New Import Substitution Strategy:China's New Industrial Policy and Governance in the Context of Great Power Competition
The import substitution strategy which served as a policy choice for the industrialization of the developing countries usually adopts the protectionist-oriented market strategy,aiming at addressing the issue of the effective growth of domestic industries in the face of external market shocks.Distinguished from traditional import substitution strategy,the new import substitution strategy is significantly characterized by great power competition.The industrial chain disruption caused by great power competition is forcing the countries concerned to explore industrial autonomy policies in specific fields.In the context of the strategic competition between China and the United States,China's attempts at large-scale localization in the semiconductor industry reflect several characteristics of the new import substitution strategy.Different from the policy implementation environment of traditional import substitution strategy,China's advantages in its mega-size market,new system for mobilizing the resources nationwide and endogenous power foundation of market actors provide important driving support for the growth of the new import substitution industry.At the same time,the effective industrial growth needs to take the development limitations of industrial policies into account,continuously improve the governance mechanism for industrial growth and enhance the governance capacity.
new import substitutionindustrial policyindustrial competitionindustrial governance
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