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By Zhou Jianqi, Enterprise Research Institute, DRC

Research report No.55, 2018 (Total 5330), 201803-26

Abstract: Industrial enterprises constitute a major part of real economy, whereas it is difficult to improve the quality of traditional industries in supply-side structural reform. Currently, China’s structural adjustment of industrial enterprises has presented a new trend of development. The scale-for-profit traditional enterprises such as steel, iron and coal industries are losing driving force for industrial growth, while traditional technology-intensive manufacturing enterprises have kept advancing and the newly-emerged manufacturing industries are gaining momentum for further growth. The adjustment of general industrial classification as well as the optimization and subdivision of manufacturing industry indicate that China is going through a transitional period with traditional drivers being replaced by new ones. In the meantime, there are also some structural problems such as low efficiency in traditional sectors, high pressure to pay the debt and inadequate supply of high-end materials. Efforts need to be made in the following aspects. We need to enhance the quality of the stocks while making good use of additional financial resources, implement the principle of advancing in some aspects while retreating in others and speed up the supply-side structural reform of traditional industries. The principle of advancing in some aspects while retreating in others respectively refer to the fact that support should be given to manufacturing enterprises to establish coordinated and innovative networks of new materials and measures need to be taken to reduce low-efficient stocks in line with the policy of debt-to-equity swap.

Key words: industrial development trend, low-efficient stocks, high-end materials, problems, policy options