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Beijing-based National Bio Energy (NBE), China’s biggest biomass power generation firm, is feeling the heat of funding and fuel supply pressures. These shortcomings have caused NBE, with its annual biomass power output taking up 60 percent of the national total, to put its ambitious plan of building 100 biomass power plants by the end of 2015 on hold.
Only 40 of the planned facilities have been completed.
The privately owned enterprise has been plagued by funding constraints due to difficult access to credit. That, in tandem with rising competition in a yet-to-be regulated industry with low threshold to entry, has stifled its plan to expand operations on the heels of China’s burgeoning post-recession economy.
The problem is not unique to NBE. Emerging industries, especially new energy, have grown erratically in recent years, largely due to blind investment and a lack of systematic planning.
To tame these industries and make them new growth engines for the Chinese economy, the State Council on July 20 unveiled a sweeping national development plan for strategic emerging industries during the 12th Five-Year Plan period(2011-15).
Strategic emerging industries, including energy-saving and environment protection, information technology, biology, advanced equipment manufacturing, new energy, new materials and new-energy vehicle sectors, accounted for less than 4 percent of the GDP in 2010.
The plan sets a target of 8 percent by 2015 for the share of value-added from these industries against the country’s gross domestic product (GDP), and 15 percent by 2020.
Zhang Xiaoqiang, Vice Chairman of the National Development and Reform Commission, however, points out that to achieve the goals, these industries need to address such problems as overcapacity and backward technology.
Big boost
While traditional and advantageous industries recorded poor performances as a result of sluggish overseas demand and a plunge in investment, China pinned its hopes on emerging industries to provide a cushion should growth begin to stall.
“Growth rates in traditional industries such as iron and steel, automobile, real estate and chemical industries are plummeting, and the nation hopes emerging industries can play a leading role in economic development,”said Wan Jun, a researcher with the Institute of World Economics and Politics, at the Chinese Academy of Social Sciences (CASS).
According to Zhang, some strategic emerging sectors such as advanced equipment manufacturing, environment protection and next-generation information technology outpaced growth of traditional industries in recent months. Hopes are proliferating that these sectors could serve as new growth engines for the national economy.
Aside from countering the growth slowdown, the development plan was intended to transform the development pattern and accelerate economic restructuring.
The global financial crisis in 2008 exposed China’s economic flaws and deficiencies, namely, excessive dependence on external demand. As more problems emerged—unreasonable industrial layouts, environment pollution and imbalanced regional growth—economic restructuring has become a national necessity.
According to Wu Jinxi, Director of the Research Center for Strategic Emerging Industries at Tsinghua University, while exploring paths to a stronger China, heavy industries and the property and processing industries all failed to provide an adequate source for growth momentum.
“The only driving force that could make China’s economy strong is the strategic emerging industries,” said Wu.
According to Ju Jinwen, a researcher with the Institute of Economics of CASS, boosting the strategic emerging industries is essential for China to compete with advanced countries.
China has realized that these new industries are key to any economic shift. They will contribute to solving a variety of problems such as low added-value in exported products, huge energy consumption, serious environment pollution and labor shortages.
“Spurring the growth of strategic emerging industries is a viable way to transform China’s industrial structure in the short term,”said Ju.
Rapid industrialization and urbanization in recent years have consumed large amounts of energy and had an adverse effect on China’s environment, Zhang said.
Energy saving and environmental protection are notably emphasized in a new line of projects. In the power sector, projects that will yield larger generating capacities are gaining favor over smaller ones. Similar changes are taking hold in metallurgical and building materials industries.
Cashing in
The success or failure of the new development plan for strategic emerging industries hinges on one factor: capital, specifically private capital.
According to the State Council, spurring the development of emerging industries means greater market reform and freedoms, and a market admission mechanism for private capital will be needed.
“We have found that state-owned companies are usually favored as pillar or sensitive industries and are often given generous support in more competitive sectors such as auto and telecom industries,” said Ren Zhiwu, Deputy Director of the Department of HighTech Industry at NDRC.
For emerging industries, local governments are not permitted to provide preferential policies for state-owned enterprises or use barriers to restrict private investment with regard to capital investment, production capacity, land use and government procurement.
Private enterprises should also be given equal treatment with regard to access to construction funds, venture capital and other public resources, Ren said.
Although the level of foreign participation in the nation’s emerging strategic industries has not yet been clearly defined, international investment is expected to be courted.
“The development of emerging industries will spark a new round of foreign investment, as these sectors offer golden opportunities that foreign investors can’t pass up,” Luo Jun, Secretary-General of the Asian Manufacturing Association, told China Daily.
Worries and warnings
While the country mulls over which efforts will best boost the emerging sector, overcapacity and blind investment are taking their tolls on the fledgling industries.
Some business sectors have shown signs of overheated investment. Many provinces and regions have placed developing the solar photovoltaic industry and new energy vehicles as the centerpiece of their latest five-year development plans, Zhang said.
