China vows support for emerging industries to boost growth
China has agreed to support seven strategic industries to boost economic growth.
The Chinese cabinet agreed Wednesday to support seven emerging industries that it considers strategic.
China is seeking to grow emerging industries like clean energy in an effort to boost its flagging gross domestic product during the global downturn.
"As the economy faces increasing downward pressure, it has great significance in maintaining long-term steady and relatively fast growth," wrote the state council, the Chinese cabinet, on its website, reported Reuters.
The cabinet agreed to 20 major projects to support seven industries but the details and amount of support that will be provided remains unclear.
Read more on GlobalPost: Chinese solar panels slammed with huge US tariffs
The Associated Press reported that the industries to be supported are clean energy technology, environmental protection, information technology, biology, advanced equipment manufacturing, new materials and new-energy vehicles.
The move is seen as another step in China's attempt at transforming itself from a low-wage labor hub to a producer of advanced technology.
Chinese growth has hovered around eight percent this year – the lowest it has been since 1999, said Bloomberg.
The global economic crisis has slowed Chinese exports, which form the backbone of the economy.
The 35-member council that pledged its support is headed by China's premier and includes the heads of all major departments and agencies in the country.
Read more on GlobalPost: Chinese cars, made in Bulgaria