Zhejiang to nurture more top manufacturers

East China's Zhejiang province recently published an action plan to nurture "single-item champion manufacturers".

"Single-item champion manufacturers" are manufacturers committed to a single segment of the manufacturing sector while also boasting advanced technologies and among the largest market shares in their segment.

To qualify to apply to the Ministry of Industry and Information Technology for the title of "single-item manufacturer", a company has to focus on one or two market segments for at least 10 years, with sales of relevant products making up over 70 percent of its total revenue. In addition, its product has to excel in terms of technology and quality and rank among the top three in global market share. The company also has to run at above-average profit margins and earn more than 400 million yuan ($61.8 million) in annual revenue.

Zhejiang is currently home to 149 "single-item champion manufacturers" or "champion products" recognized by the Ministry of Industry and Information Technology, accounting for around one fifth of the national total, the highest proportion of any provincial-level region.

The Zhejiang city of Ningbo is home to 63 "single-item champion manufacturers" or "champion products", the most of any Chinese city.

According to the recent action plan, Zhejiang hopes to add around 130 "single-item champion manufacturers" or "champion products" by 2025.