BEIJING, March 26 (Xinhua) -- Miao Wei, head of China’s industry and IT sector regulator – Ministry of Industry and Information Technology (MIIT) said Monday that China will insist on two ways in accelerating manufacturing structural optimization and upgrading, reported China Securities Journal Tuesday.
Miao made the remarks on China Development Forum 2019, saying that equal importance will be attached to renovating and upgrading traditional industries in one hand and fostering cultivation of emerging industries on the other hand.
For traditional sectors, MIIT will crank up efforts into boosting manufacturing technological transformation and equipment replacement, according to Miao, adding that new growth drivers can not be simply interpreted as cultivating and developing emerging industries.
Factually, using new technology, new business and new modes to transform and improve traditional sectors also means enhancing new growth drivers and in China, traditional manufacturing accounts over 80 percent of the entire manufacturing sector thus transforming traditional industries boasts huge market potential.
For emerging industries, MIIT intends to vigorously grow such emerging industries as new energy automobile, new materials, and artificial intelligence (AI) and develop a batch of advanced manufacturing industry clusters to elevate industry chains.
In next step, Miao noted that MIIT will arrange materialization of various administrative fees and tax reduction policies to further lower institutional transaction costs, optimize intellectual property rights protection, enhance supports of finance sector to the real economy, and establish fair, open and transparent market rules and business environment featuring the rule of law to make China to continue to be a favored land for foreign enterprises. (Edited by Duan Jing, duanjing@xinhua.org)
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