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Study on the Changes in China's Industrial Policies and Industrial Structures in Manufacturing Sector after China's Reform and Opening

Author

Listed:
  • Choi, Wonseok

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Yang, Pyeongseob

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Pak, Jinhee

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Kim, Joohye

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Choi, Jiwon

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Zhao, Xinwang

    (China Manufacturing Think Thank Institute)

Abstract
As China's recent industrial advancement has changed the trade structure between Korea and China from a complementary relationship to a more competitive one, the need for research on Chinese industrial policy has increased. Therefore, this study aims to analyze and evaluate changes in major industrial policies and industrial structures following China's reform and opening. We also analyze changes in the trade structure between Korea and China due to changes in China's industrial structure. Based on these analyses, we propose the following policy implications for Korea. Under the U.S.-China trade friction, China is expected to focus on a powerful science and technology strategy, promotion of the digital economy, "new infrastructure" construction, and the China Standard 2035 strategy. Korea needs to diversify its export market in the information and communication technology sector, prepare Korea's industrial technology protection system, and expand its participation in China's domestic market while diversifying global supply chains. Second, a response strategy is needed considering China's import growth rate in advanced manufacturing and to improve Korea's trade competitiveness. Finally, China's industrial policy is expected to evolve from simple incubation measures to a comprehensive strategy brought into harmony with the market, and further research on the creation of Chinese industrial ecosystems through policy and interaction between companies is expected.

Suggested Citation

  • Choi, Wonseok & Yang, Pyeongseob & Pak, Jinhee & Kim, Joohye & Choi, Jiwon & Zhao, Xinwang, 2021. "Study on the Changes in China's Industrial Policies and Industrial Structures in Manufacturing Sector after China's Reform and Opening," World Economy Brief 21-24, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2021_024
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    Keywords

    China; Korea; opening; industrial; trade friction;
    All these keywords.

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