China has earmarked seven strategic industries, including next-generation IT, high-end manufacturing, and new energy to propel the nation forward and contribute 8 percent of its gross domestic product (GDP) by 2015.
China Daily reported on Tuesday that the country will step up efforts and investments in these emerging industries to "fight downward pressure on the economy and upgrade innovation capacity". These sectors, which were revealed in 2010, are energy saving and environmental protection; new-generation IT; biotechnology; high-end manufacturing; new energy; new materials; and new-energy vehicles.
Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, told China Daily that the government expects these industries to generate 8 percent of its GDP by 2015, and 15 percent by 2020.
"The fast industrialization and urbanization in previous years have consumed a large amount of energy and had an adverse effect on China's environment, so we have made these a top priority," explained Zhang on why these sectors have been earmarked.
These industries accounted for less than 4 percent GDP at the end of 2010, the report noted. China's economy grew at 7.6 percent in the second quarter of 2012--making it the slowest growth in three years, it added.