NDRC issues new guidance catalogue to boost high-level development

China unveiled a new guidance catalogue for industrial structure adjustment on Wednesday, as part of the country's ongoing efforts to foster high-level development, according to the country's top economic regulator.

The new guidance catalogue, amended and issued by the National Development and Reform Commission, will take effect on Jan 1, 2020. 

In the new catalogue, artificial intelligence, human resources and human capital services, elderly care and household services have been added to the encouraged category. And the new list has removed cryptocurrency mining from phase-out category.

"China is transitioning from the high-speed growth stage to a new phase of high-quality development," the NDRC noted in a statement posted on its official website on Wednesday. "With the new round of technological revolution and industrial transformation, the domestic and global environment has undergone profound changes. The previous version can hardly adapt the new changes in the new situation."

According to the NDRC, the new catalogue is mainly aimed at promoting the high-quality development of the manufacturing sector, fostering a robust domestic market, reducing the ineffective supply and improving the levels of scientific and standardized management.

First, the new list will help accelerate the transformation and upgrading of traditional industries and promote the emerging sectors. The new catalogue has more than 900 manufacturing-related items, accounting for 60 percent of the total number in the list.

Second, the list particularly focus on promoting the rural infrastructure construction, improving the modern service efficiency and quality and boosting consumption of automobiles, home appliances, consumer electronics products and so on.

Third, the new list has newly added or amended nearly 100 items in restricted and phase-out categories.