China vows support for modernizing manufacturers
China will support targeted industries to update their technology as it tries to modernize manufacturing, the State Council, the country's cabinet, decided at a meeting on Wednesday.
Light manufacturing, textiles, steel and construction materials and other sectors specified in the "Made in China 2025" plan for China's industries will benefit from policies aimed at improving their design and efficiency as well as lowering their costs, according to a statement released after the regular meeting, chaired by Premier Li Keqiang.
China will guide private investment into these sectors, streamline approval procedures and improve fiscal and financing support, the statement said.
The cabinet also promised to cut red tape for the public and declared hundreds of outdated administrative procedures invalid.
China will guide private investment into these sectors, streamline approval procedures and improve fiscal and financing support, the statement said.
The cabinet also promised to cut red tape for the public and declared hundreds of outdated administrative procedures invalid.
