Supply-side reform lifts high-tech sectors
Print Edition
CHINA’S efforts in supply-side reform have benefited its advanced industries whose growth rate was much higher than that of industries in the country as a whole.
The advanced industries, including energy saving, information technology, bio-tech, advanced equipment manufacturing and new energy, posted a revenue growth of 11.5 percent in the first five months of this year, 8.6 percentage points higher than industries in general, the National Development and Reform Commission said yesterday.
Profit in these industries surged 15.9 percent in the same period, 9.5 points higher than all industries in general.
The NDRC, the nation’s top economic planner, attributed the high rate to research and development investment in these industries, which accounted for 6.2 percent of the total revenue compared with the 3.5 percent for listed firms in general.
The supply-side structural reform, proposed in November, aims to revamp China’s industries by improving quality while cutting oversupply in high energy consumption industries such as steel, coal and iron ore.
China will enhance the development of advanced industries. The government intends to invest in robotics, aviation, integrated circuits and new materials to develop the country’s northeastern region.
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