#China should think about how the #GVC will be reshaped, tap into its institutional advantages, reinforce #infrastructures that underpin industrial clustering, forge a fresh industrial ecosystem based on new technologies, and digitalize its traditional sectors...1/7
To this end, Huang Qifan proposed to:
1. Optimize China's supply chain by improving the weak links. Some of these weak links could be fatal, because once they get disabled by uncontrollable political factors or natural disasters, the entire supply chain would break down...2/7
That's why China must force itself, amid the global supply chain restructuring under the pandemic's blow, to realize the local production of key parts, step up R&D efforts to make technological breakthroughs, and ultimately replace the imported parts with self-made ones...3/7
2. Adopt new and targeted measures to restart its domestic economy, and encourage export-oriented businesses to tailor their products to domestic demands and expand domestic sales instead...4/7
The government should provide these businesses with preferential policy support for some time to help them adjust, for example, allowing them to sell previously exported products domestically without withdrawing tax rebates or charging VATs...5/7
3.Encourage traditional sectors to digitalize and expand domestic markets. Large population, abundant natural resources and huge GDP have created an enormous domestic market in China, and sizable potential market space based on technological advances exists for every sector...6/7
4. Attach more importance to the value of online market and give full play to cross-border e-commerce.
5. Expand import to achieve balanced development between import and export. 7/7
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