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New industries and economies drive growth

Updated: Aug 12,2016 3:33 PM

China’s economy has maintained stable growth with positive changes in economic restructuring in the first half of 2016.

Emerging strategic and high-tech industries kept up their rapid growth, playing a key role in innovation-driven growth, industry upgrade, and employment.

In the first half of this year, emerging strategic and high-tech industries increased by 11 percent and 10.2 percent, respectively, year on year.

Profits at enterprises above designated scale from 27 key new industries grew by 15.9 percent, 9.5 percent higher than others.

Key projects in integrated circuits, civil space infrastructure, genetic engineering, information infrastructure, and other high-tech fields were moving steadily. From January to June, high-tech investment reached 1.56 trillion yuan ($235.21 billion), up by 13.1 percent. Private high-tech manufacturing maintained active growth, with a 15.9 percent increase in investment.

Meanwhile, the State Council has approved eight pilot regions for innovation reform and 28 demonstration bases for innovation and entrepreneurship.

According to the Report on Mass Innovation and Entrepreneurship 2015, various market players and start-up investments continue to increase at a rapid pace. In the first six months, 14,000 businesses were registered each day, and innovation investments increased by 57 percent, with 2,559 enterprises listed in the National Equities Exchange and Quotations.

Three-year action plans on Internet plus AI and Internet plus modern agriculture were implemented with rapid growth of new industries and expansion of the information economy.

New economies have become an important driver of employment and taxation. Meanwhile, Internet plus and sharing economy are contributing to everyday conveniences, employment and start-ups.

Despite the economic downturn, some regions have maintained stable growth with early efforts in new industries. In Shenzhen, emerging strategic industries have increased by 20 percent, making the city an engine for local development and a pioneer in economic transformation for surrounding areas.

Due to the weak international market, China’s high-tech exports fell by 7.9 percent in the first half of this year, but high value-added products remained competitive. The share of high-tech services continues to rise in service exports.