In the first half of the year, China's industrial growth remained within a reasonable range. Specifically, the added value of large-scale industrial enterprises increased by 9.3% year-on-year, contributing to a GDP growth of 7.6%. From a global perspective, this remains a relatively high rate of growth. However, the second half of the year is expected to bring greater challenges, including weak external demand, overcapacity, and operational difficulties for businesses—especially small and micro enterprises. In response, the Ministry of Industry and Information Technology (MIIT) has outlined several key strategies to stabilize growth while continuing structural adjustments.
The MIIT plans to focus on three main areas: boosting consumption through information-driven initiatives, managing excess capacity more effectively, and reducing administrative burdens. For instance, they are working on implementing policies to encourage information consumption, which could become a new driver for economic growth. Additionally, efforts are being made to phase out outdated production capacity, increase mergers and acquisitions, and promote innovation to enhance product value.
In terms of restructuring, the MIIT aims to use national science and technology projects to support independent innovation, encouraging enterprises to invest more in R&D and improve the technological content of their products. This shift will help reduce reliance on price competition and increase overall profitability.
Reform efforts include streamlining administrative approvals, with a goal of reducing them by over one-third by the end of next year. The ministry is also working to open up sectors like telecommunications and military industries to private enterprises, ensuring that these policies are implemented effectively.
To further integrate information technology with industrial development, the MIIT is promoting national standards for this integration, supporting intelligent manufacturing in key industries, and enhancing the capabilities of the information industry. Specific actions include developing smart terminal products, expanding e-commerce platforms, and improving infrastructure such as broadband and 4G networks.
In the context of information consumption, the MIIT is focused on increasing investment in infrastructure, enriching information products, and encouraging the application of IT in key sectors. They are also working to ensure information security while promoting broader usage of digital services.
For small and medium-sized enterprises (SMEs), the MIIT is committed to implementing existing policies, reducing financial and operational burdens, and creating a better environment for SMEs to thrive. This includes addressing issues like rising labor costs, reduced market orders, and high tax burdens. Through targeted measures, the ministry aims to support SMEs during challenging times and help them achieve sustainable growth.
Overall, the MIIT is taking a comprehensive approach to address current challenges while laying the foundation for long-term industrial development and economic stability.
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