China unveils plan to stabilize growth of machinery industry

BEIJING - China's industrial authorities on Saturday unveiled a plan to keep the country's machinery industry growing steadily in 2023-2024.

China expects the industry's operating revenue to reach 8.1 trillion yuan ($1.13 trillion) by 2024, according to the plan jointly released by the Ministry of Industry and Information Technology and six other government departments.

The growth target would translate into an average of over 3 percent annual increase in operating revenue.

The plan mainly focuses on 11 sectors, including machine tools, agricultural machinery and construction machinery.

Efforts will be made to expand demand, promote the intelligent transformation of manufacturing, improve the quality of supply and make policy implementation more targeted, it said.