A Techno-Economic Paradigm Perspective on the ‘Third Industrial Revolution’ and China’s Strategies in Response*

Huang Qunhui  and He Jun
Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing, China

 
Abstract: Built on artificial intelligence, digitalization, and information technologies, the “Third Industrial Revolution” transforms large-scale assembly lines and flexible manufacturing system with fundamental modern manufacturing technologies and features personalized manufacturing, which is enabled by reconfigurable manufacturing system, and quick market response. It is a profound transformation of techno-economic paradigms, imbedded in the technology, management, and institutional systems. As this revolution deepens, it is likely that manufacturing and the manufacturing sectorwould acquire new definitions. In addition, the resource foundation and factor structure,which are central to the competitiveness of a nation and an enterprise, would perhaps be reconfigured, hence rewriting the landscape of global industrial competition. Under this scenario, the “smiling curve”, which used to portray the economic features of the value chain, may change into a “silence curve” or even “sadness curve”. The catchingup pathway of latecomer countries, as predicted by the traditional “flying geese model”,is likely to be blocked, solidifying the division of “core and periphery countries” which is unfavorable to developing countries. Industrial competition between countries would move from competition between enterprises and supply chains to competition in industrial ecosystems, making system adaptability and dynamics the key to long-term industrial competitiveness. As an effort to embrace the “Third Industrial Revolution” and meet the challenges brought by “multi-facets competition” with developed industrial nations in various links of value chain, in the future China should make appropriate adjustments in its strategies for economic transition and upgrading, global competition, technological innovation, industrial development and information technology.
Key words: advanced manufacturing technology, the Third Industrial Revolution, techno-economic paradigm, economic development strategy

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