Economy

China key industries to grow 24% in 2011-15

(Agencies)
Updated: 2010-12-08 11:04

China's strategic industries will grow at an average rate of 24.1 percent in the years between 2011 and 2015 and growth will slow to 21.3 percent in the next five years, Reuters reported on Dec 8,citing the China Securities Journal.

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The country unveiled its targets earlier this year for the seven industries, including alternative energy, biotechnology and advanced equipment manufacturing, to generate 8 percent of its gross domestic product in 2015 and 15 percent by 2020.

Zhou Zixue, chief economist of the Ministry of Industry and Information Technology, gave the headline projection based on his rough estimate that the seven industries account for around 4 percent of China's GDP this year.

Zhou added that the industries of next-generation information technology, energy-saving, biotechnology, high-end equipment manufacturing will grow at a pace even faster than the average, the newspaper said.

To reach the goal, China is considering investments of up to $1.5 trillion over the next five years in these industries, sources told Reuters earlier this month.