FX.co ★ China to Launch New Action Plans for Industrial Growth

Beijing is set to launch strategic initiatives to bolster growth within the machinery, automotive, and electrical equipment sectors, as announced by Tao Qing, the spokesperson for China's Ministry of Industry and Information Technology. These plans are designed to enhance "premium supply capacity" and foster both qualitative advancements and consistent quantitative growth. Tao also mentioned that a digital transformation strategy for the automotive industry will be implemented, along with comparable plans for the machinery and power equipment sectors. Additionally, the ministry intends to encourage the "orderly phase-out of outdated production capacity" as part of its comprehensive industrial strategy.