China will strive to strengthen policy coordination on the basis of robust foreign trade in the industrial field to promote in-depth integration of its manufacturing sector into the global industrial system, a senior official from China's Ministry of Industry and Information Technology (MIIT) said on Friday.
Speaking at a press conference in Beijing, He Hailin, director of the Bureau of Operation Monitoring and Coordination at the MIIT, highlighted the rapid growth of China's foreign trade in industry over recent years, saying that industrial products now accounts for over 90 percent of the country's overall foreign trade.
Specifically, China will encourage multinational companies, particularly those in high-tech industries like biopharmaceuticals and electronic information, to establish research and development centers, pilot-scale testing platforms, and manufacturing bases in China.
The country will also encourage Chinese companies to strengthen cooperation with international partners by expanding overseas investments, setting up operations and licensing technologies.
Further efforts will focus on enhancing the global reputation of Chinese manufacturing brands, improving product quality, and supporting companies in improving global logistics and service systems, alongside the adoption of stronger brand protection measures.
The country will roll out action plans to accelerate the digital transformation of its manufacturing sector and promote integration of artificial intelligence (AI) in industrial upgrading.
The focus will also be on establishing smart factories and supply chains, developing smart logistics equipment, and creating cross-border e-commerce regulations for data flows, tracing product origin, and electronic signature systems in line with global standards.
"We will also push for improvements in the energy efficiency of key energy-consuming equipment, align ourselves with international rules on carbon footprint accounting and carbon markets, and guide the development of new energy products to meet global market demands during the energy transition," He noted at the press conference.
China to promote in-depth integration of manufacturing into global industrial system: official
China will strengthen fiscal and financial coordination to amplify policy effectiveness, experts said as the draft central and local budgets for 2026 were unveiled on Friday at the ongoing fourth session of the 14th National People's Congress.
According to the draft central and local budgets for 2026, 1.3 trillion yuan (190 billion U.S. dollars) of ultra-long special treasury bonds will be issued to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.
Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas, and 250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.
The country will refine these programs in terms of their scope and subsidy standards, and continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products.
China will also set up a 100-billion-yuan fiscal-financial coordination fund to boost domestic demand. The fund will support consumption and private investment through loan interest subsidies, financing guarantee, and risk compensation.
"Fiscal and monetary policies are the two major macroeconomic tools for macro-control, and their coordination is crucial. For instance, fiscal funds primarily serve as a guiding role, while financial institutions provide the capital. When fiscal guidance and financial resources are combined, the synergistic effect creates a result greater than the sum of its parts," said Yang Zhiyong, director of the Chinese Academy of Fiscal Sciences.
"By leveraging interest subsidies, we can mobilize substantial credit from financial institutions, thereby naturally stimulating consumption. The Ministry of Finance, in collaboration with the People's Bank of China, has introduced highly innovative measures, such as providing guarantees for the issuance of corporate bonds by small and medium-sized enterprises (SMEs), and compensating investors for losses. I believe the leveraging effect, making minimal efforts for maximum results, will become even more potent," said Yao Dongmin, director of the Center for China Fiscal Development under the Central University of Finance and Economics.
China's top legislature opened its annual session on Thursday morning at the Great Hall of the People in Beijing, with Chinese President Xi Jinping and other Party and state leaders attending the opening meeting alongside more than 2,700 NPC deputies. This year's NPC session is scheduled to run till March 12.
China to strengthen fiscal, financial coordination to amplify policy effectiveness: experts
