Premier Li Aims to Improve Manufacturing Sector in China
Published By : 26 Aug 2015 | Published By : QYRESEARCH
China’s Premier Li Keqiang is focussing on advanced technologies to improve the low value-added products manufactured in the country. The country is facing weakening activities in the manufacturing sector that is impacting the overall economy. Last week, the State Council session witnessed Li along with councillors, vice-premiers, cabinet officials, and heads of state-owned enterprises listening to a lecture on modern manufacturing and three-dimensional printing. The lecturer at the session was Lu Bingheng, a scientist at Xi’an Jiaotong University.
After the session, Li stated that China has to upgrade its industrial development which lacks competitiveness but is large in terms of volume. He further added that to compete with the commodities manufactured by Japan, Germany, and the U.S., the locally made Chinese products need to be improved. He admitted that with the country’s depleting natural resources, additive manufacturing will help to revolutionize the manufacturing sector. Advanced technologies such as 3-D printing will not only help the manufacturing sector but will open opportunities for other sectors as well.
Li stressed that to stabilize and upgrade the Chinese economy that is going through a bad phase presently, it is important to adopt new manufacturing technologies and restructure the overall industrial sector. Purchasing Managers Index, a measurement to assess the manufacturing activities, dropped to 47.1 this month, the lowest level registered since March 2009. The initial reading of the Caixin PMI signals a deep contraction in the manufacturing sector in China. The value-added industrial output, an index to measure the final value of industrial production rose by 6% in July year-on-year as compared to 6.8% in June.
In March this year, China initiated Manufactured-in-China 2025, a program aimed at upgrading the manufacturing sector of the country in the next 10 years. The initiative stresses on intelligent and greener manufacturing with focus on quality.