Chinese Authorities Release Work Plan To Stabilize Growth, Improve Quality, Promote Upgrades, And Ensure Safety In Machinery Industry

SHANGHAI, Sep 27 (SMM) – To stabilize growth, improve quality, promote upgrades, and ensure safety in the machinery industry, seven departments including the Ministry of Industry and Information Technology and the Ministry of Finance recently jointly issued the Work Plan for Stable Growth of the Machinery Industry (2023-2024), which proposed that the machinery industry will maintain a stable and positive trend, the resilience and safety level of key industrial chains and supply chains will improve, and the quality and efficiency of industrial development will increase. Specific goals include: an average growth rate of more than 3% in operating income, reaching 8.1 trillion yuan by 2024; key industries will show steady growth in scale, new growth points will continue to emerge, corporate competitiveness will be further enhanced, and supply capabilities will be significantly improved; the advance of industrial cluster's construction, targeting to foster a number of competitive characteristic clusters of small and medium-sized enterprises and about 10 industrial clusters worth 100 billion yuan with international competitiveness.