The Significance of Developing Emerging Industries and Opening Up New Industrial Tracks
The Central Economic Work Conference recently emphasized the importance of leading the construction of a modern industrial system with scientific and technological innovation. It proposed creating strategic emerging industries such as biomanufacturing, commercial aerospace, and low-altitude economy, as well as opening up new tracks for future industries such as quantum and life sciences. This move aims to accelerate the transformation and upgrading of traditional industries. But what does this mean and what kind of policy signal does it send?
In response to industrial changes, the conference highlighted the need to improve independent innovation capabilities. The current technological and economic paradigm transformation has entered the introduction period of the sixth wave of technological revolution. This transition requires planning new directions for industrial adjustment, focusing on strategic emerging industries such as digital, new energy, electronics, and infrastructure. This will promote the transformation and reorganization of industrial chains on a global scale.
The conference’s proposal aligns with the era of innovation-driven, digital empowerment, and low-carbon green requirements. It aims to achieve effective connections between innovation elements, innovation subjects, and innovation links, spawn new business formats, models, and products, and optimize industrial structures. The use of big data, cloud computing, and artificial intelligence will promote digital empowerment, and low-carbon green development will maintain ecological balance.
The core of using technological innovation to lead the construction of a modern industrial system, develop emerging industries, and open up new industrial tracks is to solve the problem of industrial upgrading. The goal is to address the issue of some industries still being large but not strong and at the low end of the global value chain. Through innovation-driven development, the conference aims to enhance independent innovation capabilities, promote digital empowerment, and achieve high-quality economic development.
The development of emerging industries in China has shown remarkable progress in recent years, with the proportion of the new economy increasing significantly. However, there are also shortcomings and deficiencies in the development of emerging industries. These include the level of independent innovation capabilities, shortage of high-end talents, and shortcomings in core patents.
To address these challenges, the conference proposed stimulating better “data productivity” and developing emerging industries. It emphasized the need to vigorously promote open innovation, accelerate disruptive innovation, and comprehensively stimulate better “data productivity”. The goal is to use financial institutions to increase support for technological innovation, green transformation, and the digital economy, as well as address the challenges facing China’s digital economy.
In conclusion, the proposal to develop emerging industries and open up new industrial tracks sends a strong policy signal of embracing innovation-driven, digital empowerment, and low-carbon green development. It aims to enhance China’s industrial competitiveness and achieve high-quality economic development. It sets the stage for a concerted effort to address the challenges and shortcomings in the development of emerging industries and propel China forward in the era of technological innovation.