Themed "No Future Without Technological Innovation", the 2021 New Year Forum of Fudan University School of Management focused on the strongest momentum for the industrial development, providing deep insight into the trend of technological innovation as well as the Chinese economy. Professor Rui Mingjie shed light on three important new strategies issued by the government and led us to think about the industrial development opportunities in the near future. He believes that in this time of great changes, every enterprise has the responsibility to seek transformation and upgrade, achieve faster growth, and make contributions to the nation, the society, and the consumers.
New configurations under the new development strategies
The government has meticulously drawn up a series of economic strategies involving economy, industry and technology. Professor Rui pointed out that there of these strategies are particularly important:
The dual-circulation strategy means fully bring out the advantage of China's super-large market scale and the potential of domestic demand, and establish a new business configuration where the domestic circulations is complemented by the international circulation.
The key of the strategy is to build a high-quality modern industrial system with international competitiveness as well as a relatively complete industrial chain and supply chain.
We have gradually carried out several regional development strategies, such as the integration of Beijing-Tianjin-Hebei, as well as the more recent construction of the Greater Bay Area of Guangdong-Hong Kong-Macao, and the integration of the Yangtze River Delta.
The core of this strategy is to establish a unified market, improve the efficiency of resource allocation, and further deepen the reform-and-opening up through cooperative innovation, thereby forming a new economic growth point.
In the future, digital technology and digital industry will become the most important growing sectors of the economy. Data will become the most important factor of production.
Opportunities for recent industry development
How should the companies make adjustments to keep the pace with this era of change? Professor Rui suggested that we could begin with following the strategy of constructing a modern industrial system, which is part of the dual-cycle strategy.
Professor Rui threw light on the three directions to improve the weaknesses in our industrial chain, which will not only be the fastest growing sectors of the future industrial development, but also a major opportunity for capital investment.
1. Work on weaknesses in the high-end industries among the basic industries, such as new energy, unmanned driving, big data analysis, artificial intelligence algorithm, etc.
2. Work on weaknesses in the industries manufacturing finished products, such as new energy automobile, commercial aircraft engine, smart production equipment, smart operating system, high-end medical equipment, etc.
3. Work on weaknesses in the industries manufacturing intermediate products, such as high-end chip, aircraft engine manufacturing, actuator manufacturing, hydrogen fuel engine manufacturing, advanced chemical synthesis, etc.
Promising industries for mid- and long- term development strategies
In the mid- and long-term, the key to the development of emerging industries lies in technological and industrial innovation. Professor Rui pointed out that fastest-growing industries will most likely to appear in the following areas:
