Li Yizhong, China's Minister of Industry and Information Technology, has said that pushing forward industrial adjustment and changing the mode of economic development will be the focus of the 12th five-year plan period (2011-2015) for China. China will also push forward with the reorganization and mergers of enterprises, so as to ensure greater industrial activity with more efficient allocation of resources, he said.
During the 11th five-year plan period (2006-2010), Chinese industries performed mergers and acquisitions which optimized their structure, but some industries took on redundant projects and were also characterized by a low degree of industrial concentration, weak competitiveness and bad economic returns, Minister Li stated.
China's Ministry of Industry and Information Technology (MIIT) will collaborate with other ministries to solve the mentioned problems, with major emphasis to be placed on the automotive, steel, cement, machine and rare earth industries, as stated by the minister.