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Industrial Upgrade Driven by Domestic Demand: Rationale, Pathway and Policy Coordination

China economist (Beijing, China), 2023-07, Vol.18 (4), p.59-84

Copyright Institute of Industrial Economics, Chinese Academy of Social Sciences Jul/Aug 2023 ;ISSN: 1673-8837

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  • Title:
    Industrial Upgrade Driven by Domestic Demand: Rationale, Pathway and Policy Coordination
  • Author: Jiejiao, Liu ; Xuye, Wang ; Bingbing, Liu
  • Subjects: Consumption ; Economic development ; Economic growth ; Exports ; GDP ; Gross Domestic Product ; Households ; Infrastructure ; Innovations ; International trade ; Manufacturing
  • Is Part Of: China economist (Beijing, China), 2023-07, Vol.18 (4), p.59-84
  • Description: Domestic demand motivates businesses to develop innovative products, services and industries to pursue a high-tech, high-value, and high-quality path of development. As industrial upgrade is fueled by domestic demand, it is essential for China to expand supply-side structural reforms, establish a modern industrial system, and increase the momentum of endogenous development via dual domestic and international circulations. Industrial upgrade and domestic demand are mutually reinforcing. Consumption provides the impetus for industrial upgrade, while investment serves as the guarantee. Conversely, industrial upgrade stimulates consumption and investment. Consumption and infrastructure investment should therefore be increased in a manner that supports industrial upgrade. As it is a catalyst for industrial upgrade, the objective of policymakers should be to increase domestic demand. In addition, there should be more coordination between policy objectives and instruments and more connectivity between policymakers and implementing agencies. Sound market policies should be adopted to create a market and institutional environment that increases domestic demand, improves industrial upgrade, and spurs high-quality development.
  • Publisher: Beijing: Institute of Industrial Economics, Chinese Academy of Social Sciences
  • Language: Chinese;English
  • Identifier: ISSN: 1673-8837
  • Source: ProQuest Central
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