The ministry made the remarks after the United States government late last week ordered its tech companies to cut ties with China's Huawei and put a number of Chinese companies on an export blacklist , which makes it almost impossible for listed companies to purchase US-made goods.
The market value of industrial products e-commerce is slated to hit 2.3 trillion yuan (3 billion) in 2024 from 700 billion yuan last year, global consultancy Bain & Co said in a white paper jointly released with 1688.com, Alibaba Group Holding Ltd's B2B trading arm for domestic trade.
The market shares of domestically made industrial robots fell for the first time in five years, shrinking to below 27 percent in 2017.
The ministry also called for establishing a support mechanism to ensure veterans' basic quality of life.
The ministry launched six measures for further implementing the reform of the simplification of administrative procedures for individuals as well as companies. These include simplifying the procedures and reduce the time for setting up companies, reducing or exempting business certification materials, providing convenient services for people to obtain ID cards and residence permits, and optimizing management services for hukou, or household registration.
The meeting reviewed and approved the drafts of the outcome documents to be submitted to the summit, including the Beijing Declaration and the FOCAC Action Plan (2019-21).
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The memorandum was inked during a recent visit to the company's headquarters in Shenzhen by a delegation led by Guillermo Moncecchi, minister of industry, energy and mining of Uruguay.
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The meeting underscored the need to increase special local government bonds and expand effective investment in areas of weakness. On top of this year's local government bond quota already made available, additions to the quota will be expeditiously allocated in advance in accordance with set procedures.
The measures would include further facilitating strategic restructuring for SOEs in several areas, such as equipment manufacturing, ship manufacturing, chemical production, electricity generation, non-ferrous metal, steel, marine equipment and environmental protection.