Upgrading is in full swing by voicing the old and accepting the new ten years. From this point of view, in the past ten years, the knowledge-intensive medicine and electronics industries have led the growth in value added, while capital-intensive steel and labor-intensive textiles have followed suit. The growth rate of added value of strategic emerging industries, high-tech manufacturing, and equipment manufacturing also continued to be higher than that of the overall industry. From a micro perspective, in the past three years, the growth rate of traditional industrial products such as steel, nonferrous metals, cement, and coal has generally been sluggish, while the growth rate of new products such as new energy vehicles and industrial robots has continued to be high, far exceeding the former. The raw material category is too high, and the electronic curve overtakes. Compared with manufacturing powerhouses such as the United States, Japan, and Germany, we still have a certain gap. From the perspective of the proportion of manufacturing in the economy, my country is equivalent to the United States in the early 1950s and Japan in the mid-1980s. From the perspective of the internal structure of the manufacturing industry, the US electronics industry has established a leading position by relying on capital market financing; while Japan’s raw materials and equipment processing industries rely on bank financing to become the mainstay of the economy. On the other hand, in my country, the proportion of metals and building materials is relatively high, while the proportion of machinery is relatively low, reflecting that the upgrade from the raw material industry to the processing and assembly industry is not smooth, but electronics has achieved overtaking in corners. With the rise of leading enterprises, the structure needs to be upgraded. In terms of quantity, my country's top 500 companies in the world have surpassed the United States in 19 years, but energy and metal companies account for an excessively high proportion of companies and their profit margins are not outstanding. The automobile and industrial machinery industries are slightly weaker, while the computer and electronic equipment manufacturing companies are large but not strong. In terms of time, my country's manufacturing companies were late on the list, and their rise lags behind the United States, Japan and Germany. Only the automobile manufacturing industry started relatively early.
Future directions: high-end equipment manufacturing, electronics, medicine. Over the past ten years, the upgrading of China's manufacturing industry has been in full swing. However, due to a late start, there is still a certain distance from the established manufacturing powerhouses such as the United States, Japan, and Germany. In particular, the proportion of raw materials industries is relatively high, and the proportion of equipment processing industries is relatively low. In the next ten years, high-end equipment manufacturing, electronics, and medicine will be key areas for China's manufacturing upgrade. Two major starting points: equity financing and R&D investment. At this stage, the three major industries have begun to take shape after experiencing sustained high-speed growth, but they still have greater potential compared with the United States, Japan, and Germany, and there are many shortcomings in the core technology field that need to be made up urgently. We believe that two major starting points are indispensable: one is equity financing, the financing method determines the incentive mechanism, and equity financing is the key to stimulating human capital; the second is R&D investment, the intensity of China’s R&D investment in 18 years (R&D expenditure/GDP) It has reached a new high of 2.2%, but there is still a big gap with the United States, Japan and Germany. The gap in the number of PCT patents is also significant.
Xiongguan Road is really like iron. After the rapid development of the past ten years, the upgrading of China's manufacturing industry is gradually entering the deep water area. Today, we are not going back to the old path of stimulating real estate infrastructure. Instead, we maintain our determination and firm confidence and focus on the development of the three major industries of high-end equipment manufacturing, electronics and medicine. We believe that as the intensity of R&D investment continues to increase, equity financing will grow stronger Manufacturing upgrading will still be in the ascendant!