The added value of strategic emerging industries will account for about 10 percent of GDP by the end of this year.
The National Development and Reform Commission (NDRC) and China Development Bank (CDB) signed a strategic agreement on supporting the development of strategic emerging industries recently. The CDB will arrange no less than 1.5 trillion yuan to support the development of strategic emerging industries during the 13th Five-year Plan period.
According to the plan, the CDB will focus on the construction of 21 key projects and innovation platforms in the implementation of the development plan on national strategic emerging industries during the 13th Five-year Plan period. It will increase supports to innovative medium and small enterprises in innovative models. The NDRC will coordinate and promote the interconnection of banks and enterprises to ensure that relevant financial supports can be implemented.
NDRC’s head He Lifeng predicted that added value of strategic emerging industries will account for about 10 percent of GDP by the end of this year. But the government should realize that the development is faced with many obstacles, problems and difficulties currently, so it needs to implement major projects, optimize business environment, strengthen fiscal and financial support, intensify construction of innovation service system, boost industry cluster and make expansion in international market so as to facilitate of switch of new and old driving forces.
Recently, Shanghai municipality proposed in a document that in next five years, added value of strategic emerging industry should account for above 20 percent of GDP of the city, and output value of strategic emerging manufacturing industry should take up about 35 percent of total industrial output value of the city. Nearly half of the provinces and cities across the country have released planning and policies on the development of strategic emerging industry. Most of the places highlight developing advancing manufacturing industry and modern service industry, and making more private investment in strategic emerging industry in policies.
According to Dong Lihua, director with Department of National Accounts of National Bureau of Statistics (NBS), emerging industry witnesses rapid development since 2017. Although it is hardly to be equated with traditional industry, the trend with rapid development has indicated that new economic growth contributor is rapidly developing and has become an important part of economic growth.
Zhao Peiya, inspector with Department of Investment and Construction Statistics of the NBS, said that the country should invest more in key fields such as innovation capability, and soft & hard infrastructure, which need improvement in weak links.
Economist Zhou Dewen remarked that developing strategic emerging industry is the only road which must be passed for adjustment and upgrading of industrial structure, as well as a realistic choice for nurturing new economic growth contributor.
Recently, Xin Guobin, vice minister of the Ministry of Industry and Information Technology, pointed out in a field research in Anhui province that private investment should be expanded to create a market environment with fair competition.
Translated by Star Zhang
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