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China issues plan to develop strategic emerging industries

Updated: Dec 19,2016 9:15 PM

The State Council has issued a circular for the development of strategic emerging industries in the next five years.

New enterprises in the information technology, biology and new energy boomed during the 12th five-year plan period, gaining a competitive edge in the international market.

Strategic emerging industries accounted for about 8 percent of China’s gross domestic product in 2015 and China hopes to increase that to 15 percent by 2020.

The circular names five pillar industries; information technology, high-end manufacturing, biology, green and low carbon and digital creation, that each have an annual turnover of 10 trillion yuan ($1.44 trillion).

It also plans to encourage more integration across sectors to create 1 million new jobs.

China has also set a target to increase the number of invention patents by 15 percent each year.

To achieve this, the focus will be on developing information technology such as Internet of Things and cloud computing, and accelerating the development of information infrastructure construction by progressing the “Broadband China” strategy.

In addition, the circular backed the “Internet Plus” initiative to integrate information technology into all economic and social sectors of society, and implementing a national strategy of big data, to promote data collection, integration, and application.

It also highlighted the need to strengthen core information technology industries, develop artificial intelligence and improve the management of the network economy.

The State Council also aims to develop high-end equipment and new materials, forge an intelligent manufacturing brand, develop the aviation industry, advance satellite industry, maintain the leading position in railway transportation equipment and increase the competitiveness of marine engineering equipment.

Meanwhile, the innovative development of the biology industry will be accelerated, with efforts to build a new biomedical system, upgrade biomedical engineering, accelerate the industrialization of bio-agriculture, promote the application of bio-manufacturing and develop bio-services and bio resources.

The circular outlines the need to promote the development of renewable energy vehicles, new resources and energy saving and environmental protection industries, as well as push forward with the recycling of resources.

It will also encourage the cultivation of creative digital industries with improvements in skills and content, to stimulate more consumption.

Aerospace and marine information networks, life sciences, nuclear technology and other core areas should also be attached great importance to take advantage of future developments.

Efforts should be made to promote the development of strategic emerging industry clusters to build world-class clusters and clusters with special and competitive characteristics, the circular stated.

The document also emphasized the importance of openness and cooperation, through importing global resources, building new international cooperation platforms, establishing an innovative development network and incorporating the global industrial chain.

Related mechanisms and policy systems, including management methods, protection and application of intellectual property rights, and financial and taxation support, are also expected to be improved to create a favorable environment for the development of strategic emerging industries, according to the document.