While globalization faces an unprecedented reverse course in some countries, China is committed to not only carrying it forward but also profiting from it.
The Ministry of Commerce (MOFCOM), along with six other government agencies, on December 5, released a policy document calling for enhanced international cooperation to help Chinese industries.
Concluding that Chinese industries are still low in the global value chain, the Chinese government has been undertaking a slew of efforts to lift the standing of its industries, the latest being specific guidelines to help companies.
"Whether a country could benefit from participating in the globalization process depends increasingly on whether [its industries] could integrate into the global value chain and whether [they] could gain a new competitive edge in a specific section of the global value chain," the agencies said in a statement released on the MOFCOM website.
Currently, some domestic industries are still at the lower end of the global value chain and there is still a "relatively large" gap between domestic industries and those in developed economies, according to the statement.
The agencies also issued a set of guidelines to help domestic industries improve their standing in the global value chain, which range from international cooperation to policy support.
The government will help domestic companies engage in global cooperation in technology innovation, expand export portfolios to increase value added and actively establish a win-win global value chain.
Relevant government agencies will increase engagements in global value chain cooperation, policy exchanges and rule-making processes.
The government will also offer policy support for domestic industries, including industry funding, fiscal and tax cuts and foreign trade and investment facilitation, according to the guidelines.
In addition, favorable policies will be put in place for education and innovation.