At a cabinet meeting chaired by Premier Li Keqiang on Friday, China's State Council, approved the western development five-year plan. According to the new 2016-2020 plan, China intends to develop the economy of its western regions.
China's rapid economic development over the past four decades has been skewed heavily toward the eastern coast. Authorities will now encourage labor-intensive manufacturing industries located along the eastern coast to relocate inland.
In a notice published by China's official government website late on Sunday Premier Li Keqiang said China would continue to implement measures aimed at reducing the tax burden in the west to cut the cost of doing business.
Chinese industry minister Miao Wei said at a conference on Monday that China's industrial output is likely to grow around 6 percent in 2017, just like it did this year, a state-run newspaper, The Economic Information Daily.
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