The Chinese government wants to buy up most of the leading global manufacturers of building materials, including steel, concrete and glass, according to a confidential document seen by Reuters.
China’s top Communist Party leader, Xi Jinping, said he was keen to expand the countrys role as a global player in building materials.
“It is absolutely essential that we develop and support this industry,” Mr Xi said at the end of a weeklong visit to the United States.
“The countrys construction industry has been struggling for years, and we are hoping that we can help it move ahead and grow,” said Zhao Hong, chief executive of the Beijing-based Institute of Building Materials Industry (IBMI).
The IBMI has published a detailed plan for the world of building material production in the last two years, which envisages a rapid expansion of the Chinese industry into the second half of the century.
The document shows China is poised to overtake the US as the worlds biggest builder of building products, but has not outlined the size of its investment in the industry.
China already has the world s most extensive steel industry, which accounts for a fifth of all industrial output.
The IBMi plans to double the amount of steel produced by 2020, adding another million tonnes of concrete and nearly two million tonnes worth of glass and other building materials to the total.
“There are only two reasons for us to invest in building, both of which are to make China a global powerhouse,” Mr Zhao said.
“We need to build more than we have in the past, and that will be the answer to this problem,” he said.
The Chinese state has already been making significant headway into the global market for building materials in recent years, with a new wave of steel production in China this year.
It is now planning to build three million new homes per year, and is set to spend more than $1 trillion on building projects this year, according the International Monetary Fund.
The bank says the rapid expansion is set against the backdrop of a slowdown in China’s economy.
In recent months, the Chinese economy has slowed to a crawl, with growth falling to its weakest since the global financial crisis, and the government cutting back on subsidies to boost the economy.
China has been working hard to shore up its economy, with measures including a 10% increase in its primary product tax in 2017.
A number of key Chinese building firms have also been investing heavily in new production and expansion in recent months.
A new survey by the IBMI shows the Chinese government has spent more than a billion dollars to build new facilities and infrastructure for its industries, including new roads and pipelines.
The government is also planning to spend $1.7 billion to build a new factory in the Chinese city of Shenzhen.
The construction plans for the IBi project come amid signs that China is planning to expand its role in building.
Earlier this month, the Beijing government said it was planning to open new factories in a number of countries to produce new steel, cement and glass products.
The latest IBi report also showed that China will spend $400 million on an aluminium plant in South Africa to produce aluminium.
The report said that while China has a massive domestic steel industry of about 2.5 million tonnes, the country will soon increase its capacity to produce the metal to 2.7 million tonnes.
China currently produces about a third of all the aluminium used in world markets.