscape. Furthermore, the country is set to pilot the opening of value-added telecommunications services, including internet data centers, later this year.

Jin highlighted the ministry’s dedication to sustaining the upward trajectory of the industrial economy, with a focus on advancing key industrial chains in manufacturing. The plan includes expediting the establishment of a modern industrial system, with advanced manufacturing as its backbone. The integration of information technology applications and industrialization will be a cornerstone of this forward-looking approach.

In the pursuit of technological advancement, the ministry aims to enhance industrial sci-tech innovation, paving the way for China to play a leading role in cutting-edge industries. Simultaneously, efforts will be directed towards nurturing specialized and innovative small and medium-sized enterprises (SMEs). Jin reported that China has successfully cultivated 124,000 such enterprises and aims to build an additional 100 industrial clusters featuring SMEs this year.

Minister Jin Zhuanglong expressed confidence in the comprehensive strategy’s ability to invigorate China’s industrial landscape, fostering an environment conducive to innovation, growth, and global collaboration. As the nation continues to assert its commitment to openness and reform, these measures are poised to shape the future trajectory of Chinese industry and contribute to global economic development.