Developing Secondary Industry to Drive China’s Future Growth

Jin Bei ( 金碚 )
Institute of Industrial Economics, CASS, Beijing, China

Abstract: Since the second half of the 20th century and especially during the 21st century, world industrialization has experienced a series of historic changes. Although geopolitical changes triggered by political incidents such as the USSR’s disintegration have played a significant role, the geographical shift of world industrialization has first and foremost been caused by the tipping of the balance of international economic and industrial development. China’s rise has become a massive engine driving this Eastward transition. Due to its impressive rapidity, China’s industrialization is often referred to as “ compressed industrialization”: completion of a long journey in a very short period of time. Chinese industrialization also features many distinctive characteristics that contrast with those of many other countries. Currently, China is in a critical stage of industrial development, moving towards world-class advanced manufacturing. Industrialization is a historic period of economic and social restructuring that is often accompanied by various structural imbalances. It is essentially a process of civilization’s progress. China’s industrialization is in many ways consistent with Western industrial and technological development, but remains subject to the profound influence of Chinese civilization. China’s industrialization features unique differences that are deeply rooted in its institutional systems. After 30 years of brilliant achievements, reform of China’s economic and political systems has once again come into the spotlight of public attention.

Key words: industrialization, globalization, global competition pattern, China’s industrial development.

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