China to boost strategic emerging industries

The State Council, or China's cabinet, on Wednesday adopted a plan to boost the development of seven strategic emerging industries amid the country's economic slowdown.

"It is an important and strategic task to develop strategic emerging industries, particularly when the economy is facing increasing downward pressure," said a statement released after an executive meeting of the State Council presided over by Premier Wen Jiabao.

The statement said the development of strategic emerging industries is of great significance in terms of maintaining long-term and steady economic growth.

The meeting resulted in the creation of plans to launch 20 major projects related to the seven strategic emerging industries.

According to the statement, the strategic industries include energy-saving and environmental protection, information technology, biology, advanced equipment manufacturing, new energy, new materials and new-energy vehicles.

The healthy development of these industries, the statement said, will mainly rely on a market that can play a fundamental role in allocating resources, an optimized policy environment and market participants.

The State Council urged indigenous innovation and enhanced international exchanges and cooperation while promoting the development of strategic emerging industries.

China's economy grew at its slowest pace in almost three years in the first quarter, with its gross domestic product expanding only 8.1 percent during the period.

A string of economic indicators in April suggested further economic weaknesses in the world's second-largest economy amid renewed uncertainty in Europe, prompting policymakers to adopt swift measures to stabilize growth.