The Third Plenum of the 20th Central Committee of the CPC proposed to accelerate the formation of production relations that are more suitable for the new quality productivity. It clarifies the focus points of building a modern industrial system and requires us to further optimize the implementation methods of industrial policies.
Firstly, traditional industries should focus on building the optimized and upgraded institutional mechanism. We should prevent viewing traditional industries with a backward colored spectacles in terms of ideology. We should initiate the revitalization project of traditional industries, focus on promoting the transformation, upgrading, and iteration of production processes and equipment, and make traditional industries unleash new vitality.
Secondly, strategic emerging industries should focus on developing policy and governance system. Strategic emerging industries are the areas with the most intensive implementation of various industrial policies. There is a significant amount of space for improvement in the development policies and governance system of strategic emerging industries in China.
Thirdly, future industries should focus on establishing a sustainable investment growth mechanism. The biggest characteristic of future industries is uncertainty, which determines that the development of future industries requires long-term accumulation. The funds invested by the government and state-owned enterprise should mainly focus on supporting public areas such as basic research, common technology development, and open application scenarios.
