Strategic emerging industries underpin the rise of China as a strong power

China’s aerospace sector has reported triumphant news this year. On November 3rd, China launched its first heavy-lift Long March 5 carrier rocket, marking its debut into the “major league” of rocketry. On November 18, China's Shenzhou-11 spacecraft landed safely after making the longest ever manned space mission. Experts argue that, while the aerospace industry involves multiple disciplines such as high-end equipment manufacturing, telecommunications and new materials, such outstanding achievements represent a boom in China’s strategic emerging industries.

According to China’s Strategic Emerging Industries Report 2017 released by Chinese Academy of Engineering on November 15th, after the positive impact of the country’s 12th Five-Year Plan, strategic emerging industries have become engines of growth in China’s economy, and have played an important role in leading technical innovation, promoting China’s economic transformation and restructuring, and securing stable economic growth. By the end of the 12th Plan, the value-added from strategic emerging industries accounted for 8% of China’s GDP, nearly double that of the same period in 2010. In the first half of 2016, 27 key strategic emerging industries recorded RMB 8.6 tn in revenue from their main business operations, an increase of 11.6% year-on-year, and 8.5% higher than the average growth for China’s industrial enterprises as a whole. This indicates that strategic emerging industries are becoming increasingly important in reversing the downward trend of the Chinese economy.

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