Beijing has pledged to prevent industrial hollowing-out by safeguarding the share of manufacturing in its economy, noting that the trend has historically proven difficult to reverse in an official outline of priorities for the next five years.
“In recent years, some advanced economies have attempted to revive their manufacturing sectors after deindustrialisation, but it has proven to be extremely difficult,” the authors said.
Last month, the Communist Party’s Central Committee unveiled the proposals for the 2026-2030 development blueprint, with a focus on building a modern industrial system by “maintaining a reasonable share of manufacturing” – though without setting a specific target.
For a populous, developing country like China, manufacturing forms the foundation of a robust real economy, the book’s authors said. This explained China’s prioritisation of its vast industrial base, they added, noting the country would double down on manufacturing amid growing unilateralism and protectionism.
Dong Yu, executive vice-president of the China Institute for Development Planning at Tsinghua University, said Beijing had long been committed to preserving manufacturing’s share in the economy. “The 14th five-year plan already has such a requirement,” he said.
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