China’s Industrial Economy Evolves into an Era of Steady Progress: Prospects and Challenges
Institute of Industrial Economics, the Chinese Academy of Social Sciences, Beijing, China
Abstract: China’s industrial economy’s growth has steadily evolved into a period of slowdown but the development momentum of its industrialization and urbanization requires and supports a relatively high rate of growth of the industry. Rapid growth has transformed into an era of “steady progress”. That heralds great changes in the momentum of growth, the nature of institutional systems, and policy concepts of the industrial economy. The character of industry and the achievement of healthy development are the essence of industrial advancement in the era. “Steady progress” requires a stabilization of attitude, policy and expectation. “Progress” calls for better quality of growth, equilibrium and environmental performance. Above all, advancing reforms is fundamental to achieving these new objectives of the “steady progress”. As market is potentially powerful while government’s function is limited, only moderate, prudent and cautious government regulation will provide the reliable policy assurances necessary to set China’s economy firmly on the track of steady progress and sustainable growth.
Keywords: industrial development, steady progress, institutional reform