China boosts emerging industries and patient capital in 14th Five-Year Plan

China’s 15th Five-Year Plan (2026‑2030) stresses the development of strategic emerging‑industry clusters, describing them as high‑tech, low‑resource, and growth‑driven sectors that can reshape global supply chains. The plan calls for coordinated policy mechanisms, leveraging the nation’s large domestic market and industrial base to enhance certainty for firms, support both large “carrier‑type” enterprises and agile small‑medium firms, and encourage regional development beyond the coastal areas.

A recent book review highlights the concept of “patient capital,” arguing that long‑term financing is essential for Chinese technological breakthroughs that require decades to mature. The review calls for reforms to state‑owned asset assessment, tax policy, exit mechanisms, and better integration of finance, technology and industry to overcome the mismatch between low‑risk public capital and the high‑risk nature of deep‑tech innovation.