Industrial upgrade key for growth

Industrial upgrade is key for China to sharpen its edge amid global competition and more efforts are needed to support the growth of small and medium-sized enterprises, which have shown remarkable resilience through the China-US trade frictions, said a renowned expert.

"The competition between China and the US ultimately boils down to competition within the fourth industrial revolution, which manifests at the governmental level as a contest over industrial policies," said Zheng Yongnian, board director of The Guangzhou Institute of the Greater Bay Area and director of the School of the Public Policy at the Chinese University of Hong Kong (Shenzhen), in an interview with China Daily.

According to Zheng, with a complete industrial system, China's future competitiveness hinges on strategic industrial upgrading, which is in line with what cultivating new quality productive forces requires.