(Yicai) Oct. 24 -- China’s plan to overhaul its traditional industries is expected to create about CNY10 trillion (USD1.4 trillion) in new market opportunities over the next five years, providing a major boost to economic growth and improving people’s livelihoods, the head of China’s top economic planning agency said today.

The Communist Party of China’s recommendations for the 15th Five-Year Plan make it clear that “building a modernized industrial system and reinforcing the foundations of the real economy” will be the priority from 2026 to 2030, Zheng Shanjie, director of the National Development and Reform Commission, said at a press briefing.

The Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development were adopted at the CPC Central Committee’s fourth plenary session, which was held in Beijing from Oct. 20 to Oct. 23, Xinhua News Agency reported yesterday.

The recommendations call for the upgrading of key industries and boosting the global competitiveness of sectors such as chemicals, machinery and shipbuilding as well as developing clusters of advanced manufacturing, Zheng said. These measures are expected to add around CNY10 trillion (USD1.4 trillion) in market space over the next five years.

The plan proposes creating emerging pillar industries as well as speeding up the development of clusters in sectors such as new energy, new materials, aerospace and the low-altitude economy. These emerging sectors are likely to generate markets worth trillions of Chinese yuan, equivalent to hundreds of billions of US dollars, or even bigger, Zheng said.

The recommendations call for forward-looking planning in future industries such as quantum technology, bio-manufacturing, hydrogen energy and nuclear fusion, brain-computer interfaces, embodied artificial intelligence and sixth-generation mobile communications so that they become new growth drivers.

Within the next decade, the growth from these industries could be equivalent to creating a new high-tech industry in China, Zheng said.

Spurring domestic demand will be a national strategic goal over the next five years, Zheng said. To achieve this, China plans to roll out special programs to boost consumption, upgrade the consumption of goods and expand spending on services.

China will ensure reasonable growth in investment, optimize how government funds are allocated, hike investment in areas that improve people’s livelihoods and strengthen oversight of government spending to make sure it plays a stronger role in driving investment, Zheng added.

Editors: Dou Shicong, Kim Taylor