China is focusing on developing advanced manufacturing to enhance the resilience of its industrial and supply chains, boost core competitiveness globally, and lay a foundation for long-term economic growth. Upgrading the manufacturing sector is essential to bolstering the real economy. Premier Li Qiang called for accelerating the development of advanced manufacturing, high-end manufacturing, and modern industrial systems. Breakthroughs in core technologies in key fields are crucial for greater self-reliance and strength in science and technology. China’s manufacturing sector has maintained growth momentum amid challenges from the COVID-19 pandemic and a complicated external environment. China’s manufacturers should transition from exporting products to exporting industrial capacities and ramp up localized operations abroad to enhance global competitiveness. Digital technologies like cloud computing, big data, the internet of things, and blockchain will buoy the high-quality development of China’s manufacturing sector.
China’s Emphasis on Advanced Manufacturing to Boost Economic Growth Globally
China has been focusing on developing advanced manufacturing to enhance the resilience of its industrial and supply chains, boost its core competitiveness globally, and lay a solid foundation for long-term economic growth, according to experts and business executives. Upgrading the manufacturing sector has been high on China’s development agenda to bolster the real economy, and Premier Li Qiang has called for a big push to develop advanced manufacturing, advance high-end manufacturing, and accelerate the construction of a modern industrial system.
China’s emphasis on the real economy and the development of advanced manufacturing through intelligent digital technologies will make China’s economy more resilient and strengthen its capacity to buffer against external risks and shocks, building the country into a manufacturing powerhouse.
Efforts for Breakthroughs in High-End Fields and Core Tech
China must accelerate its efforts to achieve breakthroughs in core technologies in key fields to achieve greater self-reliance and strength in science and technology, and tackle bottleneck issues in core technologies in fields like basic materials and software, precision components, integrated circuits, and high-end equipment, said Li Xianjun, an associate researcher at the Institute of Industrial Economics at the Chinese Academy of Social Sciences.
China’s manufacturing sector has maintained growth momentum amid challenges from the COVID-19 pandemic and a complicated external environment. According to data from the Ministry of Industry and Information Technology, China accounted for nearly 30 percent of global manufacturing output in 2021, up from 22.5 percent in 2012.
In conclusion, China’s emphasis on developing advanced manufacturing will play a crucial role in bolstering technological innovation, advancing new industrialization, and fostering high-quality development. It is expected to boost China’s core competitiveness globally, enhance the resilience of its industrial and supply chains, and lay a solid foundation for long-term economic growth.
Stepping Up Support for High-Quality Development of Manufacturing in China
Pan Helin, co-director of the Digital Economy and Financial Innovation Research Center at Zhejiang University’s International Business School, emphasized the importance of stepping up support for micro, small, and medium-sized enterprises and optimizing the business environment, given that enterprises have played a prominent part in driving technological innovation.
Pushing Manufacturing Sector toward Higher-End, Smarter, and Greener Production
Pan highlighted the importance of pushing the manufacturing sector toward higher-end, smarter, and greener production, with talent being key to promoting high-quality development of manufacturing. Chinese tech companies should strive to achieve breakthroughs in key, core, and cutting-edge technologies by investing more in basic research and strategic, forward-looking fields to safeguard the stability and safety of industrial chains.
High-Tech Manufacturing Segment Driving High-Quality Economic Development
According to the National Bureau of Statistics, China’s industrial output rose 3.6 percent YoY in 2022, with the output of high-tech manufacturing and equipment manufacturing segments soaring 7.4 percent and 5.6 percent YoY, respectively. Li Dongsheng, founder and chairman of consumer electronics maker TCL Technology Group Corp, emphasized that promoting technological innovation and increasing capital input are crucial for the growth of the high-tech manufacturing segment.
Transitioning from Exporting Products to Exporting Industrial Capacities
China’s manufacturers should transition from exporting products to exporting industrial capacities, ramp up localized operations abroad, and avoid trade barriers to enhance their global competitiveness, he said. The high-quality development of China’s manufacturing sector has entered a fast lane, buoyed by digital technologies like cloud computing, big data, the internet of things, and blockchain, according to Zhou Yunjie, chairman and CEO of Chinese home appliance giant Haier Group.
In conclusion, China’s manufacturing sector needs to focus on high-quality development, pushing toward higher-end, smarter, and greener production, and achieve breakthroughs in key, core, and cutting-edge technologies to safeguard the stability and safety of industrial chains. Transitioning from exporting products to exporting industrial capacities and ramping up localized operations abroad will enhance China’s global competitiveness.
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