“Made in China 2025” plan unveiled to boost manufacturing

China’s State Council yesterday issued “Made in China 2025” plan, aiming to transform China from a "big" manufacturing country to a powerful one.

This 10-year national guideline came out in light of China’s imminent need of economic restructuring. China, as a world factory, is now suffering from a series of challenges, such as rising labor cost, low added value and razor thin margins.

Addressing China’s “big yet not powerful” manufacturing weakness, the plan highlights green manufacturing, such as energy saving and new energy vehicles, and high-end equipment manufacturing, including new information technology and robotics, as future directions.

The plan also sets three timelines - 2025, 2035, 2049 - for China to become a powerful manufacturing country, middle-level world manufacturing power and top world manufacturing power respectively.

China is hoping the much-publicized interest rate cuts, along with boosted investments in infrastructure will help a sector that was once one of the driving forces of the economy.