China targets ‘future industries’ in 2024, humanoid robots and biomedicines to drive high-quality economic growth

China has outlined a strategic plan to develop 'industries of the future' as a key objective for the upcoming year. The Ministry of Industry and Information Technology announced that it will bolster a variety of tech-centric sectors, ranging from new materials to biomedicines and high-end equipment. The goal is to propel China's advanced manufacturing development and ensure sustainable, high-quality growth.

The ministry's action plan will target sectors such as humanoid robots and quantum information, with a focus on achieving breakthroughs in key technologies, fostering product development, and expanding application scenarios. With an increasingly ageing population, numerous Chinese tech firms have unveiled plans for humanoid robot development and production over the past year, supported by local government policies. However, significant progress is still required to reach high-volume production and commercial application.

China's industrial output is projected to rise by 4. 3 per cent this year, a slight increase from the 3. 6 per cent growth in 2022. Despite easing stringent pandemic controls in January, China's economy has faced challenges over the past year. The real estate sector, once a major economic driver contributing approximately 25 per cent to the national GDP, has continued to decline, becoming a significant burden on the economy despite various policy stimuli. The country is also grappling with overcapacity issues in some industries, a challenge it aims to address in 2024.