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New & strategic industries to boost China growth

08-16-2012 12:32 BJT

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China is stepping up its efforts to boost economic growth by exploring new opportunities to fend off external headwinds. The Ministry of Industry and Information Technology recently approved new electric vehicle manufacturing projects to upgrade the country’s transportation sector and bolster the development of new and strategic industries.

China is embarking on an ambitious campaign to use clean energy source to power vehicles in the country and also the country’s economic growth.

Kicking it off, the Ministry of Industry and Information Technology approved a 2 billion yuan project to manufacture 5,000 electric buses. And more are expected to hit the road.

Luo Jun, CEO of Asian Manufacturing Association, said, "New energy vehicles are one of the 7 strategic industries of China´s plan to boost its industries. China´s auto industry has reached a saturation point, the next step should be restructuring and upgrading. Electric autos is one major direction."

But experts say enterprises should not only depend on government support for their development.

Luo Jun said, "This year the global economic outlook is not optimistic. The economies of the EU, US and Japan are faring worse than expected. Our manufacturing industries cannot follow the old development path, they should make efforts to transform and upgrade themselves. And new and strategic industries provide a lot of opportunities."

The country’s industrial output slowed to 9.2% in July, the third consecutive monthly slow-down. The government hopes new investment in new and strategic industries could provide more stimulus.

According to a new energy auto industrial plan launched this July in China, the production of new energy autos will reach 2 million in 2020, unleashing big domestic demand in the economy.

Editor:Wang Xiaomei |Source: CCTV.com

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