The state planning agency says that the role played by “new drivers” of economic growth in China is undergoing rapid increase.
“In recent years, China has been guided an innovation-driven growth strategy, that fully invigorates innovation and entrepreneurial vigour,” said Meng Wei (孟玮), spokesperson for the National Development and Reform Commission, at a press conference held on 11 February.
“The pace of growth and support role of these new drivers has exceeded expectations…new drivers are now increasingly becoming the chief engine of economic growth.”
Data from Chinese government agencies indicates that the contribution made to economic growth by these new drivers is already in excess of 30%, and that they make a contribution of over 70% to new urban employment.
Data from the National Bureau of Statistics indicates that while official GDP growth in 2017 was 6.9%, the added value growth of strategic emerging industries, the tech sector and equipment manufacturing remained all above 10%.
Meng Wei said that the next step would be to accelerate the development of emerging industries, and organise key projects during the implementation of the 13th Five Year Period strategic emerging industry development plan.