China’s Thirteenth Five-Year Plan, which was unveiled at this year’s NPC and CPPCC sessions, gives clear instructions to “support the development of strategic emerging industries”. The main goal stipulated in the Plan is to grow the industrial value-added of strategic emerging industries to 15% of China’s total GDP.
The instructions were issued in the wake of excess production capacity within China’s traditional industries. To address the problem, China proposed supply-side economic reforms in 2015, part of which sought to reduce excess capacity, cut production costs and existing inventory stocks in traditional manufacturing sectors.
It is expected that the embrace of disruptive innovations in strategic emerging industries will help China with this economic adjustment.
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