China moves to boost time-honored industries

China aims to foster 50 leading enterprises, 100 consumer brands, and several major industrial clusters in time-honored traditional industries such as silk, tea, porcelain, and traditional Chinese medicine by 2028, and cultivate a group of world-class companies and renowned brands by 2030. These industries currently encompass about 25,000 large-scale enterprises, employ nearly 3.5 million people, and generate around 8 trillion yuan (US$1.19 trillion) in annual revenue.