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Supporting China's Economic Growth

Feb 21,2014

Strategic emerging industries will be a decisive part of China's economic adjustment and transformation to help develop new growth points and use any opportunities offered by industrial restructuring and promote traditional industrial upgrades.

These industries will play an important role in developing potential areas in China and in foreign markets, but their development calls for more modern infrastructure. And, as China increases its industrialization and urbanization, the market demand for infrastructure, say high-speed railway, the Internet, and smart cities will be great and will in turn increase social benefits and support other sectors.

Also needed are emerging industries that increase consumer demand and improve people's standard of living. The country will also have to promote energy-saving, emissions-reduction technology for greener growth because of the growing pressure on energy and the environment. So more efficient, energy–saving, advanced equipment and industries have great market prospects. The country needs to help transform traditional industries through new technology, with digital manufacturing, high-end equipment and electric cars being examples of this.

Strategic emerging industries such as the Internet of Things, Cloud Computing, chip design and software can also drive development of the high-tech service sector, for example industrial design, modern logistics, information, and R&D outsourcing. China should also decide on the direction and scale of these industries in relation to available technology and markets and help them mature. At the same time, strategic emerging industries should plan together, coordinate more, increase their innovation ability, and avoid technological and market risks.