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China to fund major projects to upgrade manufacturing industry

Xinhua, May 18, 2016 Adjust font size:

China will support ten key manufacturing projects in reconstructing and upgrading the sector until 2018, a notice by the National Development and Reform Commission (NDRC) said Wednesday.

The projects will aim to keep growth of value-added industrial output in the manufacturing industry above 7 percent.

Corporate investment in upgrades should average 15 percent annually after 2018, the notice said.

To drive a more advanced, smart, greener and service-oriented manufacturing sector, the government will support enterprises with a propensity for independent innovation and for using resources efficiently.

China's value-added industrial output grew 6.1 percent year on year in 2015, lower than the 8.3-percent growth in 2014. Manufacturing output expanded 7 percent in 2015, 2.4 percentage points lower than the previous year. Endi