Current China's Industrial Development Issues and Its High Quality Development in Future

Industrial development is the foundation of China's high-quality economic development and the key to building a modern and powerful socialist country, due to the fact that industry is the first source and core area of technological innovation, the material basis for improving the efficiency of the national economy and the fundamental guarantee for sustainable development. Without the development of industrial real economy, China may fall into the "middle-income trap". China should be especially vigilant in the development of "de-industrialization" and "anti-Kuznets" phenomenon. When the Fourth Industrial Revolution comes, China should seize the opportunity to accelerate the construction of a powerful manufacturing country and a modern economic system. The main problems existing in China's industrial development are:lack of technological innovation in key areas and insufficient input in basic research; factor cost increases and business profitability decreases; excess capacity problem is serious and economic operation risk is increasing; the growth mode is relatively extensive, and the quality and efficiency need to be improved; international competition is facing "double ended extrusion" and economic and trade frictions intensified. It is urgent to promote the development of high quality industries. This paper argues that China should promote high-quality industrial development from five aspects:industrial policy transformation, enhancing the ability of independent innovation, promoting supply-side structural reform, strengthening the accumulation of human capital, and promoting a new round of high-level opening up.