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Abstract:Industrial structural adjustment,as a key point of economic growth model transformation,has become fundamental path to increase economic efficiency,as well as to improve people's wellbeing,since China's economy has entered the new normal.Industrial structural adjustment doesn't only follow the rule of the survival of the fittest,but also refers to government intervention.Predictably,financial system services will have a substantial function to improve industrial structure,as avery important wing of China's industrial policies.
This book brings to light the features of current industrial structure and obstacles of future industrial adjustment,summarizing the evolution way of that.After analyzing the context of industrial policies from historical and international perspectives,this book points out the directions of China's industrial adjustment and opportunities of industrial transformation embedded in national strategies.In additional,this book presents how to strengthen financial system services function for the real economy transformation,taking new trend of China's industrial policy in 13th five-year plan period into account.
The main features of current industrial structure are as follows:the primary sector is the fundamental industry;the secondary sector remains the leading industry;the tertiary sector becomes the pillar industry;industry integration generates lots of new formats.Meanwhile,some longstanding serious problem sappears,such as excess production capacity,low innovation performance,feeble resources allocation efficiency,powerless service industry promotion,and ever-increasing risks of real estate.These problems are actual obstacles,as well as strategic opportunities for China's industrial adjustment.
China's industrial adjustment,is not only rooted in the reality that China is still in the middle of industrialization,butem bedded in the setting that main countries struggle for the peak of international division.In 13th five-year plan period,China's industrial policy making should take both domestic and international markets and resources.For one thing,the historical opportunities for industry promotion will be sought from China's national strategies;for another thing,the market demand of main industries will be predicted for the shift of economic growth model.
Financial system services function will become the prominent trend of China's industrial adjustment during13th fiveyear plan period.What could be expected is as follows:Banks should be reformed deeply and implement different credit policies;Capital market should better service functions of corporate merger and acquisition;Special funds should be set up to support small and micro-sized enterprises and strate gicemerging industries;The system of investment and financing should be reformed for modern service industry promotion;Worldclass financial enterprises and offshore financial market should be cultivated to improve Chinese enterprises' resources allocation efficiency;A more efficient house finance system should be established to sustain the real estate market in a long run.