Aiding growth of strategic industries
The executive meeting of the State Council has issued a document on the development of national strategic emerging industries during the 13th Five-Year Plan period (2016-20). According to the plan, the country will raise the ratio of the value added of strategic emerging industries to GDP to 15 percent by 2020. Development of five new pillar industries, including the next-generation information technology, high-end manufacturing, biology, the green and low-carbon industry, and the digital creative industry, should be supported. ment, a move that will facilitate investment activities. The newly revised catalogue focuses more on the corresponding systematic buildup after those approval items are delegated to the local governments. It is calculated that about 90 percent of enterprise investment projects that should be approved by the central government have been cancelled or delegated to local governments.