China's emergence as a major player in the global economy cannot be denied, but government leaders still believe there is much more work to be done. This belief forms the core of the nation's recently announced "Made in China 2025" initiative.
Reuters reported that Chinese Premier Li Keqiang - after an Aug. 25 meeting with prominent businesspeople and government department heads - publicly stated that if the manufacturing sector were to flourish, it would be necessary to establish fundraising programs, improve vocational training and devise tax incentives and policies to encourage market participation.
"Manufacturing is the foundation of economic development. In order to upgrade China's economy and realize new industrialization, we must rely on strengthening Chinese manufacturing," Li said, according to the news provider.
Li believes that China occupies a middle-of-the-pack position in the global manufacturing sector. This cannot be attributed to lack of effort, however, as the nation stands at the vanguard of robot technology implementation. According to the International Federation of Robotics, China installed approximately 90,000 robots in 2016, a 27 percent uptick.
While the effects of robotics on human employment have been debated in many ways, Bloomberg reported that China's efforts in this arena have yet to impede Chinese wage growth.