China's information technology and industrial output are seen to reach its annual growth target of 6 percent, despite growing pressure and global uncertainty, the country's top industry regulator disclosed on Monday.
Chinese Minister of Industry and Information Technology Miao Wei said the ministry has fulfilled the targets and objectives for the whole year in a relatively good and consistent manner in the face of significantly greater risks and challenges at home and abroad.
According to the official, the software and infotech services industry will see strong revenue growth of 15 percent year-on-year, while this year's revenue for the internet and IT sector will rise by 20 percent.
Global Competitiveness
Miao said that concrete measures have already been undertaken to encourage high-quality factory growth, and industrial management skills have been set in motion to "better safeguard the risks and provide more opportunities for advancement."
Next year, the ministry must ratchet up resources to ensure a competitive range of growth in the industrial and internet economy, with an emphasis on stabilizing the country's push for 5 G innovation and manufacturing investment.
Further attempts will be made to draw capital into advanced industries, infrastructure and other fields that may have multiplier effects. Additional energy will also be among the key targets to promote industrial and market upgrades, Miao said.
In late October, China kicked off 5 G promotions and so far more than 126,000 5 G base stations have entered service across the country. More upgrades are expected to be finalized in the early months of 2020, the ministry said.
According to the country's broader use of 5 G, further attempts will be made to popularize technology implementation like 4K/8 K TVs as well as virtual reality and augmented reality goggles, the ministry stated.
China's 5G Might
The marketing of 5 G in China is expected to generate a direct economic output of 10.6 trillion yuan ($1.5 trillion) between 2020 and 2025, plus an indirect economic output of around 24.8 trillion yuan, while directly creating more than 3 million jobs, according to a report from a government think tank, the China Academy of Information and Communications Technology.
Qin Hailin, a senior researcher at the China Center for Information Industry Growth, said progress has been made in stabilizing growth, improving its structure, promoting real economy and digital economy integration, and creating a good business environment throughout the year.
The ministry said next year, to achieve breakthroughs in core technologies, it will develop another four regional manufacturing innovation centers. It will also call on companies, businessmen, and industrial organizations to work together to solve the problems of poor industrial foundations.
