China Unveils Plan To Bolster Industrial Economic Recovery

China will roll out a number of measures to maintain momentum of the recovery for industrial economy, according to an official document jointly released by MIIT, NDRC and SASAC on November 21.

Efforts will be made to improve quality and efficiency of the raw material industry, with focus on key sectors and products to support the establishment of industrial clusters for petrochemical and chemical, iron and steel, nonferrous metals, rare earth, green construction materials, and new materials. China will make sure that its plan to peak carbon emissions in major industries including steel, nonferrous metals, and construction materials is well implemented to improve its green manufacturing system. Measures will be taken to ensure sufficient supply and stable prices of raw material commodities, such market regulation based on the flexible use state reserve to keep prices within a reasonable range. The country will also boost its supply of strategic resources, further improve the recycling system for renewable resources such as steel scrap and waste battery, and establish early warning system for production capacity of photovoltaic calendered glass to guide project distribution. In addition, construction of major iron ore projects will be expedited to facilitate intelligentization at mines. China will further boost car sales with tax reduction and exemption policies.