China unveils 'Made in China 2025' plan

China's State Council has unveiled a national plan, dubbed "Made in China 2025", focusing on promoting manufacturing, Xinhua news agency reportedon Tuesday.

The plan was authorised by Premier Li Keqiang, the report stated citing a government notice issued in this connection.

"Made in China 2025" is the first 10-year action plan designed to transform China from a manufacturing giant into a world manufacturing power.

The 10-year plan will be followed by two other plans in order to transform China into a leading manufacturing power by the year 2049, which will be the 100th anniversary of the founding of the People's Republic of China.

Nine tasks have been identified as priorities: improving manufacturing innovation, integrating information technology and industry, strengthening the industrial base, fostering Chinese brands, enforcing green manufacturing, promoting breakthroughs in 10 key sectors, advancing restructuring of the manufacturing sector, promoting service-oriented manufacturing and manufacturing-related service industries, and internationalizing manufacturing.

The 10 key sectors are new information technology, numerical control tools and robotics, aerospace equipment, ocean engineering equipment and high-tech ships, railway equipment, energy saving and new energy vehicles, power equipment, new materials, biological medicine and medical devices, and agricultural machinery.

To fulfill these tasks, "Made in China 2025" will focus on five major projects, including establishing a manufacturing innovation centre, said the notice.

To shore up the plan, China will introduce a slew of policies to deepen institutional reforms and strengthen financial support.

The implementation of the "Made in China 2025" plan will be market-oriented, though guided by the government, according to the notice.