China: Looking to Emerging Industries to Boost Economy

Beijing is currently trying to fight an economic slump with spending on affordable housing and public works construction.

Chinese-CityBEIJING — China’s Cabinet has approved plans to promote the development of seven emerging industries including clean energy as it tries to restructure the economy and boost growth.

The Cabinet said it approved plans to launch 20 “major projects” for emerging industries but gave no details of what support they might receive. Previous technology development efforts have included subsidies, tax breaks and other support that trading partners including the United States complained violated free-trade principles.

Other emerging industries targeted for support include environmental protection, information technology, biology, advanced equipment manufacturing, new materials and new-energy vehicles, the Cabinet said.

Its statement said that development of emerging industries would help the economy while it faces “increasing downward pressure.”

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Source: The Washington Post