China is initiating a sweeping industrial overhaul, aiming to fuse software capabilities with traditional manufacturing sectors. This massive effort, estimated at $14.7 trillion, seeks to modernize the service industry and propel future manufacturing.

China is embarking on a sweeping overhaul of its industrial architecture, aiming to fuse software and steel as part of a 100-trillion-yuan (US$14.7 trillion) undertaking to modernise its service sector while pushing manufacturing into the future. The State Council’s blueprint, unveiled on Tuesday, said the valuation target for the service sector was achievable by 2030 as advanced manufacturing increasingly becomes fused with specialised technical support. Analysts say Beijing’s plan will help...