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25 February 2024

China approves steps to boost local industry

By Staff Writer

The China State Council yesterday approved measures to boost the nation's equipment-manufacturing industry, including increasing use of domestic-made parts in major construction projects.

The government will also raise spending on technical upgrades and boost credit support for exports, according to a statement. Components and raw materials that are really needed to be imported will be exempted from import duties and value-added taxes, the statement said, without being specific.