China has rolled out a plan for the future of its evolving manufacturing sector. The "Made in China 2025" initiative -- unveiled on Tuesday -- aspires to make it a competitive global player.

The plan, endorsed by Premier Li Keqiang, prioritizes ten key sectors, including hi-tech, robotics, aerospace, alternative energy vehicles and advanced transportation.

The plan will focus on improving innovation in the sector, while integrating information technology with industry through green initiatives. It's the first 10-year action plan designed to transform China from a regional manufacturing power into a global one.

This goal is set to be achieved by the year 2049, which will be the 100th anniversary of the founding of the People's Republic of China. To shore up the plan, the government will introduce a series of new policies to broaden institutional reforms and strengthen financial support for the sector.

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