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Advanced industries grow faster under supply-side reform
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China’s advanced industries have benefited from the nation’s efforts of supply-side reform to reorganize industries, growing triple faster than Chinese industries as a whole.
Advanced industries including 27 major sectors in the fields of energy saving, information technology, bio-tech industry, advanced equipment manufacturing industry and new energy posted a growth rate of 11.5 percent on revenue over the first five months this year, higher than China’s industries general industries as a whole by 8.6 percent points, announced the National Development and Reform Commission today. Meanwhile these industries grew by 15.9 percent on profit, 9.5 points higher than general.
The commission said these results come from the research and development investment in these industries, which accounts for 6.2 percent of the total revenue, double that of listed companies in general which is only 3.5 percent.
Traditional industries, in contract, are slowing down required by the supply side reform calling for cutting excess capacity. From January to May the production of crude steel reduced 1.4 percent year on year and the output of coal plants dropped 8.4 percent compared with the same period last year.
The supply-side structural reform was proposed in November last year, aiming to revamp China’s industries by improving quality while cutting over-supply in high energy consumption industries such as steel, coal and iron ore.
To further realize the aim, the nation is to enhance the development of advanced industries. In northeast China where suffers from economic slowdown, robotics, aviation, integrated circuit and new materials will be further enhanced for development.
The national government recently praised Shanghai on the achievements of supply-side reform. Upon now all the coal-related production line covering 2,500 square meters in Baosteel has been closed while the city’s new energy vehicle, bio-pharmaceutical and information technology industries suspended the growth rate of general industries by 5.2 percent in May.
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