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22 May, 2019
The Made in China 2025 Plan targets emerging industries such as robotics, autonomous and electric vehicle manufacturing, artificial intelligence (AI), biotech and aviation. The state provides these industries with subsidies, low-interest loans, rent-free land and tax breaks with the aim of optimising the structure of Chinese industry by emphasising quality over quantity.
The blueprint stresses “indigenous innovation” and “self-sufficiency” and has set a target of increasing Chinese technology suppliers’ overall domestic market share to 70% by 2025. It also aims to cut operating costs, production cycles and product defect rates by 50%.
At the same time as developing its domestic agenda, the government has embarked on the Belt and Road Initiative (BRI), which aims to create a global web of trade routes and relationships with China at the centre. With this network, the central government aims to export excess industrial capacity as the economy shifts away from a reliance on heavy industry towards demand-driven growth. This rebalancing saw China’s GDP grow by just 6.6% in 2018 – its lowest level since 1990. Made in China 2025 and BRI represent opportunities for manufacturers to expand domestic and foreign market shares by travelling up the sophistication curve.
Our new report reveals the readiness of Asian manufacturers and supply chain enterprises in the adoption of innovation in the Industrial Internet of Things (IIoT) and how businesses plan to solve market-specific challenges.
The report, produced in association with Osborne Clarke, produced key insights into how the internet of things is changing the face of global business, creating new opportunities in automation, smart manufacturing and predictive asset management. Focused on China, Hong Kong, India and Singapore major IoT manufacturers provided their learnings and thoughts on how Asian governments are striving to stay ahead of the fourth industrial revolution as greater industrial connectivity offers up unique opportunities for Asian markets.
To find out more, please visit report here.
For further information, please contact:
Stephen Lai, Managing Director, Conventus Law
stephen.lai@conventus21sta.wpengine.com
