Global consultancy McKinsey projects China companies to become front-runners in some, if not all, of the key industries that are listed in the “Made in China 2025” initiative.
The national plan, announced in May 2015, is designed to transform China from a manufacturing giant into a world manufacturing power in ten years, according to an earlier notice by State Council, the country’s cabinet. The cabinet also unveiled a list of ten key sectors that have the most growth potential. “We can be sure that many Chinese companies, private and State-owned, are revising their strategies to align with the government’s priorities and that local capacity will rise exponentially,” wrote Gordon Orr, chairman and director of McKinsey Asia, in his blog in the company’s website.
“Customers may be the biggest beneficiaries in the decade ahead as the government’s strategy drives companies down the experience curve much faster than would otherwise have been the case,” said Orr. “While experience reminds us that success will be elusive in some sectors, in several it is likely that Chinese companies will become much, much stronger global leaders by the end of this period,” said the Shanghai-based director.
Listed below are the ten key industries where China will be promoting breakthroughs:
- Agricultural machinery.
- Medicine and medical devices.
- New materials.
- Power equipment.
- Energy-saving vehicles and new-energy vehicles.
- Railway equipment.
- Ocean engineering equipment and high-tech ships.
- Aerospace equipment.
- Numerical control tools and robotics.
- Information technology.