Old and new economic drivers

At a recent news conference, Minister of Industry and Information Technology Miao Wei said the key to converting the old driving forces for economic development into new ones lies in properly handling the relationship between developing emerging industries and the transformation and upgrading of traditional ones.

Since the concept of new economic driving forces was created, almost all local governments in China have equated it with emerging industries and viewed them as the only source of fresh impetus for economic development.

As a result, a series of development plans for emerging industries have been worked out, with ambitious goals set for their development while paying no attention to traditional industries and making no efforts to push for their transformation and upgrading.