【原创】China’s Economy in Advanced Stage of Industrialization

China’s Economy in Advanced Stage of Industrialization: Tendencies andRisks

Huang Qunhui

Institute of Industrial Economy, Chinese Academy of Social Sciences,Beijing, China

[Abstract] In 2010, China entered the advanced stage of industrialization,which coincided with the country’s entry into a new stage of economic growth.However, this transition is associated with major risks, including adapting todecelerating economic growth. While recognizing the move toward a service-basedeconomy, China must seek to prevent the risk of “manufacturing hollowing out.” Itmust also avoid the “technology upgrade trap” while taking advantage ofincreasingly sophisticated industrial structures. Efforts must also be made to:(1) promote the integration of IT tools and meet risks arising from the NewIndustrial Revolution; (2) resolve liability risks arising from capacityreduction; and (3) expedite the transition to a functional industrial policyand prevent the failure of a functional industrial policy. In climbing up the globalvalue chain, China must confront the competitive pressures from advanced andemerging economies on both high- and low-end processes of the global valuechain.

[Keyword] advanced stage of industrialization, new normal,tendency, economic risks

JEL: L60, O10, O53