A worker polishes the steel rim of a bicycle that will be sold overseas. (PHOTO: VCG)

By Zong Shihan

In its latest moves to promote sustained economic growth, China has recently unveiled a plan to keep the country's machinery industry growing steadily in 2023-2024.

The plan, jointly released by the Ministry of Industry and Information Technology (MIIT) and six other government bodies, mainly focuses on 11 sectors, including machine tools, agricultural machinery and construction machinery.

The plan aims to achieve an operating revenue of 8.1 trillion RMB by 2024, and cultivate industrial clusters of small and medium-sized enterprise as well as large industrial clusters with international competitiveness.

The current external environment is complex and severe, domestic demand is insufficient, and the development of the machinery industry is facing a new situation, said an official from MIIT.

To explore the domestic market, efforts will be made to promote the application of innovative products such as high-end equipment, including the establishment of agricultural machinery equipment application pilot zones, and financial support to prioritize the procurement of high-end innovative instruments.

In the international market, China will increase export credit support and guide high-quality enterprises in industries such as agricultural machinery and basic components to enhance competitiveness.

The country will support enterprises such as construction machinery and rail transit equipment to carry out global operations and actively participate in the revision of international standards.

Furthermore, China will establish high-level platforms for supply-demand matching, including hosting major international exhibitions, providing policy and financial support for industry organizations to host international forums and participate in foreign exhibitions.

In addition to the machinery sector, China previously formulated growth plans for industries such as raw materials, automobiles and power equipment.

The plans target pillar industries of the industrial economy and will boost industrial economic growth, said an expert at the China Center for Information Industry Development.