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NDRC official: China prioritizes industrial capacity cooperation with developing countries

(People's Daily Online)    14:09, May 25, 2015
China's equipment manufacturing industry exhibition opened in Rio de Janeiro of Brazil on the morning (local time) of May 20, 2015. (Photo/Xinhua)

Issuing a guideline on promoting international cooperation in industrial capacity and equipment manufacturing, China commits to accelerating the pace of "going global".

China has the world's biggest equipment manufacturing industry. In 2014, equipment manufacturing exports totaled 2.1 trillion RMB, including 110 billion U.S. dollars in export sales of complete sets of large equipment, according to China's National Development and Reform Commission(NDRC).

The NDRC issued a guideline on promoting cooperation in industrial capacity and equipment manufacturing. The guideline points out China should prioritize cooperation with developing countries which have intense wishes, good conditions and foundations for cooperation with China while strengthening China's presence in the developed countries.

At the same time, steel manufacturing, non-ferrous metal manufacturing, building materials, railways, electricity, chemical engineering, textile industry, automobile manufacturing, communication industry, engineering machinery, aerospace and aviation, shipping industry and ocean engineering should become a focus for promoting international cooperation in industrial capacity and equipment manufacturing.

Help partner countries improve productivity while forcing Chinese enterprises to enhance core competitiveness

Gu Dawie, director for foreign investment administration under the NDRC, said the guideline emphasizes that China will move its competitive production capacity to the wider world. In the past, China mainly exported products while for the time being, promoting international industrial cooperation to help partner countries build an integrated industry and improve their manufacturing capacity.

Gu said that China has industrial products such as steel, non-ferrous metal and building materials which are fairly advanced, in contrast to many countries in Southeast Asia, Latin America and Africa which lack manufacturing capacity. International cooperation in industrial capacity abd manufacturing equipment can stimulate employment and enhance economic development of these countries. At the same time, China's enterprises are involved in competition with other players in the global market. Naturally, they will make efforts to enhance their core competitiveness.

China respects the status of companies as the main players

According to the guideline, China respects the status of companies as the main players, sticks to the policy of market orientation, follows accepted international practices and business principles, and supports companies in independent decision-making and taking sole responsibility for their own profits and losses. On the other hand, the government will fully play its part in guidance, develop plans on international industrial cooperation and a better mechanism for external cooperation, and enhance services to encourage Chinese enterprises in going global.

Chinese enterprises can acquire domestic loans by mortgaging overseas assets

From the perspective of Chinese enterprises, financing support is the most keenly-anticipated measure to stimulate international industrial cooperation. Gu said that this guideline provides enterprises with great support in financing.

Chinese enterprises can acquire domestic loans by mortgaging overseas assets, according to the guideline.

Various financial institutions will take concrete measures to implement different types of financial services; China will encourage Chinese financial institutions go global at a faster pace and establish overseas branches; Chinese enterprises can make independent decisions to get financing support by issuing RMB-denominated bonds or foreign currency-denominated bonds or through foreign financial institutions; China will step up efforts to build a cross-border RMB clearing system and improve the global RMB clearing system.

In addition, Silk Road Fund, China-Africa development fund, China-ASEAN Investment Cooperation Fund, China-Latin America Cooperation Fund and other funds will make equity investment to encourage Chinese enterprises to go global.

Gu said that under the China Investment Corporation, China will set up a direct overseas equity company with a scale of fund that might overtake the Silk Road Fund. The company has now been established and has started to operate.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Ma Xiaochun,Huang Jin)

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