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China mulls speeding up new industrialization

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China’s State Council is mulling efforts to advance new industrialization at a faster pace, according to a State Council executive meeting chaired by Premier Li Qiang on Wednesday.

The meeting deliberated and adopted an action plan for resolving payments owed to companies, as well as a draft regulation on online protection for minors. It also heard a report of inspection and research results of work on promoting sustained economic recovery.

The meeting highlighted efforts to boost industrial development quality, efficiency, and international competitiveness.

It also emphasized the need to push the transformation and upgrading of traditional industries while cultivating strategic emerging industries, accelerating the development of advanced manufacturing industries, and promoting digital industrialization and industrial digitalization in a coordinated way.

Efforts should be made to mobilize the enthusiasm of all types of business entities and use domestic and international markets and resources to inject vitality into the new industrialization.

The meeting called for a focus on taking care of payments owed to companies and ordered provincial-level governments to take responsibility for resolving the debts that local governments owed.

In response to a report of inspection and research results of work to promote sustained economic recovery, the meeting stressed rectifying problems found in the inspection and research process and rolling out relevant policies to consolidate the momentum of economic recovery.

The country also urged support for companies in complying with the regulation on online protection for minors adopted at the meeting.

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