Emerging industries will drive China's growth

China intends to drive growth by cultivating its emerging and future industries, Premier Li Qiang said at the country's annual two sessions gathering in Beijing on Thursday.

Delivering this year's government work report at the opening of the fourth session of the 14th National People's Congress, Li said China will continue to develop emerging industries such as integrated circuits, aerospace, biomedicine and the low-altitude economy, while also advancing future industries including future energy, quantum technology, embodied intelligence, brain-computer interfaces and 6G. 

To support these sectors, the country will implement industrial innovation initiatives and encourage central State-owned enterprises to take the lead in making application scenarios more accessible, Li said, adding that mechanisms are expected to be put in place to increase funding and share risks.

According to the report, China will expand support for specialized and sophisticated SMEs and foster more unicorn companies, while developing venture capital and angel investment, with government-backed funds playing a leading role as patient capital to help startups grow into leading technology firms.

The report detailed how China has continued to pursue innovation-driven development over the past year, with the intensity of the country's research and development spending reaching 2.8 percent of GDP. 

"We should stay focused on the real economy, develop new quality productive forces in light of local conditions, and modernize the industrial system," Li said.

lijiaying@chinadaily.com.cn