Provinces discuss innovation, growth

A group of provinces, including economic powerhouses in East China, have kick-started the Year of the Snake with their first meetings focusing on upcoming measures to foster innovation and bolster the real economy, providing robust support for China's stable economic development, said experts.

These gatherings underscored concerted efforts to align with the directives outlined in the 2024 Central Economic Work Conference. With the 14th Five-Year Plan (2021-25) approaching its conclusion, these provinces are intensifying efforts to meet their economic targets for 2025, laying a robust foundation for the next phase of development.

East China's Jiangsu province held a meeting emphasizing innovation and the development of manufacturing. It will promote the establishment of a globally influential industrial technology innovation center and an internationally competitive advanced manufacturing base.

Last year, the output value of high-tech industries in Jiangsu accounted for over 50 percent of the total industrial output value from the province's businesses above a designated size for the first time.

Shandong province also identified deepening reform and innovation as the "key tactic" for advancing various initiatives in the province. Its meeting specifically outlined 10 key reform priorities and four innovative focal points, including deepening reforms in local small and medium-sized financial institutions, advancing energy transition reforms, and enhancing reforms in State-owned enterprises.

"Provinces in the eastern region, such as Jiangsu, Shandong and Zhejiang, are enhancing their innovation capabilities and accelerating their development in the face of external uncertainties. We have observed that companies like DeepSeek have gained global recognition in the field of innovation, indicating that in a vibrant industrial environment, these enterprises possess both willingness and ability to innovate," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.

Anhui, another province with a GDP exceeding 5 trillion yuan ($685.63 billion) last year, centered its first meeting of the Chinese New Year on the theme of science and technology innovation. Specific measures include driving innovation in high-tech industries, solidly advancing the development of emerging industry clusters, fostering growth in future industries, and accelerating the transformation and upgrading of traditional industries.

"We have witnessed rapid development among some companies in the east and central regions. Companies in innovative sectors such as new energy vehicles and semiconductor technology have played a significant and positive role in ensuring stable economic growth and creating employment opportunities," Zhou said.

Since 2023, Hebei province has for three consecutive years focused the theme of its first meeting after Chinese New Year on optimizing the business environment, sending a clear message of support for innovation, entrepreneurship and creation.

"The business environment is never the best, and it can always be improved," Ni Yuefeng, secretary of the Hebei Provincial Committee of the Communist Party of China, said on Wednesday.

Ni said Hebei will continue to enhance the efficiency of government services and foster a market environment that promotes fair competition.

"The synergy between the government and businesses is stronger than ever before," said Mi Yalin, chairman of agricultural company Sunhola Group. "Our confidence in investing in Hebei has grown significantly and we feel more assured about our plans for the coming year."