For example, more than 300 cities in China are trying to develop the solar photovoltaic industry, mostly driven by shortterm interests, said Shi Lishan, Deputy Director of the New Energy and Renewable Energy Department with the National Energy Administration (NEA).
Last year witnessed prices plunge for the solar PV industry along all segments of the supply chain, causing substantial losses to most Chinese solar PV makers.
China’s current overcapacity hiccup isn’t just restricted to the solar industry. The country now has nearly 80 wind power equipment manufacturers. In 2010, its wind power capacity increased 62 percent year on year to reach 41.8 million kw, ranking first in the world.
Zhang Guobao, former NEA head, said,“Some 70 to 80 wind power equipment manufacturers have already entered, or will enter, the sector. Internationally, however, there are just six to seven well-known wind power equipment makers. Chinese companies are fragmented. How can they compete with these international giants?”
Experts also call for more efforts in innovation and technological upgrading.
According to Wang Jinxiang, former NDRC Vice Chairman, two major weak points exist in China’s emerging sectors: a lack of core technologies and low-level indigenous innovation.
Goals for 2015
Energy saving and environmental protection: The annual growth of revenue of contract energy management will reach 30 percent, the comprehensive utilization rate of industrial solid waste will hit 72 percent and the recovery rate of major renewable resources will increase to 70 percent.
Next-generation information technology: It is projected to boast 4MB broadband capacity for rural customers and 20MB broadband capacity for urban customers, with some areas capable of supporting 100MB of bandwidth. The convergence of telecommunication, Internet and broadcasting networks into one complete system will be realized, and television signals will become entirely digital.
Biology: At least 30 new medicines with independent intellectual property will be launched in the market, more than 200 kinds of pharmaceuticals will become the mainstream product in the international market, and the number of new animal and plant varieties will reach 20 and 180, respectively.
High-end equipment manufacturing: China’s first large passenger plane will complete its maiden flight; home-made regional jet ARJ 21 will be mass-produced; and breakthroughs will be made in the development of new-type utility aircraft and helicopters for civil use.
New energy: The total installed capacity of nuclear power plants will reach 40 million kw; approximately 100 million kw of installed wind power capacity will be connected to power grids; the installed biomass power capacity will rise to 13 million kw; and installed solar power capacity will reach 21 million kw.
New materials: The country will foster 20 leading enterprises with self-owned brands and big market influences, and become the world’s major producer of high-end new materials and products.
New-energy automobiles: A total of 500,000 all-electric and plug-in electric vehicles will be on the road.
Only 40 of the planned facilities have been completed.
The privately owned enterprise has been plagued by funding constraints due to difficult access to credit. That, in tandem with rising competition in a yet-to-be regulated industry with low threshold to entry, has stifled its plan to expand operations on the heels of China’s burgeoning post-recession economy.
The problem is not unique to NBE. Emerging industries, especially new energy, have grown erratically in recent years, largely due to blind investment and a lack of systematic planning.
To tame these industries and make them new growth engines for the Chinese economy, the State Council on July 20 unveiled a sweeping national development plan for strategic emerging industries during the 12th Five-Year Plan period(2011-15).
Strategic emerging industries, including energy-saving and environment protection, information technology, biology, advanced equipment manufacturing, new energy, new materials and new-energy vehicle sectors, accounted for less than 4 percent of the GDP in 2010.
The plan sets a target of 8 percent by 2015 for the share of value-added from these industries against the country’s gross domestic product (GDP), and 15 percent by 2020.
Zhang Xiaoqiang, Vice Chairman of the National Development and Reform Commission, however, points out that to achieve the goals, these industries need to address such problems as overcapacity and backward technology.
Big boost
While traditional and advantageous industries recorded poor performances as a result of sluggish overseas demand and a plunge in investment, China pinned its hopes on emerging industries to provide a cushion should growth begin to stall.
“Growth rates in traditional industries such as iron and steel, automobile, real estate and chemical industries are plummeting, and the nation hopes emerging industries can play a leading role in economic development,”said Wan Jun, a researcher with the Institute of World Economics and Politics, at the Chinese Academy of Social Sciences (CASS).
According to Zhang, some strategic emerging sectors such as advanced equipment manufacturing, environment protection and next-generation information technology outpaced growth of traditional industries in recent months. Hopes are proliferating that these sectors could serve as new growth engines for the national economy.
Aside from countering the growth slowdown, the development plan was intended to transform the development pattern and accelerate economic restructuring.
The global financial crisis in 2008 exposed China’s economic flaws and deficiencies, namely, excessive dependence on external demand. As more problems emerged—unreasonable industrial layouts, environment pollution and imbalanced regional growth—economic restructuring has become a national necessity.
