At a factory in China's north, workers are busy testing an automated vehicle designed to move bulky items around industrial spaces, one of a new generation of robots Beijing wants to shift the country's manufacturing up the value chain.
The robot's Tianjin-based maker has received tax breaks and government-guaranteed loans to build products that modernise China's vast factory sector and advance its technological expertise.
He expects revenues to more than double to 100 million yuan this year from 2020, on increased demand for high-tech products such as Langyu's automated guided vehicles. "It will be very difficult and challenging to achieve these goals, we need to ensure stable economic development while making a transition from old to new engines," Yin said.China's five-year plan in March pledged to keep manufacturing's share of GDP "basically stable", in contrast to the 2016-2020 plan that focused on services to create jobs.
"Rising external pressure since the start of trade war has made policymakers more determined to develop China's middle- and high-end manufacturing," said Qu Hongbin, chief China economist at HSBC. Officials worry too rapid a shift towards services, which employs more people but is less productive than manufacturing, could undermine long-term growth, as it did in some Latin American economies.
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