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Instruments Future Said to Be Upbeat
The measurement and instrument industry will become instrumental to the economy as China plans to boost the sector over the coming five years.
The industry's sales could hit US$1.5 trillion by 2005, which would account for 1.5 per cent of the nation's gross domestic product (GDP).
"At present, businesses from Europe, the United States and Japan are seeking more market shares in China," said Jin Guofan, academician of the Chinese Academy of Engineering.
Chinese scientists discussed these prospects on Wednesday at the MICONEX 2001 summit forum in Shanghai. A four-day international instrument exhibition was held at Shanghaimart at the same time. Although China has become the second-largest instrument producer in Asia, its products account for only 1 per cent in the world market.
"Such a weak industry can't compete with its strong counterparts from the Western countries," Jin said, adding that China's entry into the World Trade Organization will intensify the competition.
Last year, China imported instruments and meters worth US$7 billion, half as much as the 120 billion yuan (US$14.4 billion) worth of products made in Shanghai.
Jin said China will build as many as 20 technology development centres to advance this field.
Source: China Daily
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