China plans to forge electonics giants

China’s industry ministry plans to create international electronics giants withinin two years via mergers, partnerships and acquisitions of foreign companies, The Wall Street Journal reported. The Ministry of Industry and Information Technology said it plans to have five to eight firms in the electronics sector with sales of a minimum US$160 million (RMB100 billion) in two years, according to a policy statement released on Tuesday. The measures mark Beijing’s attempt to lower the sector’s reliance on low-cost electronics and move towards higher-margin, branded firms. The statement also set targets for other industry players. The country’s top-10 carmakers must provide 90% of unit production in the same period. The ministry said, however, that it would cut down the numbers of rare-earth mining firms.