China to further adjust and reinvigorate key industries
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China should further step up efforts to implement the plan to adjust and reinvigorate some of the country's key industries, according to an executive meeting of the State Council held on Wednesday.
The meeting was chaired by Premier Wen Jiabao.
Progress has been made in 2009 for adjusting and promoting key industries, however the situation remained grave as weak global demand was still affecting China's economy and more efforts were needed to curb overcapacity in some industries, according to a statement released after the meeting.
To combat the global economic downturn, China in 2009 adopted a massive plan to adjust and reinvigorate the country's ten key industries covering cars, steel, information technology, logistics, textile, nonferrous metal, equipment manufacturing, petrochemicals, shipbuilding as well as light industry.
The implementation of the plan was a long-term task which should focus on the structure adjustment and development mode transformation of the ten industries, said the statement.
Vigorous efforts should be made to expand domestic demand, optimize industrial layout, curb overcapacity, eliminate retrograde productivity, push company merger and restructuring, promote technology innovation and deepen reform to facilitate development mode change, it said.
