China’s central bank advocates stronger financial support of robot mfg

25 February, 2019 12:00 AM printer

BEIJING: The People's Bank of China has encouraged domestic financial institutions to beef up their support for industrial robot manufacturing by providing innovative financing, lease and pledge services.

Efforts should be made to target corporate needs, facilitate research and development of core technologies and boost industrial chain reconstruction and its application in broader areas in the regional industrial agglomeration, said the central bank when making industrial analysis in a report on monetary policy implementation in the fourth quarter of 2018, reports Xinhua.

The report called for unswerving efforts to enhance intellectual property protection, create a fair and just market environment, boost international exchanges and cooperation and facilitate the fast but sound development of China's industrial robot sector.

Regarding industrial robots as "key equipment" to prop up intelligent manufacturing and elevate production efficiency, the central bank said that a broader range of industrial robot applications would alleviate the pressure from rising labor costs and comply with the need of flexible, intelligent and lean production.