Shanghai municipality recently released a document about opinions on innovation-driven boosting real economy, pointing out that added value of strategic emerging industry will account for over 20 percent of total output value of the Shanghai and output of strategic emerging manufacturing industry will account for about 35 percent of total industrial output of Shanghai. By now, nearly half of the provinces across the country have unveiled planning and policies related to strategic emerging industrial development, highlighting developing advanced manufacturing industry, modern service industry and expanding coverage of private investment in strategic emerging industry.
Besides Shanghai, provinces such as Anhui, Jiangsu, Shanxi, Shaanxi, Shandong and Sichuan have released their respectively policies on strategic emerging industrial development. Anhui province recently announced regulations of promoting development of strategic emerging industrial cluster, provided creditor’s right or equity investment to enterprises which set up strategic emerging industry, and further improved legal environment for innovation and fault-tolerant and error correction mechanism. Shanxi province plans to build Jinzhong development zone into a highland for innovative development of strategic emerging industry and establish intelligent and low-carbon new industry system in next 5-10 years.
Beijing municipality intends to further reinforce its status as a national science and technology innovation center, continue to implement innovation-driven development strategic, advance reform and innovation driven by science & technology and culture, enhance service capability of innovation and entrepreneurship, and develop a batch of technology-oriented strategic emerging industries and hi-tech service industries.
With implementation of policies in various regions, technology-knowledge intensive and high value-added industries including hi-tech industries and strategic emerging industries continued to keep double-digit growth in the first quarter of this year, providing strong support for development of service industry and recovery in growth of industrial output.
Rapid growth in emerging industry greatly pushed up the economic growth in the first quarter, said Dong Lihua, head of Department National Economic Accounting from National Bureau of Statistics. New industries grew faster. Added-value of hi-tech industry surged by 13.4 percent year on year, 6.6 percentage points higher than that of the whole industry and 4.2 percentage points up from the same period of last year. Its contribution rate to economic growth registered 23.8 percent, up by 6.2 percentage points from the same period of last year.
New economic drivers are quickly forming and play an important role in economic growth, said Dong.
The booming development of emerging industry attracts private investment. Industrial investment and private investment of the whole country picked up stably in the first quarter. Industrial transformation and upgrade were accelerated. Hi-tech industries saw investment worth 439 billion yuan, up by 23.2 percent year on year and 4.8 percentage points when compared with the growth in two months ago. It accounted for 12.7 percent of total industrial investment, up by 1.9 percent when compared with that in the same period of last year. Therefore, private investment moved up by 7.7 percent year on year in the first quarter, up by 1 percentage point when compared with the growth in two months ago.
Economist Zhou Dewen indicated that although strategic emerging industry is risky, it enjoys high yield and support from national policy. Therefore, it is very attractive to private funds.
Translated by Vanessa Chen
Latest comments