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Business
Print Edition> Business
UPDATED: January 19, 2015 NO. 4 JANUARY 22, 2015
Tracking the Economy
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The manufacturing industry has been ensconced in transformation and upgrading, and strategic emerging industries have gained momentum.

At the end of 2013, the number of hi-tech manufacturing enterprises above a designated size--annual revenue from principal business of 20 million yuan ($3.23 million)--in China reached 26,894, accounting for 7.8 percent of the total, 1.3 percentage points higher than the result of the previous census. Their research and development (R&D) expenditure amounted to 203.4 billion yuan ($32.82 billion), 178 percent higher than the level in 2008.

Mixed-ownership and private economy have both experienced rapid growth, while state-owned enterprises (SOEs) have seen their vitality boosted.

At the end of 2013, the number of private enterprises amounted to 5.6 million, up 55.8 percent from 2008. The number of mixed-ownership companies including limited liability companies and joint stock companies was also on the increase. Although the number of SOEs was on the decline, the assets of state-owned, state-holding and collectively owned enterprises made up 41.9 percent of the total assets of industrial enterprises above a designated size.

The expenditure on R&D has shot up, while the innovation capacity has been steadily improving.

From 2008 to 2013, industrial enterprises saw an increase in R&D input. In 2013, industrial enterprises above the designated size across the nation spent 831.8 billion yuan ($134.22 billion) in R&D, up 171 percent from 2008, which accounted for 70.2 percent of the country's total R&D expenditure, up 3.6 percentage points from 2008.

What effects will the economic census exert on the formulation of the 13th Five-Year Plan?

The census gives a general picture of the development scale and layout of China's manufacturing and service industries, the current conditions of industrial organization, structure and technology, the composition of factors of production, as well as the development of strategic emerging industries, small and micro businesses and hi-tech manufacturing industries.

It will help the government to accurately evaluate the policy effect of the 12th Five-Year Plan (2011-15) and provides data support for the formulation of the 13th one.

To set reasonable economic growth targets during the 13th Five-Year Plan period, the Chinese Government should shift the focus to elevating growth quality and pushing forward economic transformation.

At present, arrays of profound changes are taking place in the Chinese economy: The service industry is replacing the manufacturing industry to become the economy's primary growth engine; individualized and diversified consumption is becoming the mainstream norm; innovation is morphing into a driving force of economic growth; and the market is playing a more decisive role.

At the same time, a series of problems have to be tackled, such as overcapacity in traditional manufacturing sectors, companies' lack of innovation and relatively low production efficiency in the service industry.

An accurate grasp of these changes and problems can make the 13th Five-Year Plan more forward-looking and effective.

By formulating and carrying out the 13th Five-Year Plan, China will accelerate the transformation and upgrading of the manufacturing industry and eliminate overcapacity, fuel the development of the service industry and propel consumption upgrading, as well as deepen reforms and realize innovation-driven growth.

Email us at: yushujun@bjreview.com

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