By the year 2015, some of the biggest electronics companies might be based out of China… if it all goes according to the country’s Ministry of Industry and Information Technology’s (MIIT) plan, that is. MIIT recently revealed its goal of having five to eight Chinese companies within the next two years with a total sales figure of 100 billion Yuan or $16.1 billion. As of current, only Huawei and Lenovo can boast sales that meet that target.
The agency is encouraging companies to achieve this goal by acquiring names recognizable in the global market via corporate mergers, alliances, and acquisitions; MIIT has long been pushing Chinese companies to actively pursue deals with companies outside the country. This move is part of China’s plan to streamline several major industries, including automobile and shipping, in order to achieve economic growth by squashing overcapacity. MIIT is also encouraging electronics companies to try their hand on IT services while also working on software and hardware in hopes of coming up with innovative products and services.
Lenovo, one of the two most aforementioned Chinese companies, has been listed by both Gartner and IDC research firms as one of the top five PC makers for 2012 in the U.S. market, so it doesn’t come as a surprise that MIIT wants to replicate its success.
(Image credit: Motohiko Tokuriki)
- Xiaomi CEO vows more global expansion and renewed assault on China market
- Apple vs. Qualcomm: Everything you need to know
- What does Grindr’s acquisition by a Chinese company mean for users?
- With a $350 billion contribution to the U.S. economy, Apple plays the patriot
- Uber’s competition in Japan heats up thanks to Didi, Softbank, and Toyota