New in­dus­trial wave will boost econ­omy

China Daily (Hong Kong) - - BUSINESS -

and cre­at­ing job op­por­tu­ni­ties through in­ter­net in­te­gra­tion.

Last year, about 5.85 mil­lion peo­ple were work­ing on plat­forms re­lated to the “shared econ­omy”.

This was up by 850,000 com­pared to 2015, a re­port by China e-Busi­ness Re­search Cen­ter showed ear­lier this year.

Still, emerg­ing in­dus­tries have yet to solve prob­lems such as job losses amid eco­nomic re­struc­tur­ing. Zhao, though, is con­fi­dent that will even­tu­ally change as emerg­ing in­dus­tries ex­pand in the next a few years.

By 2020, the added value out­put of strate­gic emerg­ing in­dus­tries is ex­pected to ac­count for 15 per­cent of the na­tion’s to­tal GDP, up from 8 per­cent last year, ac­cord­ing to the 13th Five-Year Plan.

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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