Made in China 2025 steals limelight at China Development Forum

China's national plan, Made in China 2025, has taken center stage at the ongoing China Development Forum 2017 in Beijing. 

Senior Chinese officials said China will be more open, and expects more foreign companies to find new business opportunities.

At the forum the Minister of Industry and Information Technology Miao Wei suggested China is dedicated to implementing a plan which focuses on upgrading manufacturing in an all-around way.

"In remedying the link between laboratory products and their industrialization, we will focus on innovation in mechanisms and systems, rely on relevant enterprises to combine universities and research institutes, and speed up the construction of innovation centers that specialize in new materials, robotics and other aspects," Miao said.

In 2015, China's central government unveiled the ten-year national plan, Made in China 2025, designed to transform China from a manufacturing giant into a world manufacturing power. 

"We welcome more countries, enterprises and organizations to participate in the process of transformation, as well as the upgrading of China's manufacturing industry, and the implementation of cooperation and exchange on different levels and in various forms, so as to share development opportunities," Miao said, adding that China will become more open to the world in the upgrading of the manufacturing industry. 

Pierre Beaudoin, the Executive Chairman of the Board of Bombardier, one of the world's largest manufacturers of both planes and trains, noted at the forum that one priority of the plan is to elevate Chinese manufacturing to high levels of efficiency and productivity.

"Another way to upgrade Chinese industry is to foster corporation with multinational corporations. Bombardier has been a key contributor to our six joint ventures and seven wholly foreign-owned enterprises, and to the development of the Chinese rail transportation industry, which is one of the ten sectors highlighted in the government plan," Pierre noted.

Amin H. Nasser, the President and CEO of Saudi Aramco Oil Company, said initiatives such as Made in China 2025 have generated enormous opportunities for China and Saudi Arabia, and one such opportunity is the enhancement of investment flow between the two countries. 

"On the one hand, Chinese companies can strategically benefit from the kingdom's location, and the maritime silk road by establishing manufacturing logistical R (research) and D (development) bases, especially on the west coast of Saudi Arabia. Equally, with the right opportunities, we would like to further strengthen and deepen our energy-supply relationship, and significantly multiply our investment in China," Nasser said. 

The forum sponsored by China's central government runs from Saturday till Monday.