From "Made in China 2025" to systemic industrial policy: The systematic evolution of China's industrial strategy and the restructuring of global supply chains

China's industrial strategy is entering a new phase of systematization and greater penetration. Past policies, exemplified by "Made in China 2025" (MIC25), were more focused on precise guidance for specific strategic emerging industries. However, the evolution logic of current Chinese industrial policies has undergone a profound change: it is no longer limited to single "points" but is shifting towards a "systemic" coverage model spanning from upstream raw materials and basic industrial equipment to downstream applications, services, and even frontier technologies.

This "comprehensiveness of industrial policy" means the policy boundaries are being expanded, extending from traditional strategic emerging industries to broader mature manufacturing sectors, basic supply chain nodes, and even emerging disruptive technologies. In key upstream areas, such as critical minerals, semiconductor manufacturing equipment, and high-end materials, China has taken the lead, and the policy focus is shifting from mere "catching up" to "extension," striving to radiate this advantage across a wider industrial product matrix.

It is worth noting that even when facing constraints from slowing macroeconomic growth and weak domestic demand, Beijing continues to allocate resources through more refined means. Policy tools are shifting from simple subsidies to more constrained resource concentration, including the regulation of financial resources and state-owned capital, as well as the cleanup of inefficient fiscal spending. This indicates that under macro-environmental pressure, the method of policy adjustment is undergoing an "inward" adjustment, aiming to ensure that limited resources are invested more effectively in areas with the highest national strategic priority.

From an industrial structure perspective, the policy focus is shifting from mere scale expansion to "value upgrading." Even when traditional industries face overcapacity and price pressure, the policy direction tends to promote technological iteration and production process upgrades, requiring enterprises to enhance the value of unit output through technological means rather than merely relying on blind capacity expansion. Simultaneously, the emphasis on the service sector is growing, with fields like software, data processing, and biomedicine beginning to be included in policy attention, viewed as windows to seize future industrial high points.

In terms of global impact, the deepening of China's industrial policy is accelerating the reshaping of the global trade landscape at an unprecedented speed. China's manufacturing trade surplus continues to expand, which is seen as a manifestation of "China's Impact 2.0." This policy-driven trade expansion not only reflects China's leading position in the existing global value chain but also accelerates the global market's dependence on China's supply chain. For multinational enterprises, this means the intensity of competition in terms of technology and market access will further increase, but it also means the position of Chinese enterprises in key links will become more stable, though it also means sensitivity to policy adjustments will become a crucial indicator of risk.

In summary, the evolution of China's industrial strategy is a profound transformation from "targeted breakthroughs" to "all-encompassing penetration." The long-term impact of this shift is far-reaching: it not only reshapes China's own industrial structure but also accelerates the restructuring of the global industrial chain in a systemic manner, embedding China deeply into the core driving forces of future global economic growth.