China should not cut back in supporting traditional industries while it strives to catch up with the world’s rapid technological advancement, a renowned researcher said in a panel discussion at the 10th Caixin Summit in Beijing on Friday.
Policymakers should attach equal importance to upgrading traditional industries and cultivating emerging industries in their pursuit of high-quality economic development, said Yang Weimin, a deputy director of the economic committee of the Chinese People’s Political Consultative Conference, the country’s highest political advisory body.
Local governments should not blindly shut down companies in traditional industries just because of pollution problems or hidden risks, Yang warned.
In the foreseeable future, China will still have a large domestic market space, with a huge population of 1.4 billion people, in which traditional industries like agriculture, food, textiles and chemical manufacturing can thrive, Yang said, adding that consumption of many products produced by traditional industries — except coal consumption — is far from its peak.
Furthermore, traditional sectors can still produce high-tech, high-quality and high value-added products through digital transformation and intelligent development, he said.
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