China sets plans focusing on upgrading raw material industry over next 3 years

(MENAFN) The Ministry of Industry and Information Technology (MIIT), alongside three other Chinese authorities, has released a joint action plan for the raw materials industry, setting out ambitious goals for the sector over the next three years. The plan focuses on upgrading industry standards to move towards a higher-end supply, improve structural efficiency, promote green development, increase digitalization, and ensure a safer industry system. MIIT announced these goals on Tuesday, highlighting the long-term vision for the raw materials sector.

According to the action plan, by 2027, China intends to complete the evaluation and optimization of industry standards in key sectors such as petrochemicals, chemicals, steel, non-ferrous metals, building materials, rare earths, and gold. These sectors will be expected to meet new standards that will support higher levels of quality and sustainability. The plan specifies that over 200 standards related to digital transformation, more than 100 concerning new materials, and over 100 focusing on green and low-carbon development should be published and implemented by 2027.

The new materials industry, in particular, is experiencing rapid growth. MIIT official Chang Guowu noted that the total output value of China's new materials industry increased by more than 10 percent year-on-year during the first 11 months of 2024. This growth trend is expected to continue, with the industry projected to exceed 8 trillion yuan (about 1.1 trillion U.S. dollars) in total output value for the year. This expansion highlights the importance of new materials in China’s broader industrial strategy.

The action plan reflects China’s commitment to modernizing its raw materials industry by focusing on sustainability, technological advancements, and higher industry standards. By aligning these efforts with digitalization and green development goals, China aims to enhance the competitiveness of its raw materials sector while promoting more environmentally friendly and efficient practices.

MENAFN18122024000045015839ID1109005896