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China aims to stabilize the country’s electronics and information manufacturing sector between 2023 and 2024 so. that it could play a bigger role in driving manufacturing growth, according to an action plan released by the Ministry of Industry and Information Technology and the Ministry of Finance on Tuesday.
The average added value of the computing, telecommunications and electronic equipment manufacturing sector will grow by 5% during the period, with the revenue of the companies in the sector to exceed 24 trillion yuan ($3.29 trillion), according to the action plan.
In 2024, China’s 5G smartphone shipments will account for more than 85% of the country’s total phone sale, while the market share of 75-inch and larger TV sets would surpass 25%, it said.
In addition, solar cell output will exceed 450 gigawatts, with capacity of high-end products to rise further and industrial structure to see notable improvement, it said.
To achieve the goals, the authorities pledged to step up support for key industrial projects, promote counter-cyclical financial support, stabilize exports and try to ensure smooth industrial and supply chains for production.
It stressed efforts to promote high-quality development of the integrated circuit (IC) and software industries and vowed to implement the value-added tax rebate for chipmakers. In addition, the authorities will enhance the country’s chip supply capability, and actively integrate chipmakers with terminal manufacturers.
Efforts will also be made to improve the layout of the semiconductor industry, new-type of screen displays and other key industries to strengthen market supply of materials, equipment and other components, it said.