China will foster “emerging and future industries” to drive growth. In an interview with CCTV, Industry and Information Technology Minister Jin Zhuanglong called for more research in “future industries” such as artificial intelligence (AI). Jin, a top aerospace specialist, said AI could empower a new wave of industrialization, with potential applications in industry, manufacturing and medicine. “Humanoid robots and the metaverse are also key to a future new round of technological revolution and industrial transformation,” he said. “The Ministry supports local governments in implementing pilot projects and formulating industrial policies,” Minister Jin said. With declines in old sources of growth such as property, China is looking for new ways to expand the economy and counter Western efforts to constrain its progress in hi-tech. This includes overhauling its export sector to focus on new-energy products such as electric vehicles, lithium-ion and solar batteries. China is also making progress in advanced manufacturing with the delivery of the country’s first domestically produced cruise liner Adora Magic City on November 4.
In the CCTV interview, Jin also said he was confident that the industrial economy would continue to recover this year. China’s manufacturing activity contracted last month, with the official manufacturing purchasing managers’ index (PMI) falling to 49.5 in October, down from 50.2 in September, according to the National Bureau of Statistics (NBS). The result was below market expectations as some economists had forecast activity to stay in the expansionary range.
National Development and Reform Commission (NDRC) Chairman Zheng Shanjie echoed Jin’s call on future industries. “We will aim to open up new areas and tracks for development in the next step,” Zheng said in a separate interview. “We will actively cultivate emerging and future industries to create new engines and strengths for development.” Zheng said key areas included integrated circuits and new-energy vehicles (NEVs). “We will be forward-looking and strategic in planning future industries,” he said, as reported by the South China Morning Post.
