China targets 'future industries' in 2024, humanoid robots and biomedicines to drive high-quality economic growth
Beijing has set developing "industries of the future" as one of its key missions for the year to come, as it ramps up efforts to explore frontier technologies as a major driving force for China's economic growth.
The Ministry of Industry and Information Technology said at a meeting on Thursday that it would boost a wide range of tech-heavy sectors from new materials to biomedicines and high-end equipment to press ahead with China's advanced manufacturing development and ensure high-quality growth.
"An action plan for the development of industries of the future will be introduced," the ministry said in a statement.
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The plan would target sectors including humanoid robots and quantum information, and focus on breakthroughs in key technologies, cultivating products and expanding application scenarios, it added.
With a rapidly ageing population, various Chinese technology firms have announced plans for humanoid robot development and production in the past year, along with supportive policies from local governments.
But there is still considerable progress needed to achieve high volume production and commercial application.
China's industrial output is expected to increase by 4.3 per cent this year, compared to a 3.6 per cent rise in 2022, the ministry said.
The world's second-largest economy has struggled to find its footing in the past year, despite Beijing lifting its stringent pandemic controls in January.
The real estate sector, which was once China's biggest economic engine and contributed around 25 per cent to the national gross domestic product, has continued to falter, becoming the heaviest drag on the economy despite rounds of policy stimulus.
Beijing has provided substantial support for the new energy sector - represented by photovoltaic and electric vehicle industrial chains - as the new economic drivers.
While the sector did spark an investment spree, which has enabled China to achieve a near monopoly in the global supply chain, overcapacity problems have emerged amid limited domestic demand and rising trade barriers.
At the annual tone-setting central economic work conference earlier this month, China's top leaders acknowledged that "overcapacity in some industries" was one of the major economic challenges to tackle in 2024.
And on Thursday, the Ministry of Industry and Information Technology also vowed to "strengthen regulatory guidance for industries with overcapacity", while "consolidating the leading position in advantageous industries".
Detailed plans include supporting battery-swapping models for new energy vehicles and promoting a comprehensive electrification of public sector vehicles in pilot areas, as well as strengthening standard guidance and quality supervision in the photovoltaic industry.
It also pledged to promote high-end applications of rare earths, including in aerospace, electronic information and new energy sectors.
The meeting set promotion of large-scale applications of 5G technology, strengthening 6G pre-research and accelerating the deployment of intelligent computing facilities as key missions for 2024.
It also vowed to promote low-carbon industrial development and strictly restrict new production capacity in iron and steel, cement and flat glass.
China is grappling with its carbon emission reduction targets and also a new carbon tax implemented by the European Union.
The Carbon Border Adjustment Mechanism, which was introduced in a transitional form requiring only reporting from October ahead of a full rollout in 2026, would reduce the price competitiveness of Chinese products imported to the bloc.
This article originally appeared on the South China Morning Post (SCMP).
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