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Strategic new industries promote economic growth

Updated: Feb 22,2016 4:43 PM

The fast development of the strategic new industries is outstanding in promoting steady economic growth and fills the gap created by decreases in traditional manufacturing industry. According to statistics released by the Academy of Macroeconomic Research under the National Development and Reform Commission, earnings in the strategic newly emerged industries in 2015 reached 20 trillion yuan; its added value accounted for more than 8 percent of GDP.

Statistics show that the average index of the yearly PMI of all seven strategic newly emerged industries are above the critical value. The top three PMI are new materials, new energy and new energy vehicle.

These industries have become the current investment hotspot. In the first three quarters of 2015, fixed assets investment of some strategic newly emerged industries increased 15.4 percent year-on-year, higher than the general 10.3 percent growth rate. The investment growth rate of information transmission, software and information technology service industry increased over 30 percent; ecological protection and environment management increased over 15 percent.

Last year, a series of scientific achievements were seen; new modes, industries and markets emerged. The market has a promising future.

Factors restraining the development of strategic newly emerged industries cannot be neglected. Inspections of 1,000 enterprises in strategic newly emerged industries in the second quarter last year shows that financing is still a major problem.

At the beginning of 2015, the State Council decided to set up a 40 billion-yuan fund for the entrepreneurship of newly emerged enterprises. After one year of exploration, the fund operating in equity investment reached 500 billion yuan. In addition, enterprises that meet requirements can be financed by bonds. Experts said that the biggest obstacle in the development of strategic newly emerged industries is the problem of system and mechanism.

A report from the Chinese Institute of Engineering Development Strategies suggests that a series of projects should be carried out to create new growth points and policy guidance should be strengthened on the demand side. Governmental purchase of products and services of strategic newly emerged industries should be enhanced in the range permitted by international regulations. The construction of a service system can also be improved.