China pledges deeper intl industrial cooperation

BEIJING - The State Council, China's cabinet, on Wednesday vowed more promotion of industrial integration with other countries for mutual benefit.

China will push industrial and equipment manufacturing cooperation with other countries in accordance with their needs, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang.

Cooperation with countries, most notably those along the Belt and Road Asian infrastructure and trade networks, could drive Chinese equipment exports in industries including railways, power, telecommunications, construction materials and machinery, while helping the recipient countries create jobs and stimulate growth, the statement said.

Efforts should be made to "foster an industrial cooperation chain" and build a cross-border yuan payment system, according to the statement.

The cabinet also urged authorities to simplify investment procedures to pave the way for equipment exports.

To facilitate industrial upgrading and boost economic growth, the Chinese government has on many occasions underscored the importance of "international industrial capacity cooperation", referring to a campaign that will involve moving Chinese production lines to other countries and setting up factories with local partners abroad.

Earlier data showed outbound direct investment of the equipment manufacturing sector hit $960 million during the first quarter of 2015.

Also during Wednesday's meeting, the cabinet demanded further efforts to cut government red tape, with a plan to cancel more than 200 administrative procedures.

It also encouraged the public to purchase private health insurance by offering tax reductions for premium payments of less than 2,400 yuan ($392) per year.