China to accelerate int'l industrial cooperation: premier

China will accelerate exports of equipment and promote industrial cooperation with other countries in efforts to boost the nation's economic upgrading and nurture new advantages through further opening-up, Chinese Premier Li Keqiang said on Friday.

Speaking at a symposium attended by multiple ministries and key state-owned enterprises, Li said these two processes will help deepen integration of the Chinese economy with the world economy.

To expedite the processes, the Chinese government plans to lift all administrative approval procedures for overseas investment, unless otherwise required. Instead, a registration-based scheme for overseas investment will be introduced.

The premier said this will give domestic companies more freedom in their global operations, while competition with their global peers will drive them to become more sophisticated.

He stressed "China's international industrial capacity cooperation drive", referring to the moving of Chinese production lines to other countries and China setting up factories with local partners abroad. This will be promoted via models such as overseas economic and trade parks, project contracting, and third-party collaboration. Meanwhile, capacity cooperation will be focused primarily on countries involved in the "Belt and Road" Asian trade infrastructure initiatives, according to Li. Endi