New Drivers of China’s Industrial Growth in Its Late-Stage Industrialization and “New Normal”
Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing, China
Abstract: According to our analysis of variations in China’s industrial growth rate, industrial demand, industrial structure, regional structure and the performance of industrial frms, China’s industrial economy is moving towards a “new normal” of slower growth and structural improvement. This process coincides with the late stage of China’s industrialization, which international experience suggests is often fraught with twists and challenges. Among these challenges, great attention must be paid to overcapacity, industrial restructuring and upgrades, and the reindustrialization” of developed countries. As China enters the late stage of its industrialization, particularly during the 13th Five-Year Plan period from 2016 to 2020, the promotion of industrial development is of strategic signifcance for China to successfully complete industrialization and its economy to adapt to the “new normal”. In the face of these new challenges regarding industrial development, policymakers must strive to increase the dynamism of growth for industrial economy. In this new era, the momentum of industrial growth derives from the integration of the supply
impetus of industrialization and the pull of demand caused by urbanization, while the comprehensive deepening of reform provides the key source of momentum.
Keywords: “new normal”, late stage of industrialization, development consensus, innovation-driven