Following the previous article we published regarding the launch of China’s new Strategic Emerging Industries (SEIs) plan, this post points out the overall content of the plan. New America, a think tank in the United States, recently issued a translation of the ‘Guiding Opinions on Expanding Investment in Strategic Emerging Industries and Cultivating Strengthened New Growth Points and Growth Poles,‘ by means of which we took a closer look at the plan’s focal points.
In its introduction, the plan introduces two keywords: the “six priorities” (“六稳”) and the “six guarantees” (“六保”). The first refers to ensuring stability in employment, financial operations, foreign trade, foreign investment, domestic investment, and expectations. The “six guarantees” meant by the latter have to do with six areas for steady economic momentum that should ensure security in employment, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments. The introduction states that the plan was issued for the following reasons:
- to implement these “six priorities”;
- to normalize epidemic prevention and control;
- to implement the “six guarantees” tasks;
- to expand policy deployment for investment in SEIs;
- to cultivate strengthened new growth poles;
- to make SEIs better play their role as engine for growth;
- to accelerate the construction of a modernized system;
- to promote high-quality economic development.
The SEI plan first briefly describes the four overall requirements to achieve the objectives mentioned above, and these requirements are explained in more detail thereafter. By means of clarity, the requirements and its features are listed jointly beneath:
Focus on key industrial areas
- Accelerate the new generation information technology industry, and increase its quality and efficiency;
- Accelerate the pace of innovation and development for the biotech industry;
- Accelerate the high-end equipment manufacturing industry to make up for shortcomings;
- Accelerate the new materials industry in strengthening areas of weakness;
- Accelerate the leapfrog development of the new energy industry;
- Accelerate the establishment of basic support capacity for the intelligent and new energy vehicle industry;
- Accelerate pilot demonstrations in the energy-saving and environmental protection industry;
- Accelerate integrated development of the digital creative industry.
Create clusters of development bastions
- Further promote national strategic emerging industry cluster development projects;
- Strengthen the leading force of industry clusters in innovation;
- Promote in-depth integration of industries and cities;
- Focus on building industry cluster application scenarios;
- Improve the Public Service Capabilities of Industry Clusters.
Strengthen the ability to safeguard key factors of production
- Strengthen the guidance of government funds;
- Improve the standard of financial services;
- Promote investment by market actors.
Optimize the investment services environment
- Deepen the reforms for “delegating authority, streamlining management, and improving service”;
- Accelerate the marketized deployment of key factors of production;
- Perfect inclusive and cautious supervision;
- Build a desirable investment atmosphere.
For a deeper understanding of the four requirement’s objectives, please read New America’s translation.