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China Briefings

Reports on China issued by Samsung Economic Research Institute

The Potential of China's Green and Bio Industries and Korea's Strategy

The Potential of China's Green and Bio Industries and Korea's Strategy

LEE Sung-Ho

Dec. 3, 2010

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I. Remarkable Advancement in Promising Industries

In 2006, China changed its industry development strategy, stressing "Independent Creation." Since then, it has increased investment in emerging industries amid the global financial crisis which crippled the world.

Three Stages of China's Economic Development

▷ "The Factory of the World" (1978-1984): Exported light industrial products leveraging low manufacturing costs since opening

▷ "From Market to Technology" (1985-2005): Demanded foreign companies entering China to transfer state-of-the-art technology

▷ "Independent Creation" (2006- ): Pursued independent innovation through R & D and expansion of value chains across the board

China has emerged as the biggest solar cell and wind turbine manufacturer in the past four years, with production surging 31 and 27 times respectively. The production of solar cells jumped from 142MW in 2005 to 4,382 MW in 2009, while that of wind turbines rose from 507MW in 2005 to 13,803MW in 2009. China has created a virtuous cycle of cost innovation in emerging industries based on a large pool of human resources, a huge market, related industries and infrastructure. As a result, it has come to have world-class green and bio- industries.

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