China rolls out 1st industrial restructuring plan

: 0 Comment(s)Print E-mail China.org.cn, January 19, 2012

Adjust font size:

China's State Council published the country's first long-term industrial resturcturing and upgrading plan on Wednesday. [CFP]

China Thursday published its first mid- and long-term industrial restructuring and upgrading plan, in which the country set an 9 percent growth target in value-added output for all industries over the next four years and a 2-basis-point increase in value-added ratio from the end of 2010.

According to the Industrial Restructuring and Upgrading Plan (2011-2015) published on China's central government website, the country aims to further better shape its industrial structure. The value-added output of emerging industries is expected to account for 15 percent of the country's total value-added output by 2015.

Meanwhile, China's energy consumption per unit of value-added output is targeted to drop by 21 percent from the end of 2010, while water consumption of value-added output should slide 30 percent, according to the plan.

The plan also vows to coordinate the development of large enterprises and small- and medium ones, promote strong alliances between competitive companies, cross-region merger and restructuring and overseas acquisitions.

As for major industrial enterprises, expenditure on research and development should account for at least 1 percent of their revenues. The proportion will rise to at least 3 percent for key industrial enterprises, and the number of patent ownerships should double over the next four years, said the plan.

Industrial enterprises should enhance their abilities to self-innovate, use advanced technologies to transform traditional businesses, promote energy conservation and eliminate outdated capacity.

Over the next four years, the country will focus on developing the equipment manufacturing industry, optimizing the raw material industry, upgrading the consumer goods industry, improving the competitiveness of the electronics industry, and promoting the development of service industries closely related to industrial production, according to the plan.

China's Minister of Industry and Information Technology Miao Wei recently said the country's industrial development in 2012 "would not be optimistic", which is partly because of the current uncertain global economy.

Miao expected the country's industrial output to grow 11 percent in 2012, compared to the 13.9 percent in 2011.