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China to Set up Large Machinery Corporations
In the next five years, China will set up 10 to 15 large machinery corporations (groups) which is highly competitive on international market.
Such industrial sectors as auto, electronics, heavy machinery, agricultural machinery and machine tools will get special support from the government for the purpose, according to the State Economic and Trade Commission.
A blueprint to that effect on machinery industry in the Tenth Five-Year Plan period (2001-2005) predicts that the industry will witness an annual growth rate of ten percent during the period.
To this end, the country will encourage the merging and consolidation of machinery companies while taking measures to prevent duplicated construction.
Meanwhile, China will make researches on a batch of new technologies and popularize the use of them.
China now has more than 115,000 machinery companies at and above the township level, with employees totaling 18 million.
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