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Economy

New industrial wave will boost economy(2)

1
2017-07-19 09:29China Daily Editor: Li Yahui ECNS App Download

During the same period, China wants five new pillar industries to each generate output of 10 trillion yuan ($1.47 trillion). This would include information technology, biotechnology, and green and low-carbon industries.

Official data showed profits made from key emerging industries jumped by 13.3 percent year-on-year in the first five months of 2017. This was 1.8 percentage points higher than the same period last year.

"While progress has been made, supervision and supportive measures need to be improved," said Fei Zhirong, deputy secretary general of the NDRC.

Increased investment and protection of intellectual property rights are needed to help expand the emerging industries sector, Fei said. The government also needed to address imbalances in regional development.

"Many high-tech emerging industries prefer to invest and build factories in the eastern part of China," Fei said. "It might become a concern leading to imbalanced growth."

  

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