A new guideline by China’s National Development and Reform Commission (NDRC) and other departments on bolstering the industrial economy is likely to help boost the growth of the sector that has faced continuous challenges due to the COVID-19 pandemic, and experts said policy support is expected to forge healthier, more sustainable development in the field.
The document of the guidelines, issued last month, encompasses a slew of measures, including tax breaks, more financing support and stronger efforts in the construction and renovation of industrial infrastructure and facilities, according to the Chinese government.
The importance of the industrial economy was noted during an executive meeting held by the State Council, China's cabinet, on February 15. The meeting was chaired by Premier Li Keqiang.
It underscored the critical roles that the industrial and services sectors play in overall economic development and employment stability. It was also noted that the industrial economy has not fully recovered since the pandemic and is in need of policy support, according to a statement released after the gathering.
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