The Biden Administration's"Modern Industrial Strategy"and Its Implications
Industrial policy is the key to Biden administration's economic policies.The Biden administration has explicitly proposed and executed the Modern Industrial Strategy,which aims to enhance U.S.industrial strength and international competitiveness through subsidizing American various industries.As the core aspect of the Biden administration's response to strategic competition in the 21st century,the Modern Industrial Strategy is formed by multiple factors of security,economy,domestic politics,and international strategic competition.This industrial strategy is coherent in context with distinct characteristics.Although the Modern Industrial Strategy has significantly stimulated domestic industrial investment and promoted re-shoring of advanced manufacturing,it is facing a series of challenges which has constrained the overall outcomes of the Modern Industrial Strategy.The Biden administration defines China as its major competitor and imitates China by mobilizing more tools and resources to implement industrial policy.Overall,U.S.industrial policy is more focused,more determined,and more confrontational to China.China needs to take more active and effective measures to promote industrial competitiveness and manage the industrial competition with the U.S.and the global industrial restructuring.
Modern Industrial StrategyNew Washington ConsensusIndustrial PolicyStrategic CompetitionManufacture Reshoring
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