Industrial upgrading, services key to Chinese manufacturing success

With China taking more decisive and practical measures to help companies in their industrial upgrading processes and diversify their sales channels worldwide, Porsche Consulting GmbH, a German management consultancy, pledged to offer more services to heighten Chinese firms' innovation strength and resources allocation during the 14th Five-Year Plan period (2021-25), said a senior executive of the company.

China's 14th Five-Year Plan not only provides a long-term vision, but also mandates a strategic shift toward an innovation- and technology-driven economy, said Zhao Jiawei, managing director and CEO of Porsche Consulting (China).

In the past, China relied primarily on the development of economies of scale, leveraging its substantial domestic market as well as rich labor reserves in advancing almost all of its industrial sectors. A great deal of businesses, including international companies, benefited from this development.