China’s Deindustrialization: Challenges and Future Prospects
- Amidst ongoing challenges-trade war, COVID-19, and a property slump-China's leaders remain confident about the source of future economic growth.
- the government seeks a "complete" industrial system, reducing reliance on foreign nations while increasing global dependence on China.
- This strategy reflects a broader ambition to move beyond being the "world's factory" and become a global leader in innovation and technology.
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China’s Pursuit of Technological Independence
Amidst ongoing challenges-trade war, COVID-19, and a property slump-China’s leaders remain confident about the source of future economic growth. Their view is that the country’s destiny lies in high-tech manufacturing.The “Made in China 2025” plan, released ten years ago, aimed to transform China into a leading factory “powerhouse” by mid-century.
The “Made in China 2025” Initiative
the government seeks a “complete” industrial system, reducing reliance on foreign nations while increasing global dependence on China. President Xi Jinping wants to cultivate “new productive forces” by applying cutting-edge technology to both emerging and conventional industries.
This strategy reflects a broader ambition to move beyond being the “world’s factory” and become a global leader in innovation and technology. It’s a long-term vision with significant implications for the global economy.