Policy Address

Chapter IV    Industry Development and Reform

55. Industries are the cornerstone of economic development. The Government will leverage market forces through enhanced measures, such as flexible land grant arrangements, tax concessions, capital subsidies and talent grooming, so as to drive industry development.

56. The service industry accounts for a significant share of our economy. In response to an increasingly dynamic market environment and rapid technological change, the Government will pursue structural upgrades of our industries. We will consolidate our traditional strengths in sectors such as financial and legal services, while actively nurturing emerging ones, including advanced manufacturing, life and health technology, new energy, AI and data science, to create more high-quality job opportunities, increasing people's income and enhancing overall economic efficiency.