Why this is important to Wisconsin businesses: New guidelines call for a focus on industries such as information technology, advanced materials and biomedicine, as well as key upgrades to traditional manufacturing, such as smart processes, green manufacturing and safety improvements.

China International Engineering Consulting Corporation (CIECC), together with 11 major industry associations in China, recently released new investment guidelines on technology transformation and upgrading of industrial enterprises.

CIECC is the largest multidisciplinary engineering consulting organization in China. It has played an important consulting role in the central government’s process of decision-making and implementation for major national construction projects. The purpose of the new guidelines is to inform the direction of social investment and technology transformation, as well as to accelerate industrial optimization and modernization in China.

The guidelines call for devoting more resources to key sectors, such as information technology, high-end equipment, advanced materials and biomedicine, to promote the rapid development of China’s strategic industries. For the traditional manufacturing industry, the guidelines call for increased attention to technology transformation and upgrades to focus on intelligent manufacturing, green manufacturing and safety. Special support will be given to fields with the potential to achieve key technical breakthroughs in the next 3 to 5 years.

These changes are part of China’s extensive effort to help businesses accelerate technology upgrades. Just this month, a special fund company has been established in Guangzhou, a provincial capital city and the country's main manufacturing hub, to help transform and upgrade local industries. Under a recent agreement, 12 local financial organizations will provide $5.3 billion in investment for targeted areas including information technology, high-end machinery, robotics, ocean engineering and equipment, advanced transportation equipment, energy-saving and new energies, biomedicines and new materials.

As China’s economy reforms and transforms, innovative industrial products and services will be needed.