With the arrival of the Fourth Industrial Revolution, the world economic order is constantly undergoing dynamic adjustments, and a new global economic pattern is being formed. “Big government” replaces “big market”, trade protection replaces trade freedom, localization and regionalization of global value chain replace globalization, and digital economy replaces traditional economy. The global value chain itself is a structured division of labor led by capital logic, and the logical starting point of China’s new industrialization should be the reconstruction of national independent innovation capabilities. In order to solve the current development difficulties, China needs to continue to implement multilateralism to build opportunities for upgrading the manufacturing industry, strive to achieve high-quality development of manufacturing transformation and upgrading, focus on promoting a new national system of key core technologies in the manufacturing industry, and advance the generation of a systematic environment for cultivating a complete domestic demand system.

Editor: Zhong Yao、Deng Panyi

From: China Review of Political Economy.2023.No.5.