China Issues Detailed Plan to Boost Equipment Manufacturing Sector

BEIJING, May 13 -- China provided further details Tuesday on a three-year plan to stimulate the equipment manufacturing industry.

    A report from the State Council, or Cabinet, said the industry lacked innovative ability and had underdeveloped technology.

    The report expands on a plan approved by the Council on Feb. 4,which aims to raise the market share of the domestic industry to 70 percent and make research breakthroughs. The current market share was not announced.

    Under the plan, major projects would be launched in high-efficiency clean power generation, super high-voltage power transmission, coal and metal mining equipment, natural gas and liquid gas pipelines, high-speed trains, urban rail equipment, agricultural and environmental equipment, infrastructure-related machines and high-technology equipment.

    The plan also calls for unspecified higher rebate rates for certain high-tech and high value-added equipment and policies to support imports of key components or raw materials.

    Efforts should be made to develop fully-integrated group corporations and highly-specialized companies, according to the plan.

    The State Council has announced stimulus or support plans for 10 industries, including machinery, since January.

    (Source: Xinhua)