New material industry expected to create 10t yuan by 2025

The Ministry of Industry and Information Technology said the output value of China's new materials industry is expected to reach 10 trillion yuan by 2025 and will maintain an average annual growth rate of 20 percent, Economic Information Daily reported.

By 2035, the industry's overall strength will leap into the front rank of the world and it will provide a basis to support China become a manufacturing powerhouse by the middle of this century, according to the ministry.

A series of industrial promotion policies and measures will continue to be formulated and rolled out by the ministry this year to further promote the development of the new material industry in China.

The ministry will plan and implement the 2018 major new material industrial project, set up Made in China 2025 industry development fund, develop policies that support the popularization and application of the new material industry and launch the "key new material research , development and application" project.

In addition, focusing on optimizing the environment for the development of new materials industry, it will accelerate the constructions of new material production and application demonstration platform, test and evaluation platform, resource-sharing platform and manufacturing innovation center.

To provide decision support for the development of the industry, it will perfect the industrial system and let the industry expert advisory committee play its role.

It also will further deepen civil-military integration, promote the construction of military main material system and promote new materials to achieve mutual shift and transformation in the civil-military field.

The total output value of China's new material industry increased from 1 trillion yuan in 2012 to 2.65 trillion yuan in 2016, with an annual growth rate of 27.6 percent.

The country has reached the world's advanced level and is even leading the world in the fields of some advanced basic materials, key strategic materials and cutting-edge new materials.

For example, Shanghai-headquartered Semiconductor Manufacturing International Corp (SMIC), one of the world's leading semiconductor foundries, has achieved domestic procurement in six of the company's top seven consumables.