Study on the Changes in China's Industrial Policies and Industrial Structures in Manufacturing Sector after China's Reform and Opening

Wonseok Choi (), Pyeongseob Yang (), Jinhee Pak (), Joohye Kim (), Jiwon Choi () and Xinwang Zhao ()
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Wonseok Choi: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea, https://www.kiep.go.kr/eng/
Pyeongseob Yang: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea, https://www.kiep.go.kr/eng/
Jinhee Pak: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea, https://www.kiep.go.kr/eng/
Joohye Kim: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea, https://www.kiep.go.kr/eng/
Jiwon Choi: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea, https://www.kiep.go.kr/eng/
Xinwang Zhao: China Manufacturing Think Thank Institute

No 21-24, World Economy Brief from Korea Institute for International Economic Policy

Abstract: As China's recent industrial advancement has changed the trade structure between Korea and China from a complementary relationship to a more competitive one, the need for research on Chinese industrial policy has increased. Therefore, this study aims to analyze and evaluate changes in major industrial policies and industrial structures following China's reform and opening. We also analyze changes in the trade structure between Korea and China due to changes in China's industrial structure. Based on these analyses, we propose the following policy implications for Korea. Under the U.S.-China trade friction, China is expected to focus on a powerful science and technology strategy, promotion of the digital economy, "new infrastructure" construction, and the China Standard 2035 strategy. Korea needs to diversify its export market in the information and communication technology sector, prepare Korea's industrial technology protection system, and expand its participation in China's domestic market while diversifying global supply chains. Second, a response strategy is needed considering China's import growth rate in advanced manufacturing and to improve Korea's trade competitiveness. Finally, China's industrial policy is expected to evolve from simple incubation measures to a comprehensive strategy brought into harmony with the market, and further research on the creation of Chinese industrial ecosystems through policy and interaction between companies is expected.

Keywords: China; Korea; opening; industrial; trade friction (search for similar items in EconPapers)
Pages: 4 pages
Date: 2021-04-19
New Economics Papers: this item is included in nep-cna, nep-ict and nep-int
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kiepwe:2021_024

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