Foshan sees future in equipment production

Foshan, a traditional manufacturing city in Guangdong province, has outlined an ambitious plan to transform itself into a leading equipment manufacturing base in the booming Pearl River Delta, a senior government official said.

Lu Yi, acting mayor of Foshan, said the city will set up a development fund for the equipment manufacturing industry, which means at least 10 million yuan ($1.63 million) would be invested every year to support technological development starting in 2015.

"Along with the increased investment, we will offer preferential policies such as tariff exemptions for imported raw materials and parts," Lu said.