Stories of High-Quality Development | Qu Yongyi: Accelerating construction of a modern industrial system

How to accelerate the construction of a modern industrial system? Qu Yongyi, secretary of the Party Committee, Institute of Industrial Economics, Chinese Academy of Social Sciences (CASS), shared his insights into this question at People's Daily's "Stories of High-Quality Development."

According to Qu, the first priority is to spur industrial innovation through innovations in science and technology. China needs to focus on the key task of independent innovation and take solid steps to consolidate existing capacity, generate more growth, extend industrial chains, and increase added value. The country should concentrate on bottleneck technologies, innovate organizational models, intensify research on core technologies, increase support for basic research and strengthen the catalytic role of technological transformation in generating new industries, new forms of business and new models. It needs to establish a cross-field, cross-regional collaborative innovation network, vigorously develop strategic emerging industries, and actively cultivate future industries.

Second, gather diverse resources to cultivate innovative enterprises at different levels. China should improve the multi-tiered financial service system, cultivate and strengthen patient capital, and continuously improve the tiered cultivation system for innovation-oriented small- and medium-sized enterprises (SMEs), specialized and sophisticated SMEs, "little giant" firms, single champion enterprises, leading enterprises, and world-class enterprises. The country needs to optimize the allocation of market elements and innovation resources such as capital, talent, and technology, and build a modern industrial ecosystem through multi-party collaboration among enterprises, research institutions, governments, and capital markets.

Third, further optimize the business environment to promote the high-quality construction of the modern industrial system. China should build institutional and policy systems conducive to the construction of the modern industrial system, comprehensively address destructive internal competition, avoid vicious competition, and effectively protect the legitimate rights and interests of private enterprises and entrepreneurs, and foster a development environment conducive to innovation and entrepreneurship. By pursuing high-standard opening-up, China will cultivate a favorable external environment for industrial development. The country should deeply participate in global technological cooperation, industrial cooperation and environmental cooperation, and deepen economic and technological cooperation and international exchanges with Belt and Road Initiative partner countries.