Li Beiguang, the deputy director of the Planning Department of the Ministry of Industry and Information Technology, speaks in an interview on May 19, 2015. (Photo/Chinanews.com)
(ECNS) -- China will invest 700 million yuan ($113 million) per annum to support the development and upgrade of basic industries, including those associated with materials, techniques, and components amid efforts to implement the "Made in China 2025" strategy.
[Read more: 'Made in China 2025' plan unveiled]
Li Beiguang, the deputy director of the Planning Department of the Ministry of Industry and Information Technology, said the fund would be further underpinned by regional financial support, though companies are expected to depend predominantly on their own resources for development.
He said local industry sectors currently suffer from four weak factors - essential foundational materials, core components and parts, advanced techniques, and fundamental technology.
China will try to address these problems by launching state projects for manufacturing innovation while offering more financial input to create an environment favorable to scientific breakthroughs.
Chinese Premier Li Keqiang has proposed the "Made in China 2025" strategy in order to upgrade the nations image as a big manufacturer to that of a industry superpower and move up the global value chain.
Li Beiguang said the strategy composes of "One plus X plans, with "One" meaning the overall goal and "X" pertaining to a number of specific measures to be introduced.
China has identified five significant projects to realize its strategy: establishing an innovation center for manufacturing, strengthening industry foundations, smart manufacturing, green manufacturing, and innovative development of sophisticated equipment, it was added.
To cope with the recent economic downturn, China may provide funds in advance to some projects, Li said.
