China to in­vest in emerg­ing in­dus­tries

China Daily (Hong Kong) - - BUSINESS -

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.