Thoughts on China’s industrial economic development amid the global financial crisis

JIN Bei

Professor, Director General, Institute of Industrial Economics, Chinese Academy of Social Sciences (CASS)

Abstract:

The current global financial crisis has highlighted the importance of manufacturing, demonstrating that industries, particularly sophisticated and clean industries, are the basis of scientific development and the answer to resource and environmental problems. Industrialization is essentially a process of job creation as technology modernizes traditional labor-intensive industries. It is also highly relevant to develop resource-intensive industries and technologies for energy conservation and energy replacement. Short-term counter-crisis measures must be balanced with long-term mechanisms. A more open and effective order of market competition should be established and maintained to make China’s economy more flexible.

Key Words:

Financial crisis, China’s industries, competitiveness

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