Workers work at a semiconductor wafer workshop of a company in the Western Science City in southwest China's Chongqing Municipality, Aug. 24, 2023. In recent years, Chongqing's Western Science City has vigorously implemented the intelligent manufacturing cultivation project, guiding enterprises to accelerate the intelligent transformation and digital transformation and upgrading, and helping local industries to improve quality and efficiency. (Xinhua/Wang Quanchao)

The Ministry of Industry and Information Technology (MIIT) and the Ministry of Finance have released an action plan for stabilizing the country's electronics and information manufacturing sector between 2023 and 2024, so that the industry could play a bigger role in driving manufacturing growth and contribute to early realization of industrial development goals.

The plan proposes that the average added value of the computing, telecommunications and electronic equipment manufacturing sector will grow by 5 percent during the period, with the revenue of the enterprises above designed scale in the sector to exceed 24 trillion yuan ($3.29 trillion), according to a circular published on the MIIT website.

In 2024, the shipment of 5G smartphones would account for more than 85 percent of the country's total phone sale, while the market share of 75-inch and larger TV sets would surpass 25 percent, the plan said. In addition, the country's output of solar cells would exceed 450 gigawatts, with capacity of high-end products to continue to rise and industrial structure to see a marked improvement.

In order to achieve the set goals, authorities pledged support in various aspects, including stepping up support for key industrial projects, promoting counter-cyclical financial support, stabilizing exports and trying to ensure smooth industrial and supply chains for production.

The MIIT stressed efforts to implement policies promoting high-quality development of the country's integrated circuit (IC) and software industries. The authorities will implement the value-added tax rebate for semiconductor companies. In addition, the authorities will enhance the country's chip supply capability, and actively integrate chipmakers with terminal manufacturers.

Amid the rapid development of the country's digital economy, efforts will also be made to improve the industry layout of semiconductors, new-type of screen displays and other key industries to strengthen market supply of materials, equipment and other components, according to the plan.