China's Emerging Industry Development Strategy and its Implications for Korea

Abstract

China’s emerging industries have a great need for development in terms of technological innovation and national development and play a leading role in the long-term development of the society as a whole. The emerging industries announced last year by China’s National Bureau of Statistics include eight major industries: energy-efficient and environmental technologies, next-generation information technology (IT), biotechnology, high-end equipment manufacturing, new energy, new materials, newenergy vehicles, and digital technology. The Chinese government has established long-term goals at the national level to foster emerging industries and is implementing national strategies to achieve them. First, through participation in the international technology standardization process, China is aiming to enhance its competitiveness. Second, China is jointly conducting R&D by providing an infrastructure and development environment favorable to overseas companies. Third, the Chinese government is striving to maximize synergies among industries. Fourth, the government aims to enhance competitiveness through a strategy that reduces market intervention and creates sound market order.