China aims to increase supply of high-end electronic devices

BEIJING -- China aims to increase the supply of high-end electronic devices to boost consumption and bolster the economy, according to a plan jointly issued by the Ministry of Industry and Information Technology and the Ministry of Finance.

China will strive to ensure 5G mobile phone shipments account for over 85 percent of the domestic mobile phone market by 2024.

China's consumer electronics industry has witnessed stable growth in recent years. Major computer, communications and electronic device manufacturers saw their profits reach 276.32 billion yuan ($38.39 billion) in the first seven months of the year.

Output of mobile phones reached 810 million units during the period, including 593 million smartphones.

Consumer electronic devices are one of China's key export products. Stabilizing their exports is crucial to the development of the entire industry.

China will also encourage consumer electronic device manufacturers to launch cross-border e-commerce businesses and tap the potential of online and offline global markets, the plan said.