China to Increase Development of Innovative Industries

(Beijing) — China aims to boost the share of innovative industries in its gross domestic product (GDP) to 15% by 2020, as the world's second-largest economy tries to shift away from a labor-intensive model to technology-driven growth.

The State Council, China's cabinet, is counting on "strategic emerging industries," which includes a broad range of innovative industries such as new materials, electric vehicles and renewable energies, to keep China's economy humming and create 1 million jobs a year for the next four years.