February 29, 2024

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Chinese Government reveals plans to accelerate development of industrial Internet

Chinese Government reveals plans to accelerate development of industrial Internet

Chinese state media outlet, Xinhua, reported
on Monday that the China plans to take steps to accelerate integration of
information technology and the manufacturing sector and the development of
industrial Internet. This is according to a decision made by a State Council executive meeting chaired by Premier Li

Industrial Internet usually refers to the convergence of industrial
systems with Internet-based technology, such as cloud computing and advanced
analytics. It involves the integration of complex physical machinery with
networked sensors (Industrial Internet of Things) and software.

The Government will create a favourable environment for the
industrial Internet, with streamlined administration and fiscal support.
According to Xinhua, market access for products and services in the field will
be widened and companies will be encouraged to raise funds through social
capital and innovative financial services.

Industrial enterprises would build cloud platforms to enable
greater interconnectivity both within the firms and along the entire industrial
value chain. The Government will boost support for Internet infrastructure, and
offer faster and more affordable Internet connections to small and medium-sized
enterprises (SMEs). SMEs will also receive support in uploading their business
systems to the cloud platforms. This is expected to stimulate mass
entrepreneurship and innovation.

While driving increasing interconnectedness among industrial
systems, there will be a strong focus on cybersecurity as well. A report released
by the National Computer Network Emergency Response Technical Team/Coordination
Center of China (CNCERT) in April this year highlighted security risks
associated with Internet-of-things (IoT) devices and networked industrial

Companies will be encouraged to enhance security measures
against cyberattacks. Network security systems for key manufacturing sectors
such as automobiles, aviation, and aerospace will be constructed.

This initiative is related to the Made in China 2025
strategy and the Internet Plus Initiative which are considered to be vital for
economic restructuring and development of the digital economy, according to the

In the Made
in China 2025 strategy
, sectors boosting manufacturing innovation,
including the Internet of Things (IoT), smart appliances and high-end consumer
electronics, are the major priority for funding, according to the Ministry of
Industry and Information Technology (MIIT). Xinhua-run Economic Information Daily reported that the total funding will be in excess
of 10 billion yuan (US$1.5 billion).

The Internet
Plus Action Plan
was revealed by the Chinese government in July 2015, aiming
to integrate the Internet with traditional industries
, and create a new
engine for economic growth. It involves bringing together mobile Internet, cloud
computing, big data and IoT with modern manufacturing, to encourage the
development of e-commerce, industrial networks, and Internet banking, and to
help Internet companies increase their international presence.

The State Council executive meeting also approved a draft on
abolishing the provisional regulation on business tax and on revising the
provisional regulation on value-added tax (VAT), as the country pushes the VAT
reform that replaced all business taxes with value-added tax to cut corporate
tax burden. VAT was implemented
as the country’s only indirect tax in 2016, effectively replacing the business
tax (BT) that previously applied to a number of industries. Previously, China’s
indirect tax system was bifurcated
system, with VAT broadly applying to the goods sector, and Business Tax (BT)
applying to the services sector.  This reform is part of Beijing’s efforts
to shift the Chinese economy from one driven by labour-intensive manufacturing
to a service-oriented one.

Read the article on Xinhua here.

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(Uploaded by Zolo)/
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