Industry Restructuring
Industry Restructuring (产业结构调整) in China usually refers to the upgrade and optimization of industry structures, by which the country is trying to transform from a manufacturing base to a high-tech and low-pollutant innovation center. While delivering a speech at the parliament’s annual session in 2010, Chinese Premier Wen Jiabao said China intensified industrial restructuring in 2009 in an effort to optimize economic structure and lay a sound foundation for long-term development. The government encouraged mergers and acquisitions in major sectors and announced stimulus plans in 10 key sectors, such as automotive, electronics and information. In addition, it also arranged a special fund of 20 billion yuan ($ 3.04 billion) to support 4,441 technological programs.
