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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
NDRC to support advanced manufacturing sector
    2018-12-24  08:53    Shenzhen Daily

THE country’s top economic planner has pledged to strengthen the advanced manufacturing sector and foster stronger domestic market amid efforts to stabilize economic growth.

He Lifeng, head of the National Development and Reform Commission (NDRC), said Saturday that China will narrow the gap in major technical equipment capabilities to tap into the huge domestic market potentials in this sector.

Efforts will also be made to accelerate upgrading of traditional industries to make them more digitalized, connected and smart, which will also unleash gigantic domestic market potentials, he said.

China will also speed up development of world-class technological innovation centers to foster new growth drivers, and expand investment in infrastructure related to key areas such as poverty relief, agriculture and energy to stimulate demand, he said.

His remarks came as a key economic meeting of China’s leadership put high-quality manufacturing development high on the work agenda of 2019.

He said the NDRC would roll out more supportive measures to boost the economy especially in the advanced manufacturing sector.

He said China will also step up financial support to provide medium-to-long term capital to the technological transformation of manufacturing firms.

“One of the primary tasks is to offer substantial support to the private sector,” he said, referring to measures including addressing financing difficulties.

China will keep economic growth within a reasonable range and actively manage external risks and challenges, He said.

China will push for significant improvement in business environment across the nation by improving its environment rating program with Chinese characteristics more rapidly, he said.

The country will improve foreign investment environment across the board and clear up restrictive regulations on foreign investment that go beyond the official negative list, according to He.

China is set to meet its economic growth target of 6.5 percent this year, Ning Jizhe, deputy head of the NDRC, said Saturday.

China’s gross domestic products (GDP) will reach nearly US$13 trillion, Ning said.

In the past few years, China’s middle-income population has added up to nearly 400 million, and this year the number has gone beyond 400 million, which sets a foundation for the country’s economic transformation, Ning added.

This year, China would contribute nearly 30 percent to world economic growth, and the country’s GDP would account for 16 percent of the global GDP, said Han Wenxiu, an official of Central Financial and Economic Affairs Commission.

In 2017, the country’s GDP was US$12 trillion, accounting for 15 percent of world GDP, statistics from the National Bureau of Statistics showed.

(SD-Xinhua)

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