China's proposed international industrial cooperation will benefit both China and its cooperative partners, a spokesman for the annual session of the country's top political advisory body said Wednesday.
In the face of sluggish global economic recovery, nations should cooperate to work toward common interests, Wang Guoqing, spokesman for the fourth session of the 12th Chinese People's Political Consultative Conference (CPPCC) National Committee, said at a press conference.
Exports of Chinese equipment and production capacity will not only help China tackle downward pressure but also serve as a boon for importers to prop up growth and increase employment, Wang said. After decades of rapid economic advancement, China has developed huge capacity in producing iron and steel, which are urgently needed in many less-developed economies.
The State Council announced a guideline for accelerating China's industrial cooperation with other countries in May 2015. The guideline prioritized sectors including steel, non-ferrous metals, construction materials, railways, telecommunications and machinery.
At a high-level forum between the Association of Southeast Asian Nations (ASEAN) and China last September, attendees agreed that the two sides have a sound foundation and huge potential for exploring production capacity cooperation, which will encourage economic upgrades in ASEAN and promote regional integration, Wang said.
So far, China has signed agreements with more than 10 countries to explore industrial cooperation, including 52 projects in Egypt and Kazakhstan with contract volume surpassing 24 billion U.S. dollars, Wang said. The annual session of the CPPCC National Committee is scheduled to open Thursday.
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