Economy

China sets growth goal for new strategic industries

(Xinhua)
Updated: 2010-10-19 09:23

BEIJING - China announced plans Monday to develop new strategic industries, the value-added output of which is expected to account for 8 percent of the country's GDP by 2015.

The industries include alternative energy, biotechnology, new-generation information technology, high-end equipment manufacturing, advanced materials, alternative-fuel cars and energy-saving and environmental protection, the State Council, or China's Cabinet, said in a statement on its website, www.gov.cn.

The statement further noted that the value-added output of these industries would amount to 15 percent of the country's GDP by 2020.

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The move is aimed at promoting industrial upgrading along with accelerating the pace of economic restructuring, the statement said.

The government has urged sectors to step up research on core technologies and support firms to run businesses overseas.

Foreign investors are also welcome to set up venture capital firms and invest in these new strategic sectors, the statement said.

The government will encourage financial institutions to finance the growth of these industries. It will also ask venture capital firms and private equity funds to provide funding for these sectors, according to the statement.