TIANJIN, China : At a factory in China's north, workers are busy testing an automated vehicle designed to move bulky items around industrial spaces, one of a new generation of robots Beijing wants to shift the country's manufacturing up the value chain.
Beijing's pivot puts the focus on advanced manufacturing, rather than the services sector, to steer the world's second-largest economy past the so-called"middle income trap", where countries lose productivity and stagnate in lower-value economic output. The investment, comprising corporate and government outlays, will help boost manufacturing to 25per cent of economy in 2025 from 21.8per cent in 2020, Yin said.
During the pandemic, China's factories have churned out everything from masks and ventilators to work-from-home electronics, propelling the economic recovery from its record slump in early 2020. Tianjin-based Ringpu Biotech, which makes animal vaccines, has faced critical import delays on U.S. equipment and materials used for R&D and quality control.
Beijing does not want manufacturing to dip below 25per cent of GDP, roughly in line with South Korea's economic profile, government advisers said.
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