China to strengthen policy support for industrial economy

A staff member works on an assembly line at a farm machinery manufacturing company in Jining City, east China's Shandong Province, Feb. 15, 2022. (Xinhua/Guo Xulei)

BEIJING, March 17 (Xinhua) -- China's Ministry of Industry and Information Technology (MIIT) Thursday pledged to strengthen policy support to promote stable growth of the industrial economy as challenges remained amid increasing uncertainties.

The regulator will enhance the implementation of policies and measures already in place, such as tax cuts and fee reductions. It will also actively roll out more policies conducive to stabilizing growth, the MIIT said in a statement released after a meeting, urging caution when introducing contractionary policies to ensure the industrial economy operates within a reasonable range.

Further measures will support private manufacturers and enable foreign businesses to increase high-end manufacturing investments, the statement said.

It detailed efforts to expand effective investment in the manufacturing industry, advance applications of new types of infrastructure, and boost green and digital consumption.

The regulator will also strengthen the coordination and cooperation of industrial and financial policies and encourage more qualified enterprises to go public.

China's industrial production expanded in the first two months of the year, with the high-tech manufacturing sector posting stellar performance, official data showed Tuesday.

The value-added industrial output, an important economic indicator, went up 7.5 percent year on year in the January-February period.