since 2019, china has faced significantly rising risks and challenges at home and abroad. against the backdrop of slowing global economic growth, escalating international trade frictions and spreading protectionism and unilateralism, the chinese economy has shown great resilience and potential. on the other hand, while operating within a reasonable range, the transformation of the chinese economy from old growth drivers to new ones is accelerating, and the deepening of structural adjustment is laying a solid foundation for high-quality development.
high-tech manufacturing industry supports the task of transformation
to grasp the structural changes in the chinese economy and the shift from old to new growth drivers, the data are the most convincing. data from the national bureau of statistics shows that in the first three quarters of this year, the value added of strategic emerging industries and high-tech manufacturing grew by 8.4% and 8.7% year on year respectively, 2.8 percentage points faster than those of industries above designated size and 3.1 percentage points faster than those of industries above designated size. high-tech manufacturing accounted for 14.1 percent of all industries above designated size, an increase of 0.3 percentage points over the first half of the year. in terms of fixed asset investment, high-tech industry investment grew 14.2 percent year on year from january to october, 1.2 percentage points faster than the previous three quarters and 9.0 percentage points higher than the total investment. investment in high-tech manufacturing rose 14.5 percent, 1.9 percentage points faster than the previous three quarters, and has accelerated for five consecutive months.
from the perspective of profits, data from the national bureau of statistics showed that in the first ten months of this year, the profits of high-tech manufacturing, strategic emerging industries and equipment manufacturing grew by 7.5%, 5.3% and 2.0% year-on-year, respectively, while the overall profits of industrial enterprises declined. the growth rate accelerated by 1.2 percentage points, 0.7 percentage points and 1.1 percentage points from january to september, respectively. among them, profits in computer communications and other electronic equipment manufacturing rose 6.0 percent from a year earlier, 2.4 percentage points faster than in the january-september period.
guoxin securities pointed out that in the field of fixed asset investment in 2019, high-tech manufacturing investment will account for about 16%-18% of the total manufacturing investment. the high-tech manufacturing industry contributes about 60-80% of the total manufacturing investment growth. high-tech manufacturing has become the central force affecting overall manufacturing investment, contributing more than 60-70% of the growth rate with less than 20% investment.
li jin, chief researcher at the china enterprise institute, told reporters that china's manufacturing sector is at a crucial stage of transformation and upgrading. currently, he said, china's manufacturing sector is undergoing a sharp change from an industrial center to a high-value manufacturing sector. the central economic work conference held recently stressed the need to increase medium - and long-term financing for manufacturing, support investment in equipment upgrading and technological upgrading, and promote the optimization and upgrading of traditional manufacturing.
the digital economy has injected new growth drivers
with the rapid growth of high-tech manufacturing industry, the advent of the 5g era and the rapid development and wide application of the internet of things, big data, artificial intelligence and other new generation of information technology, e-commerce, platform economy, network economy and other new industries, new forms of business and new models are rapidly developing, injecting new drivers into the chinese economy.
in november 2019, total shipments of the domestic mobile phone market reached 34.842 million units, of which 5.07 million were 5g phones, the first time shipments exceeded 5 million units in a single month, according to the china information technology research institute. and 5g phones are just one corner of the vast industrial space created by the new technology. the china 5g economic report 2020, jointly released by the china center for international economic exchanges and the china academy of information and communication technology on december 13, predicts that china's total investment in 5g will reach about 900 billion yuan in 2020 and 1.5 trillion yuan in 2025. the report also predicts that in terms of direct economic contribution, 5g will generate 6.3 trillion yuan in total output and 2.9 trillion yuan in economic value-added in 2030. in terms of indirect economic contribution, 5g has created a total output of 10.6 trillion yuan and an economic increment of 3.6 trillion yuan.
the latest data from the ministry of industry and information technology show that from january to october, china's internet and related service enterprises above a certain scale achieved business revenue of 990.2 billion yuan, up 21% year-on-year and 3 percentage points year-on-year. revenue from information services reached 656.1 billion yuan, up 22.7 percent year on year and up 4.2 percentage points year on year. the industry spent 39.98 billion yuan on r&d, up 23.6% and 9.9 percentage points year on year. china's digital economy reached 31.3 trillion yuan in 2018, accounting for 34.8 percent of the country's gdp, and has become a new engine of economic growth, according to the china internet development report 2019.
as a matter of fact, the new generation of information technology represented by 5g is not only growing at a high speed, but also penetrating into all sectors of china's economy. a series of "internet plus" economic new formats have been born one after another, and technologies such as big data, cloud computing and artificial intelligence have become important driving forces for the digital transformation of enterprises. at the recently opened guangzhou auto show, the reporter found that the "new four" (electric, networked, intelligent and shared) products are the focus of many auto companies. with the advent of 5g era and the rapid development of the internet of things, intelligent network is becoming a strategic layout direction for many auto companies.
lu tingjie, a professor at the beijing university of posts and telecommunications and vice chairman of the china information economy association, said 5g, which was born for the industrial internet, will not be limited to the consumer sector but will eventually be used in a wide range of industrial production. bureau deputy director of the state-owned assets supervision and administration commission of the state council of scientific and technological innovation and social responsibility yuan leifeng previously noted that represented by 5 g of a new generation of key information technology is becoming the leading core of the digital economy engine, as the supply side structural reforms in the key factors of production, to accelerate the digital, network and intelligent process in all walks of life, ensure that our country is in the lead in a new round of revolution of science and technology, to promote china's economic and social development of high quality is very important.
all localities actively promoted the reform of the science and technology system
to shift from old growth drivers to new ones and implement the strategy of innovation-driven development cannot be separated from the reform of innovation systems and mechanisms. giving play to the supporting and leading role of scientific and technological innovation has become an important part of promoting the modernization of china's governance system and capacity. from top-level design to implementation, the improvement of china's scientific and technological innovation system has become a key task since 2019.
bai jinfu, executive director of the china institute of policy sciences, pointed out that to fully implement the spirit of the fourth plenum, we need to accelerate the establishment of a scientific and technological innovation governance system featuring diversified participation and collaborative innovation. we should change the thinking of "management" to that of "governance", and let the innovation subjects participate in the governance of scientific and technological innovation rather than merely as the object of financial management, so as to further improve the scientific research management system and policies in line with the law of scientific research. more attention should be paid to creating an environment conducive to the full play of one's potential and the display of one's talents. in september this year, the ministry of science and technology issued a circular entitled "guidelines on promoting the development of new research and development institutions", which called for in-depth implementation of the innovation-driven development strategy, promoting the healthy and orderly development of new research and development institutions and improving the overall efficiency of the national innovation system.
in fact, action is being taken across the country to reform the innovation system. recently, the beijing municipal government officially issued by the implementation of the new era of deepening the reform of science and technology system to speed up a number of policies and measures for promoting the construction of the national science and technology innovation center ", from strengthening the scientific and technological innovation as a whole, deepening the reform of personnel system and mechanism, to build advanced economic structure, deepening the reform of scientific research management, optimizing the deployment of a comprehensive reform innovative entrepreneurial ecology, etc. the shanghai economic and information technology commission recently announced the establishment of the first batch of artificial intelligence innovation centers. in march this year, shanghai issued the opinions on further deepening the reform of science and technology system and mechanism to enhance the strategic source capacity of science and technology innovation centers.
source: china financial information net