BEIJING, Nov. 7 (Xinhua) -- China is estimated to create an additional market space of around 10 trillion yuan (about 1.4 trillion U.S. dollars) in the next five years by upgrading key traditional industries and expanding advanced manufacturing, according to a think tank report released on Friday.

The report, titled "The Critical Stage toward Basically Realizing Chinese Modernization -- Strategic Blueprint for China's Economic and Social Development in the 15th Five-Year Plan Period," was released by the national high-level think tanks of the Central Institute of Party History and Literature and the Xinhua News Agency.

In the 15th Five-Year Plan period (2026-2030), China will continue to implement the new development philosophy and allow it to drive all reforms and development, and thereby to accelerate the formation of the new development pattern, the report said.

China will also foster emerging pillar industries and expedite the growth of strategic emerging industry clusters, a move set to open up several trillion-yuan markets, according to the report.

Beyond the emerging industrial sector, an initiative to expand and upgrade the service industry is designed to reshape and improve the economic landscape at a faster pace and create new space for economic expansion, it said.

The report added that China will strengthen infrastructure planning and develop appropriately future-oriented facilities to build an interconnected, synergistic, safe, and efficient infrastructure system in the next five-year period. Enditem