China's Ministry of Industry and Information Technology (MIIT) is drafting a plan to boost the implementation of the "going-out" strategy by Chinese manufacturing enterprises.
An official with an intelligent manufacturing enterprise said some domestic manufacturers have begun to move factories to the countries with lower labor costs, such as India.
TCL's CEO Li Dongsheng said it is inevitable for China to export its industrial capacity, which can not only soak up excess capacity but also help Chinese enterprises go abroad.
An MIIT insider said China has to change its strategy of exporting products and commodities to exporting industry and capital. Previously, the MIIT and China Development Bank jointly chose more than 30 major projects to support equipment manufacturing enterprises to launch businesses overseas through bank-enterprise cooperation.
The ministry also takes supporting the going-out strategy of high-end equipment manufacturing industry as its focus in implementing the "Made in China 2025" plan.
The MIIT insider said China will keep pushing financial institutions to make innovations, improve the global service network, build bank-enterprise exchange platforms, make a good use of policy financial instrument, and include the major areas of international capacity and equipment manufacturing cooperation into the scope of being supported by Silk Road Fund and Asia Infrastructure Investment Bank.
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