A workshop of AE (Tianjin) Automotive Equipment Co., Ltd. in Tianjin, north China, Feb. 14, 2021. (Xinhua/Sun Fanyue)
BEIJING, Feb. 24 (Xinhua) -- Investment in emerging industries such as new energy, high-end equipment and biomedicine has picked up steam in China since the begining of this year, starting the construction of a new batch of projects, reported the Xinhua-run Economic Information Daily on Thursday.
For example, central China's Hubei Province has kicked off 1,913 projects with each valuing more than 100 million yuan and the total investment standing at 1.4 trillion yuan since the beginning of 2022. Highlights of the projects include a public cloud project of China Electronics Corporation with a total investment of five billion yuan, a low-carbon high-end battery aluminum foil project of Guangdong Hec Technology Holding Co., Ltd. with a total investment of 10.5 billion yuan, and a hybrid engine production project of Chinese carmaker Great Wall Motors with a total investment of 3.58 billion yuan.
Many cities have taken the initiative to accelerate construction of emerging industry projects in the first quarter, as a way to inject momentum into stable economic growth throughout the year.
For instance, Tangshan city in north China's Hebei Province started construction of 609 key projects for the first quarter of 2022 on Tuesday, including an advanced manufacturing technology port project that aims to build a strategic emerging industry cluster integrating high-end manufacturing, research and development, testing, and producer service. Upon completion, the project is expected to generate one billion yuan of sales revenue each year and create more than 1,000 jobs.
Likewise, Foshan city in south China's Guangdong Province on February 8 launched 102 major projects for the first quarter with a total investment of 135.4 billion yuan. Of the total, a life science park project with an investment of 10 billion yuan will focus on introducing enterprises dedicated to such sectors as high-end medical devices and biomedicine.
Developing strategic emerging industries will make contribution to the high-quality growth of local economy. It is also an important way for Chinese provinces and cities to upgrade industries and nurture new models and business formats so as to create new industrial competitive edges, according to Yin Xunfei, director with the manufacturing research department of China Center for Information Industry Development.
China's emerging industries managed to realize growth last year despite complex outside environment and economic downward pressure. The added value of high-tech manufacturing sector, driven by investment, increased 18.2 percent year on year in 2021, and the output of emerging products like industrial robots and integrated circuits grew rapidly, according to Tian Yulong, spokesperson with the Ministry of Industry and Information Technology. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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