Emerging industries are the real economy that requires support

Editor's note: A forum on the Chinese economy, co-hosted by People's Daily, China Economic Weekly, China Academy of Information and Communications Technology, and Alliance of Industrial Internet of the Ministry of Industry and Information Technology, was held in Beijing on Dec 29. The following are excerpts of the speakers' points of view.

Yan Qingming, vice-chairman of the China Securities Regulatory Commission, said some people have not made clear what the real economy is while pledging support to it. The real economy should not include the real estate industry. What really needs support are the advanced manufacturing industries. He urged the authorities to clarify the meaning of the real economy. Otherwise, talking about the new industrial revolution is like building skyscrapers on sand, he said.

Fang Jiangshan, deputy editor-in-chief of People's Daily, said that the advanced manufacturing industries should be the pioneer in the supply-side structural reform, as well as the key to pursue high-quality development. He said innovation is the driver of industrial transformation and technological upgrading, as it can provide a strong driving force for quality growth.