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China sets targets to increase value-added in steel industry

China is preparing to take important steps to increase value added in the metallurgical sector. Chinese authorities aim to increase the value added in the steel industry by around 3.5% by 2023.

China sets targets to increase value-added in steel industry

This goal is detailed in a plan jointly announced by five different government departments, including the Ministry of Industry and Information of the People's Republic of China and the State Development and Reform Committee. The plan provides a roadmap to support the sustainable development of the country's iron and steel sector. It also aims to maintain this target with an increase of more than 4% by 2024.

The document highlights a number of strategies to promote the high-quality development of the iron and steel sector. These strategies include technological innovation, expanding demand, increasing production capacity and supporting leading enterprises.

Regarding technological innovation, the document emphasizes the need to accelerate the development of technological equipment. At the same time, China is said to be undertaking key tasks such as increasing demand for iron and steel products, promoting mergers of enterprises and supporting the restructuring of enterprises.

China's steps towards these goals in the metallurgical sector can play an important role in the development of its national economy and industry. With this plan, China aims to become more competitive by increasing added value in the iron and steel industry.


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