China to boost support for high-end manufacturing – Premier Li

BEIJING,(Reuters) – China will strengthen its policy guidance to support advanced manufacturing, Premier Li Qiang was quoted as saying by state radio on Wednesday.

The world’s second-biggest economy is under increasing pressure from the United States, which has cited national security in restricting access to Chinese semiconductors and artificial intelligence technology.

“As the situation at home and abroad undergoes complex and profound changes, the development of China’s manufacturing industry is facing an important juncture and the efforts to strengthen the industry must be increased,” Li said.

China will create a market-oriented, legal and international business environment and strengthen the policy guidance to support advanced manufacturing, said Li.

The country’s science and technology policies should aim to build its strength and self-reliance, according to a government report during an annual meeting of parliament this month.

Li visited the southern province of Hunan from March 21-22 and hosted a forum on the development of advanced manufacturing, according to state radio.

He also visited companies such as CRRC (601766.SS), BYD (002594.SZ) and Lens Technology (300433.SZ).