The robot’s Tianjin-based maker has received tax breaks and government-guaranteed loans to build products that modernise China’s vast factory sector and advance its technological expertise. The share of strategic industries in Tianjin’s factory output will also rise to 40%, Yin said, from 26.1% last year. Additionally, the trade war with the United States and Washington’s tech curbs exposed China’s lack of high-tech know-how, hardening Beijing’s resolve to speed up innovation. The central bank has channelled more credit into manufacturing, especially high-tech firms, at the expense of the property sector, which faces fresh curbs against speculative investment. Ringpu channels 8-12% of its revenues into R&D and will spend 1.3 billion yuan between 2020 and 2023 to upgrade automation and production.

Source: MetroXpress September 22, 2021 01:07 UTC