China will speed up integration of information technology and the manufacturing sector and the development of industrial Internet, according to a decision made by a State Council executive meeting chaired by Premier Li Keqiang on Monday.
The Made in China 2025 strategy and the Internet Plus Initiative are both vital for economic restructuring and the digital economy, according to the meeting.
Industrial Internet usually refers to the convergence of the industrial system with Internet-based technology, such as cloud computing and advanced analytics.
A favorable environment for the industrial Internet will be created, with streamlined administration and fiscal support.
Specifically, market access for products and services in the field will be widened, while companies are encouraged to raise funds through social capital and innovative financial services.
Industrial companies should build cloud platforms that enable greater interconnectivity both within the firms and among the entire industrial chain.
The government will step up support for Internet infrastructure, and offer faster and more affordable Internet connections to small and medium-sized enterprises (SMEs).
Companies will be encouraged to enhance security measures against cyber attacks, while network security systems for key manufacturing sectors such as automobiles, aviation, and aerospace will be constructed.
SMEs will receive support in uploading their business systems to cloud platforms, which will serve mass entrepreneurship and innovation.
The 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.