BEIJING -- Following are some quotes on industrial restructuring from Li Yizhong, a political advisor and former minister of industry and information technology, at the annual session of the Chinese People's Political Consultative Conference (CPPCC) National Committee on Friday:
-- China faces a grave situation and an arduous task in restructuring and upgrading its industries.
-- Even though China became the world's largest manufacturer in terms of output in 2010, China's economy, the industrial sector in particular, still has some outstanding problems.
-- China's investment in research and development (R&D) is not enough, with R&D spending by major industrial enterprises accounting for only 0.69 percent of their business income.
-- The country lacks indigenous innovation and relies too much on imports for key technologies, materials and equipment.
-- China is at the lower end of the global value chain.
