On March 4, Li Shiping highlighted the importance of fostering new productive forces and facilitating the transition from traditional to emerging industrial drivers in the manufacturing sector, especially within the steel industry, as part of its ongoing transformation amid rapid technological advancement.
Source: Securities Daily
On March 4, Li Shiping, a deputy to the National People's Congress and former chairman of Baowu Central South Steel, highlighted the importance of fostering new productive forces and facilitating the transition from traditional to emerging industrial drivers in the manufacturing sector, especially within the steel industry, as part of its ongoing transformation amid rapid technological advancements.
"Over the past few years, China’s steel industry has made significant technological strides. Since 2018, China Baowu has been at the forefront of applying smart manufacturing technologies, both domestically and internationally," Li explained during an interview at the Guangdong delegation’s meeting venue. Despite these advancements, he stressed that the steel sector must continue pushing forward, particularly in developing new productive forces within traditional manufacturing and speeding up the shift from old to new industrial drivers.
When asked whether mergers, acquisitions, and asset integration in the steel industry would accelerate in 2025, Li responded, "It’s very likely." He pointed out that the low concentration of the steel industry has been a longstanding issue. "Currently, we are seeing positive momentum in consolidation, and this is expected to be a key area for the sector's future development. I hope all market stakeholders will concentrate their efforts on strengthening the industry and driving sustainable growth," he added.
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