New Milestone Achievements in China's Industrial Transformation and Upgrading

• Published in: China economist (Beijing, China) China), 2024-03, Vol.19 (2), p.2-30
• Main Authors: Dan, Shi, Qizi, Zhang, Chaoxian, Guo
• Format: Article
• Language: chi ; eng
• Subjects: Digital economy; Economic development; Economic growth; Endowment; Enrollments; Globalization; Green economy; Infrastructure; Internet; Manufacturing; Nuclear power plants; Quantum computing; R&D; Research & development; Research & development expenditures; Space stations; Technology
• ISSN: 1673-8837

In recent years, China has steadily advanced high-quality economic development, moving from "made in China" to "invented in China", and scoring new milestones in industrial transformation and upgrading. In terms of resource endowment structure, China has succeeded in bolstering innovation investment and capabilities,as well as converting its demographic dividend into a talent dividend, propelling it into the ranks of leading nations in terms of new infrastructure capacity. China has made groundbreaking progress in 5G, deep ocean, aerospace, transportation, energy, and other critical sectors. China has achieved a rapid expansion in the manufacturing of emerging high-end products, becoming the world's largest robotics market. In terms of industrial structural transformation, China's economy has moved into a service-based development stage, with producer services accounting for a rising share. Technology-intensive and knowledge-intensive services have thrived, high-tech sectors have served as vital economic growth drivers, and integration of the primary, secondary, and tertiary industries, as well as the digital and real economies, has emerged as a prominent trend. The digital economy is growing fast in terms of scale and penetration. "Digital factor×" and "AI+"applications are accelerating industrial upgrading, spawning new business models like smart manufacturing, e-commerce, and online sales. In terms of the green economy, China has initially created a green modern industrial system, transforming itself into a global powerhouse of new energy goods, with renewables accounting for the vast majority of its newly installed generation capacity. In terms of industrial internationalization, high-tech products have made up the bulk of China's exports, China has emerged as a key source of outward direct investment, and the focus of its industrial internationalization has shifted from "going global" to "integrating locally".