New-type industrialization accelerates
The push for "new-type industrialization” (NTI) is gaining momentum.
New-type industra-what?
NTI combines Beijing's goals of industrial upgrading and achieving tech self-sufficiency to:
- Grow the advanced manufacturing industry
- Make supply chains more secure
- Develop core and cutting-edge technologies
Old but new: The NTI concept has been floating around policy documents since 2002, but only really picked up momentum over the past couple of years.
- Last year, Xi Jinping vowed to realize NTI by 2035
- On Wednesday, the State Council deliberated how to advance the initiative
The latest: China held its first-ever National NTI Promotion Conference on Friday and Saturday, led by Premier Li Qiang.
We've got two important takeaways for y'all.
First, officials said NTI will focus on:
- Sci-tech innovation
- Systems upgrading
- Industrial digitalization
- Green transformation
Second, there is a clear opportunity for foreign companies:
- “We must deepen reform and expand opening up, encourage all types of enterprise to utilize their comparative advantages, develop competition...[and] utilize domestic and international markets."
Get smart: As NTI gains traction, there will be significant business opportunities for foreign manufacturers in the above focus areas.
Get smarter: We expect local governments to introduce policies and implementation roadmaps over the coming months.
- Keeping on top of local policies will be key for capitalizing on business opportunities.