Economic restructuring essential

Domestic demand and innovation must be effectively cultivated so they become the drivers of future growth

Structural adjustment is an important trend in today's global economy, and since competition in the technological revolution has become increasingly fierce, economic transition and industrial upgrading are essential requirements for China not only to compete in the global economic stage, but to build a moderately prosperous society and step over the middle-income trap.

Since the international financial crisis in 2008, many advanced economies have already begun structural adjustments to rebuild their real economy and fight recession. For example, the United States introduced the Manufacturing Enhancement Act, and the United Kingdom has increased its investment in innovation and created nine manufacturing innovation centers. Emerging countries, such as Brazil and India, have also introduced their own manufacturing recovery plans. Therefore, it is important for China to cultivate technical innovation if it is to meet the future challenges.