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ECONOMY > Economic Policy

Gist of outline of growth strategy

  • May 20, 2016
  • , Nikkei , p. 5
  • Translation

Part 1. Overview

To increase gross domestic product (GDP) to 600 trillion yen, tap potential demand by providing new value and dealing with social issues. Promote a “productivity revolution” to overcome supply limitations caused by the country’s shrinking population.

Part 2. Concrete measures

I. Creation of promising growth industries, deepen “Local Abenomics”

1.         Realize a fourth industrial revolution

<Launch a public-private conference as a control tower>

  • Establish a “strategic council for AI technology” as a control tower for AI technology. Accelerate efforts to formulate strategies for priority fields and cross-cutting policies such as personnel development.

<Promote projects that make better use of data>

  • Standardize specifications of maps for self-driving vehicles across corporate lines and commercialize them by 2018.
  • Build environments to facilitate the industrial use of drones.
  • Realize world-class, cutting-edge “smart” factories. Implement at least 50 projects that allow for the reciprocal use of sensor-collected data among factories by 2020.
  • Introduce smart technologies to secure industrial safety.

2.         Turn Japan into a leading healthcare nation

<Promote the use of services not covered by public health insurance>

<Improve the quality and productivity of nursing care through the use of robotic sensors and other technology>

<Introduce information and communications technology in the healthcare and nursing care sectors>

  • To promote R&D on drug production and treatment knowhow through the use of medical information, study a mechanism that helps establish institutions capable of securing the anonymity of client data and managing their information in a secure fashion.
  • Launch a pilot project to analyze the health information of insurers and provide individual healthcare services within the current fiscal year.

3.         Turn Japan’s agriculture, forestry and fishery into a competitive industry and promote exports of their products

4.         Turn Japan into an attractive tourism destination

5.         Industrialize sports and culture

<Reform stadiums and arenas>

  • Draw up guidelines to enhance the profitability and attractiveness of facilities within the current fiscal year.

6.         Rejuvenate the service industry and improve productivity

<Set the goal of lifting labor productivity in service sector by 2%>

  • Create 10,000 companies capable of improving productivity by about 10% by 2020.

7.         Facilitate innovation by midsize and smaller businesses

8.         Bring about manufacturing innovation

<Encourage midsize and smaller businesses to use IT and robots and spread spillover from a fourth industrial revolution>

9.         Revitalize the housing market focusing on the distribution of existing homes and home renovation

10.       Overcome environmental and energy limitations and expand investment

11.       Enhance the competitiveness of cities and strengthen industrial infrastructure

 

II. Reform regulatory system to realize productivity revolution

1.         Introduce new regulation/system reform mechanism

<Draw a “backward calculation roadmap to achieve goals” to win throughout a fourth industrial revolution>

<Introduce new methods to facilitate the use of IT, reform regulations, and simplify administrative procedures from the perspective of business operators>

2.         Reform systems for future investment

<Improve corporate value through the reform of corporate governance>

<Make public services and assets accessible to the private sector>

  • Expand the size of projects financed by public-private partnerships (PPP) or private finance initiatives (PFI) to 21 trillion yen over the next 10 years. Increase PFI projects that manage public facilities to 7 trillion yen.

3.         Carry out drastic regulatory reform in strategic economic growth areas

 

III. Strengthen the creation capabilities of innovation and venture firms. Develop human resources with fighting spirit

1.         Strengthen the creation capabilities of innovation and venture firms

<Increase investment by three-fold from businesses to universities and national R&D institutes by 2025>

2.         Use multifaceted approaches to develop and secure human resources

<Reform primary and secondary education systems toward the future>

  • Make computer programming a compulsory course in primary and secondary education.

<Promote participation of workers with various backgrounds>

  • Create a “Japanese green-card system for highly-skilled foreign human resources” aimed at shortening the time required for them to obtain permanent residency from the current five years.
 

IV. Tap into overseas growth markets

1.         Promote the signing of and revisions to economic partnerships, as well as investment and taxation treaties.

2.         Help midsize and smaller businesses utilize TPP and expand operations overseas

3.         Strengthen measures to attract foreign direct investments in Japan

4.         Expand exports of infrastructure-building expertise

5.         Facilitate “Cool Japan” strategies

 

V. Promote “Reform 2020”

1.         Utilize next-generation urban transportation system and self-driving technology

<Secure transportation means for seniors and establish a platooning system>

  • Establish “truck platooning” technology to electronically connect several trucks on highways and drive them in a column.

2.         Address energy and environmental challenges through the use of distributed energy sources

3.         Realize a universal, future society through the use of cutting-edge robotic technology

4.         Market Japan’s quality medical services and knowhow abroad

5.         Showcase Japan as a leading tourism destination

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