Summary
President Xi Jinping chaired a Political Bureau meeting of the CPC Central Committee on July 30, calling for faster progress in building a modernised industrial system, advancing frontier technology breakthroughs and future industries, and concentrating on new pillar sectors. The April Political Bureau meeting proposed keeping manufacturing's share at a reasonable level. The 15th Five-Year Plan outline prioritises the modernised industrial system among all strategic tasks.
China's manufacturing value added now accounts for nearly 30 percent of the global total, ranking first for 16 straight years, with daily output exceeding 1.5 billion chips and more than 40,000 new energy vehicles. At the Three Science and Technology Conferences, Xi underscored seizing the historical opportunity to strengthen scientific and technological self-reliance. During local inspections, he urged developing new quality productive forces suited to local conditions based on resource endowments and industrial foundations, adding that traditional industries should not be simply phased out and that the balance between new drivers and legacy upgrades must be managed.
Commentary
With China's manufacturing value added representing about 30 percent of the global total and topping the rankings for 16 consecutive years, the accelerated construction of a modernised industrial system will reinforce its position in global supply chains. For New Zealand SMEs that source mainly from China, this industrial upgrade is likely to yield higher-quality and more cost-effective intermediate goods, although the potential squeeze on export capacity from domestic circulation policies warrants attention. At the same time, China's revamping of traditional industries and cultivation of emerging sectors are creating segmented import demand for functional raw materials and precision components, which may open opportunities for dairy actives and fine wool processing.
As China pushes for greater technological self-reliance, New Zealand tech firms could pursue joint R&D in agricultural technology and environmental solutions. Given deeply intertwined supply chains, actively tracking partners' transformation trajectories—rather than fixating on short-term prices—will be crucial for managing long-term cost volatility.
Keywords: modernised industrial system, real economy, new quality productive forces, technological innovation, manufacturing, 15th Five-Year Plan, transformation and upgrading of traditional industries, emerging industries, future industries, high-quality development
Source: China.org.cn
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