Action Plan for the Coordinated Development of the Industry in the Beijing-Tianjin-Hebei Region was Issued

According to a statement made by Ministry of Industry and Information Technology (“MIIT”) on May 23, 2023, the MIIT along with the relevant departments of the State Council jointly released the Action Plan for the Coordinated Development of the Industry in the Beijing-Tianjin-Hebei Region (the “Action Plan”), which proposes key tasks in eight aspects.

The key tasks include improving the regional industrial division and the distribution of productivity, upgrading the industrial base and modernizing the industrial chain, enhancing the overall efficiency of the regional industrial innovation system, jointly creating new advantages of the digital economy, accelerating shifts towards green and low-carbon energy, promoting the integration of quality brand standards, cultivating and expanding high-quality enterprises, and deepening high-level industrial open cooperation. The Action Plan supports Beijing, Tianjin and Hebei to jointly develop a number of small and medium-sized enterprises (“SMEs”) and “little giant” enterprises that are specialized, fined, peculiar and innovative, and cultivate and develop an industrial cluster that consists of a batch of more competitive SMEs.