Business / Economy

China's manufacturing sector eyes wider global presence

(Xinhua) Updated: 2015-05-20 16:12

BEIJING - Chinese manufacturers are poised to expand their global presence thanks to a string of policies supporting the export of high-value industrial capacity.

"Capacity cooperation means more than export of finished products, but also the transfer of the whole industrial chain to help other countries beef up their manufacturing capability," Gu Dawei, head of the foreign investment administration department of the National Development and Reform Commission, said at a press conference on Wednesday.

International industrial cooperation has been a key priority on the Chinese government's reform agenda after slower economic growth last year.

Chinese Premier Li Keqiang, a proactive supporter of industrial capacity cooperation, signed trade agreements worth $27 billion during his visit to Brazil on Tuesday.

More international industrial capacity cooperation projects are expected to roll out as China's cabinet specified a list of sectors in need of more cooperation last Saturday, encouraging manufacturers of automobiles, rail, machinery and others to go global.

Ready to further go global

China is now the world's largest manufacturing exporter, with total export volume reaching 14.4 trillion yuan last year. Mechanical and electrical equipments and high-tech products amount for 56 percent and 29 percent respectively.

Manufacturers in railway, telecommunication, power and machinery have gained more market share overseas thanks to their advanced technology and professional experience.

Developing countries in central Asia, Southeast Asia, South America and Africa are in great demand of emulative consumption products such as home appliances, laying the foundation for cooperation, Gu said.

The country's proactive efforts to further open up have paved the way for manufacturers' going global, Vice Minister of the Ministry of Industry and Information Technology Liu Lihua wrote in the latest edition of Qiushi Journal, the flagship magazine of the CPC Central Committee.

International and regional trade mechanisms such as WTO and the China-ASEAN Free Trade Zone have expanded Chinese manufacturers' presence, while the Belt and Road initiative and the Asian Infrastructure Investment Bank have opened new markets for capacity cooperation.

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