THREAD:As China-US #trade friction continues to escalate,China must keep its industrial policies,which is exactly what US worries about.The problem is not whether or not to abandon,but what kind of industrial policies should China take,said YuYongding: mp.weixin.qq.com/s/wqH0KqALGhua…
1/5
Industrial policy is China’s “weapon” which sometimes can effectively help improve resource allocation. On the other hand, China should unwaveringly respect the fundamental role of market in allocating resource. 2/5
It is also important to strengthen protection of industrial chains and pay high attention to self-innovation. It is unwise to make concessions in areas concerning China’s core interests in exchange for cancelation of #tariffs imposed by the US. 3/5
Self-innovation is particularly important in key product and devices. While the global value chains will shift, China should rely more on domestic market, and strengthen protection of industrial chains in particular from legal level. 4/5
The China-US #trade friction has become increasingly irrational, which makes the moves of the US more and more unpredictable. And it has become quite hard for #China to make policy plans based on common sense or commitments made by the US. 5/5
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