According to Wu Jinxi, Director of the Research Center for Strategic Emerging Industries at Tsinghua University, while exploring paths to a stronger China, heavy industries and the property and processing industries all failed to provide an adequate source for growth momentum.
“The only driving force that could make China’s economy strong is the strategic emerging industries,” said Wu.
According to Ju Jinwen, a researcher with the Institute of Economics of CASS, boosting the strategic emerging industries is essential for China to compete with advanced countries.
China has realized that these new industries are key to any economic shift. They will contribute to solving a variety of problems such as low added-value in exported products, huge energy consumption, serious environment pollution and labor shortages.
“Spurring the growth of strategic emerging industries is a viable way to transform China’s industrial structure in the short term,”said Ju.
Rapid industrialization and urbanization in recent years have consumed large amounts of energy and had an adverse effect on China’s environment, Zhang said.
Energy saving and environmental protection are notably emphasized in a new line of projects. In the power sector, projects that will yield larger generating capacities are gaining favor over smaller ones. Similar changes are taking hold in metallurgical and building materials industries.
Cashing in
The success or failure of the new development plan for strategic emerging industries hinges on one factor: capital, specifically private capital.
According to the State Council, spurring the development of emerging industries means greater market reform and freedoms, and a market admission mechanism for private capital will be needed.
“We have found that state-owned companies are usually favored as pillar or sensitive industries and are often given generous support in more competitive sectors such as auto and telecom industries,” said Ren Zhiwu, Deputy Director of the Department of HighTech Industry at NDRC.
For emerging industries, local governments are not permitted to provide preferential policies for state-owned enterprises or use barriers to restrict private investment with regard to capital investment, production capacity, land use and government procurement.
Private enterprises should also be given equal treatment with regard to access to construction funds, venture capital and other public resources, Ren said.
Although the level of foreign participation in the nation’s emerging strategic industries has not yet been clearly defined, international investment is expected to be courted.
“The development of emerging industries will spark a new round of foreign investment, as these sectors offer golden opportunities that foreign investors can’t pass up,” Luo Jun, Secretary-General of the Asian Manufacturing Association, told China Daily.
Worries and warnings
While the country mulls over which efforts will best boost the emerging sector, overcapacity and blind investment are taking their tolls on the fledgling industries.
Some business sectors have shown signs of overheated investment. Many provinces and regions have placed developing the solar photovoltaic industry and new energy vehicles as the centerpiece of their latest five-year development plans, Zhang said.
For example, more than 300 cities in China are trying to develop the solar photovoltaic industry, mostly driven by shortterm interests, said Shi Lishan, Deputy Director of the New Energy and Renewable Energy Department with the National Energy Administration (NEA).
Last year witnessed prices plunge for the solar PV industry along all segments of the supply chain, causing substantial losses to most Chinese solar PV makers.
China’s current overcapacity hiccup isn’t just restricted to the solar industry. The country now has nearly 80 wind power equipment manufacturers. In 2010, its wind power capacity increased 62 percent year on year to reach 41.8 million kw, ranking first in the world.
Zhang Guobao, former NEA head, said,“Some 70 to 80 wind power equipment manufacturers have already entered, or will enter, the sector. Internationally, however, there are just six to seven well-known wind power equipment makers. Chinese companies are fragmented. How can they compete with these international giants?”
Experts also call for more efforts in innovation and technological upgrading.
According to Wang Jinxiang, former NDRC Vice Chairman, two major weak points exist in China’s emerging sectors: a lack of core technologies and low-level indigenous innovation.
Goals for 2015
Energy saving and environmental protection: The annual growth of revenue of contract energy management will reach 30 percent, the comprehensive utilization rate of industrial solid waste will hit 72 percent and the recovery rate of major renewable resources will increase to 70 percent.
Next-generation information technology: It is projected to boast 4MB broadband capacity for rural customers and 20MB broadband capacity for urban customers, with some areas capable of supporting 100MB of bandwidth. The convergence of telecommunication, Internet and broadcasting networks into one complete system will be realized, and television signals will become entirely digital.
Biology: At least 30 new medicines with independent intellectual property will be launched in the market, more than 200 kinds of pharmaceuticals will become the mainstream product in the international market, and the number of new animal and plant varieties will reach 20 and 180, respectively.
High-end equipment manufacturing: China’s first large passenger plane will complete its maiden flight; home-made regional jet ARJ 21 will be mass-produced; and breakthroughs will be made in the development of new-type utility aircraft and helicopters for civil use.
New energy: The total installed capacity of nuclear power plants will reach 40 million kw; approximately 100 million kw of installed wind power capacity will be connected to power grids; the installed biomass power capacity will rise to 13 million kw; and installed solar power capacity will reach 21 million kw.
New materials: The country will foster 20 leading enterprises with self-owned brands and big market influences, and become the world’s major producer of high-end new materials and products.
New-energy automobiles: A total of 500,000 all-electric and plug-in electric vehicles will be on the road.