BEIJING?- Market forces will reduce China's industrial overcapacity, Su Bo, vice minister of Industry and Information Technology, said here on Monday.
"Overcapacity has become a great challenge for the Chinese economy, and we need to let the market to play a bigger role in cutting overcapacity in sectors including cement and power generation equipment," Su told the China Development Forum.
Reducing production capacity will help Chinese companies trying to climb the value chain, and provide opprtunities for cooperation between foreign and Chinese companies, he said.
China encourages foreign companies to establish research and development centers in China and collaborate with domestic companies to upgrade industrial production, Su added.
Initiated in 2000, the China Development Forum is a platform for the international business and academic communities to interact with Chinese decision makers and economic planners.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 20100000002731 
