China to invest in emerging industries
China is set to boost investment in emerging sectors ranging from artificial intelligence to biopharmaceuticals as it seeks fresh growth impetus in the new industrial revolution. A number of local authorities, including the Ningxia Hui and Guangxi Zhuang autonomous regions and Shandong province, have rolled out support policies and detailed investment plans, eyeing a bigger proportion of such industries in the broader economy, according to the Economic Information Daily. The government of Ningxia announced 20 million yuan ($3 million) of subsidies for 13 high-tech projects this year and hopes to attract investment totaling 3.65 billion yuan. Partly due to a boost from robust emerging industries, the northwestern region posted a stellar year-on-year GDP increase of 8.6 percent in the first half of the year, outpacing the country’s 6.9 percent. The biopharma industry boomed more than 30 percent from a year ago in the region.