China is forging a new identity for itself beyond that of a manufacturing haven. With wage rates rising rapidly, other Southeast Asian countries are stepping up to ll the shoes of "world factory," while China actively shapes its economic growth in a different direction.
The strategic economic goal-setting of the current 12th Five Year Plan (2011 through 2015) outlines several economic development initiatives, including:
• 51.5 percent urbanization by 2015
• Emerging strategic industries to reach value-added production of 8 percent of GDP
• More foreign investment in agriculture, high-tech and green industries
• Transition of coastal regions from manufacturing hubs to R&D, high-end manufacturing and services hubs
For foreign investors, these changes present great opportunities. With little to no growth in many western nations and the pull of Chinese domestic consumption, the pro le of companies investing in China is indeed expanding. China is now experiencing a "second wave" of foreign investment – while the first wave was primarily from big multinationals, the second wave brings with it greater quantities of foreign investment from SMEs.
To accelerate the development of the country's strategic emerging industries, China's State Council issued the "12th Five-Year Development Plan for National Strategic Emerging Industries" in July 2012. The plan lays out 7 strategic emerging industries as follows:
1. New energy auto industry
2. Energy-saving and environmental protection industry (includes resource recycling industry)
3. New generation information technology industry
4. Biology industry (includes bio-pharmaceutical, bio-medical engineering, bio-breeding and biomanu facturing industries)
5. High-end equipment manufacturing industry (includes aviation, satellite, rail transportation, and marine engineering equipment industries)
6. New energy industry (includes nuclear energy technology, wind energy, solar energy and biomass industries)
7. New material industry (includes new functional material, advanced structural material and highper formance composite material industries)
See More: http://www.made-in-china.com/communication/focus-vision/xJQEvnryjmlX.html
