NPC deputy seeks state support for precision manufacturing
China should strengthen its support for the precision manufacturing industry, which includes help in finance and supply chain as the industry plays important roles in robot, automotive and electronics development, a deputy to the National People's Congress suggested.
Hu Chengzhong, chairman of Zhejiang Province-based Delixi Group Co and a NPC deputy, said China's manufacturing industry needs high-end machine tools, especially ones with numerical control (CNC), high precision and high processing complexity.
However, most high-end machine tools are imported because only about 6 percent of high-end CNC machine tools are made in the country. Hu said it stifles the development of China's precision manufacturing industry.
Hu's company, Delixi, does business in electricity, industrial control automation, and home electrical, all of which necessitate precision manufacturing and the associated machines.
Hu suggested China use multi-level capital markets to attract capital into the industry, particularly private firms.
Meanwhile, the country can offer targeted financial and tax breaks to encourage high-end R&D investments and the hiring of high-end precision manufacturing talent.
Hu also advised strengthening the entire industry chain by providing benefits such as joint development and resource sharing.