China’s Economy in the Advanced Stage of Industrialization: Tendencies and Risks

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 to decelerating economic growth. While recognizing the move toward a service-based economy, China must seek to prevent the risk of “manufacturing hollowing out.” It must also avoid the “technology upgrade trap” while taking advantage of increasingly sophisticated industrial structures. Efforts must also be made to: (1) promote the integration of IT tools and meet risks arising from the New Industrial Revolution; (2) resolve liability risks arising from capacity reduction; and (3) expedite the transition to a functional industrial policy and prevent the failure of a functional industrial policy. In climbing up the global value chain, China must confront the competitive pressures from advanced and emerging economies on both high- and low-end processes of the global value chain.

Keywords: advanced stage of industrialization, new normal, tendency, economic risks

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