Next five years vital to success of Made in China 2025 – E&Y

Made in China 2025Chinese companies must carry on upgrading their operations over the next five years and establish more partnerships with foreign companies if they are to retain their competitive edge and meet the objectives of its new  Made in China 2025 drive, Ernst & Young’s Managing Partner for Greater China Andy Cheung said last week.
“The country has done an excellent job, but timing is crucial if China is not to lose its edge,” he said, adding that manufacturing rivals in countries such as Indonesia and Vietnam were also improving their infrastructure and labor skills. “We need to adapt to the changing business environment as China’s reforms deepen, and focus on client needs, such as IT consulting, e-commerce and outbound mergers and acquisitions. ”
Launched this May by China’s State Council, Made in China 2025 is a 10-year plan aimed at the modernisation of the nation’s manufacturing capacity so it can catch up with production powerhouses like Germany and fend off competition from other developing countries.
The initiative is being driven by The Ministry of Industry and Telecommunication Technology (MIIT) and is intended to give China an edge in innovation, green development and quality goods, particularly in the high-end computerized machinery and robotics, aerospace equipment, renewable-energy cars and biological medicine sectors.

Source: chinadaily