China will orderly promote industrial transfer within the country

China will deeply implement the regional coordinated development strategy and orderly promote the industrial transfer of manufacturing within the country, so as to support various regions to leverage their advantages to seek growth, the country's top industry regulator said.

Jin Zhuanglong, minister of industry and information technology, said in a video speech at the 2023 China Industrial Transfer and Development Matchmaking Activities (Yunnan) on Sunday that a new development paradigm is based on a modern industrial system and needs to optimize the layout of industrial productivity.

It is necessary to promote high-level opening up, make greater efforts to attract and utilize foreign investment, actively undertake international industrial transfer, and encourage more foreign investment to invest in areas such as mid to high-end manufacturing, high-tech, and traditional manufacturing transformation and upgrading, Jin said.

According to him, domestic enterprises will also be encouraged to actively integrate into the global industrial chain, supply chain, and value chain, and better utilize both international and domestic markets and resources to achieve mutual benefit and win-win results.