A package of policies for developing strategic emerging industries has been released.
Yesterday, the State Council issued the "Decision on Accelerating the Cultivation and Development of Strategic Emerging Industries," clearly outlining a package of policies to be introduced from aspects such as taxation and finance to accelerate the cultivation and development of strategic emerging industries. By 2015, the added value of strategic emerging industries as a percentage of GDP is expected to reach around 8%.
The Decision points out that according to the characteristics of strategic emerging industries, taking into account China's national conditions and scientific and technological as well as industrial foundations, the focus at this stage will be on cultivating and developing energy conservation and environmental protection, new generation information technology, biotechnology, high-end equipment manufacturing, new energy, new materials, and new energy vehicles industries.
According to the plan, by 2020, the added value of strategic emerging industries as a percentage of GDP is expected to reach around 15%. The energy conservation and environmental protection, new generation information technology, biotechnology, and high-end equipment manufacturing industries will become pillar industries of the national economy, while the new energy, new materials, and new energy vehicle industries will become leading industries of the national economy.
The Decision states that enhancing independent innovation capabilities is the central link in cultivating and developing strategic emerging industries. It is necessary to improve the technology innovation system with enterprises as the main body, market orientation, and integration of industry, education, and research, play the core leading role of major national science and technology projects, combine the implementation of industrial development plans, break through key core technologies, strengthen the industrialization of innovation results, and enhance the core competitiveness of industries.
The Decision also points out that accelerating the cultivation and development of strategic emerging industries requires improving the fiscal and financial policy support system, increasing support, and guiding and encouraging social capital investment.
According to the arrangements, the further improvement of the Growth Enterprise Market (GEM) system will be supported, encouraging eligible companies to go public and raise funds. The construction of the over-the-counter securities trading market will be promoted to meet the needs of entrepreneurial enterprises at different stages of development. The transfer mechanism between different levels of markets will be improved, gradually achieving organic connections between each level of the market.
At the same time, the bond market will be vigorously developed, expanding the issuance scale of small and medium-sized enterprise aggregate bonds and aggregate notes, actively exploring and developing low credit rating high-yield bonds and private convertible bonds and other financial products, steadily advancing the development of corporate bonds, company bonds, short-term financing bills, and medium-term notes, broadening corporate debt financing channels.
Fiscally, based on integrating existing policy resources and funding channels, a special fund for the development of strategic emerging industries will be established, establishing a stable fiscal input growth mechanism, increasing central fiscal input, innovating support methods, focusing on supporting major key technology R&D, major industrial innovation and development projects, major innovation achievements industrialization, major application demonstration projects, and innovation capacity building.
In terms of taxation, fully implementing the current various tax policies that promote R&D investment and technology commercialization and support high-tech industries, combined with the direction of tax system reform and tax category characteristics, targeted research and improvement of tax support policies that encourage innovation, guide investment, and consumption are needed.
Additionally, the Decision requires the vigorous development of venture capital and equity investment funds. A complete set of supporting policies and regulatory systems to promote the healthy development of venture capital and equity investment industries must be established. Conditions should be created within controllable risk ranges for insurance companies, social security funds, enterprise annuity management institutions, and other institutional investors to participate in venture capital and equity investment funds for emerging industries.
Four major emerging industries will upgrade to economic pillars in ten years, including energy conservation and environmental protection, new generation information technology, biotechnology, and high-end equipment manufacturing.