Law & Policy

2010: Hi-Tech Industrial Output To Reach 10 Trillion?

Zhang Xiaoqiang, Vice-Minister of National Development and Reform Commission (NDRC), is being quoted as saying that the average annual growth of China's hi-tech industry will stay above 20% and the output value should reach 10 trillion yuan by the year 2010.

As the constraint of resources and environment grows strong, China's economic growth mode will need to effect a fundamental transformation, Zhang said. He continued that, under these circumstances, the Chinese government would enact and implement a long and medium-term development plan for science and technology and the 11th Five Year Plan for the hi-tech industry, and speed up the construction of national innovation system according to the scientific development outlook.

China would vigorously develop hi-tech industries that have breakthrough importance and leading functions for economic growth, and strive to foster several hi-tech industries with a sales revenue of more than 1 trillion yuan.

Statistics from the NDRC show that China's hi-tech industry is continuing to grow fast this year. From January to August the industrial product sales revenue of hi-tech industries of certain scale increased by 36.2% year on year and hi-tech product exports increased by 57%. In 2003 China's hi-tech industrial output value reached 2.7515 trillion yuan, accounting for 21.4% of gross industrial output value.

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