China unveils plan to promote stable growth of machinery industry

BEIJING -- Chinese authorities on Monday unveiled a plan to keep the country's machinery industry growing steadily in 2025-2026.

China expects the industry's operating revenue to reach 10 trillion yuan (about $1.4 trillion) from 2025 to 2026, according to the plan jointly issued by the Ministry of Industry and Information Technology and five other government departments.

The growth target would translate into an average annual increase of over 3.5 percent in operating revenue.

The plan mainly focuses on 14 aspects, including major technological transformation of manufacturing, large-scale equipment renewal projects, digital transformation and upgrading actions, technological breakthrough in industrial mother-machines, robots, and intelligent inspection equipment, as well as the research and development of general-purpose large models and large models for the machinery industry.

Efforts will be made to foster a number of specialty industrial clusters of competitive small and medium-sized enterprises and industrial clusters with international competitiveness, implement tax preferential policies well and strengthen financial support for equipment enterprises.