Beijing has pledged to prevent industrial hollowing-out by safeguarding the share of manufacturing in its economy, noting that the trend has historically proven difficult to reverse in an official outline of priorities for the next five years.<\/p>\n
As nations industrialise, the share of manufacturing in their economies typically peaks before declining. If left unchecked, the trend could lead to deindustrialisation, undermining economic strength and resilience, according to a book released last week by the Communist Party leadership. The publication offered a detailed interpretation of the proposals for the coming 15th five-year plan<\/a>.<\/p>\n \u201cIn recent years, some advanced economies have attempted to revive their manufacturing sectors after deindustrialisation, but it has proven to be extremely difficult,\u201d the authors said.<\/p>\n Last month, the Communist Party\u2019s Central Committee unveiled the proposals for the 2026-2030 development blueprint, with a focus on building a modern industrial system by \u201cmaintaining a reasonable share of manufacturing\u201d \u2013 though without setting a specific target.<\/p>\n For a populous, developing country like China, manufacturing forms the foundation of a robust real economy, the book\u2019s authors said. This explained China\u2019s prioritisation of its vast industrial base, they added, noting the country would double down on manufacturing amid growing unilateralism and protectionism.<\/p>\n