Caspian Energy Journal Caspian European Club
Thursday, 05 November 2015 20:30

China on track to new ‘Industrial Revolution’

China should adapt its traditional industries to the development of modern society to meet the changing domestic demands, Premier of China Li Keqiang stressed at the State Council executive meeting on Nov 4, Caspian Energy News ( reports with reference to the State Council of the People’s Republic of China.

The meeting decided to stabilize industrial growth, optimize its structure and improve the efficiency of enterprises to transform and upgrade the country’s industry.

“The changing R&D, production and sales modes of traditional industries boosted by the strategies of ‘Internet Plus’ and ‘mass innovation and entrepreneurship’ are expected to trigger a ‘new Industrial Revolution’,” the premier said.

He said that China’s “Internet Plus” strategy is developing fast in the consumption field, and it should also step up promoting the transformation and upgrade of traditional industries.

In the past two months, how to promote the transformation and upgrade of traditional industries and the “Made in China 2025” strategy has been the main concerns of the premier.

During his official visit to the Republic of Korea (ROK) from Oct 31 to Nov 2, Premier Li visited an economic innovation center in Gyeonggi-do, which was set up by the ROK government and the large enterprises there to support the newly established small and micro enterprises.

“The large companies not only connect with the micro enterprises through the Internet, but also pay for the latter’s innovative ideas, and that is innovation achieved with outside help,” said Premier Li at the meeting.

The premier reached an agreement with ROK President Park Geun-hye to build an innovation cooperation platform for enterprises and individuals from both countries, and link China’s “Made in China 2025” with the ROK’s “Manufacturing Innovation 3.0”, and China’s “mass entrepreneurship and innovation” with the ROK’s “innovative economy”.

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