Business / Economy

China to support equipment export, cooperation

(Xinhua) Updated: 2015-04-17 09:24

BEIJING - The Ministry of Commerce (MOC) on Thursday said more support will be given to equipment export and international cooperation to facilitate industrial upgrading and boost economic growth.

Outbound direct investment (ODI) of the equipment manufacturing sector hit $960 million during the first quarter (Q1) of 2015, according to data from the MOC.

Guidelines will be released on global cooperation for sectors such as railway, nuclear power, automobile, ship-building, chemical industry and metallurgy, said MOC spokesperson Shen Danyang.

The ministry will offer financial support to major overseas infrastructure programs and international cooperation in high-tech, modern manufacturing and other competitive sectors, Shen said.

Special equipment manufacturing ODI reached $309 million in Q1, amounting for over a third of the total ODI. Railway-related equipment export grew 51.8 percent year on year in the first two months of this year.

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