Abstract: Based on the Wind database, by organizing reports of listed companies from 2018 to 2023, it is possible to identify the direction and scale of China's industrial transfer during this period, using information on location changes of companies such as investment in new projects, production bases, and registered address changes. Research has found that the current trend of domestic industrial transfer is mainly characterized by inward migration rather than outward migration, that is, the central and western regions are the main recipients of domestic industrial transfer, and there is no large-scale outward migration phenomenon. The main reason for this trend is adapting to the transformation of domestic factor structure, optimizing industrial strategic allocation, avoiding uncertainty risks, as well as regional development strategy and policy support guidance. The advantages and challenges of central and western regions undertaking domestic industrial transfer mainly include the following points. Firstly, the foundation for industrial agglomeration clusters is good, but the industrial supporting system still needs to be improved. Secondly, the overall cost of production factors is relatively low, but the advantage is gradually losing. Thirdly, the transportation infrastructure conditions are good, but the coverage and connectivity level still need to be improved. Fourthly, the market potential is significant, but the business environment still needs to be optimized. At present, the layout of China's industrial chain should pay more attention to the requirements of resilience and safety while balancing efficiency. We should continuously cultivate and improve the dynamic competitiveness of the central and western regions in undertaking industrial transfer. Moreover, we need to promote industrial relocation by building a unified domestic market with regional interconnectivity and create a first-class business environment in the central and western regions.
