BEIJING, Oct. 27 (Xinhua) -- Relevant departments and local governments in China are taking fiscal, financial and financing-related measures to promote investment in strategic emerging industries, reported the Xinhua-run Economic Information Daily on Tuesday.
In terms of fiscal support, for example, south China's Shenzhen city recently rolled out a plan to support implementation of 118 projects of strategic emerging industries, involving 126.49 million yuan of government funding.
Likewise, northwest China's Xinjiang set up a special fund of 20 million yuan for technological innovation and strategic emerging industries, while east China's Jiangsu allocated a special fund of 688 million yuan to back up 41 key projects of strategic emerging industries.
Financial support will also increase. China Banking and Insurance Regulatory Commission (CBIRC) will significantly increase the medium and long-term financial support for manufacturing and strategic emerging industries, Liang Tao, vice chairman of the CBIRC said at the Annual Conference of Financial Street Forum 2020.
Regarding direct financing support, industrial investment funds continue to play an important role. As of the first half of 2020, China had set up 1,042 industrial guidance funds with a total allocated amount of 3.01 trillion yuan, mainly focusing on manufacturing and strategic emerging industries, according to data from Zero2IPO Research, a research institute mainly engaging in equity investment industry.
Emerging industries are developing with a rosy prospect, said Huang Libin, spokesman of the Ministry of Industry and Information Technology. He pointed out that in the first three quarters, investment in high-tech manufacturing increased 9.3 percent year on year. Specifically, investment in pharmaceutical manufacturing, computer and office equipment manufacturing rose 21.2 percent and 9.3 percent year on year respectively.
Industry insiders expected that in the next five years, the added value of strategic emerging industries will account for about 20 percent of China's GDP and become a pillar industry to promote the country's high-quality economic development. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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