China will step up its efforts to develop seven strategic emerging industries to fight downward pressure on the economy and upgrade innovation capacity, but experts warned of overinvestment and overcapacity in these areas.
The government wants the seven strategic industries to generate 8 percent of China's GDP in 2015 and 15 percent by 2020, said Zhang Xiaoqiang, vice-minister of the National Development and Reform Commission, in an online interview on Monday
China unveiled a national development plan for strategic emerging industries during the 12th Five-Year Plan (2011-15) on Friday, which detailed 20 major projects that it wants to focus on during the period, such as the Broadband China program, new flat-panel displays and cloud computing.
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