Li Yizhong: Innovation Drive is a New Power for China's Manufacturing Transformation and Upgrading

Abstract "The old power is weakening, the new force will be born, and the innovation drive is becoming a powerful engine to drive China's economic growth and realize the transformation of growth mode." Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, Deputy Director of the Economic Committee, former Minister of the Ministry of Industry and Information Technology, China's industrial economy. ..
"The old power is getting weaker, the new force will be born, and the innovation drive is becoming a powerful engine that will drive China's economic growth and realize the transformation of growth mode." Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, Deputy Director of the Economic Committee, former Minister of the Ministry of Industry and Information Technology, China Federation of Industrial Economics Li Yizhong, president of the Labor and Economics Association, said in an exclusive interview with the Enterprise Observer.
Li Yizhong pointed out that as a manufacturing power, China's traditional manufacturing industry has reached the threshold of transformation and upgrading. As of the end of March this year, industrial enterprises above designated size have experienced negative profit growth for six consecutive months. How can innovation drive the transformation of this industrial economy with a total asset of 90 trillion yuan, which is related to the long-term development of the Chinese economy. It is against this background that the State Council issued the "Made in China 2025" a few days ago, deploying a comprehensive strategy to promote the implementation of a strong manufacturing country - both efforts to transform and upgrade traditional industries, and accelerate the development of new industries, two-wheel drive.
Li Yizhong also pointed out that in order to achieve innovation drive, we must break through the current system and mechanism constraints, solve the problems of R&D and economics, strengthen the combination of production, education and research, accelerate the transformation of scientific and technological achievements, and strengthen national-level major science and technology projects and industries. Scientific and technological research at the level of common technology and enterprise technology innovation, so that we can truly master key technologies and core technologies.
Li Yizhong emphasized that at present, the way out for China's industrial economy will ultimately rely on technological innovation and technological transformation to promote its transformation and upgrading. In this respect, the more than 100 million industrial forces fighting in the front line of enterprises are the main force and the new force to realize technological innovation and promote industrial transformation and upgrading.
Innovation drives the quality and level of productivity factors. Reporter: The Political Bureau of the CPC Central Committee held on April 30 this year pointed out that innovation-driven development should be the key to realizing the transformation of China's economy, promoting technological transformation of enterprises, and steadily and orderly promoting over-resolved Capacity work. Under the new normal, the Chinese economy must rely on innovation to achieve power conversion. Excuse me, does this mean that the innovation drive will rise to the dominant position instead of the past factor drive?
Li Yizhong: The central government has proposed that the driving force for economic development must shift from factor-driven to innovation-driven. This transformation is of profound significance.
For many years, the driving force of China's economic development has been driven mainly by factors. Productivity includes elements of production materials, production tools, labor, technology and capital. The production materials include energy, raw materials, land and other resources; production tools refer to the equipment needed for economic activities, such as the physical unit that constitutes the production process, and its control system; the so-called labor force, now called human resources, both physical laborers and There are mental workers, including professional and technical personnel and professional managers; capital is also capital, that is, the flow of funds for entrepreneurship and development, including the financing, financing and circulation of funds; the last science and technology, Comrade Xiaoping puts technology as the primary productive force This idea is in line with the innovation drive now.
Reporter: Does this mean that we will appropriately abandon and reflect on the path of the past factor-driven.
Li Yizhong: The factors of productivity and the drive for innovation cannot be separated but closely related. Promoting economic development and promoting a new level of productivity still requires scientific and rational use of the elements of production materials, production tools, labor, technology and capital. The problem in the past is that the way to implement factor-driven is extensive. On the basis of weakness, it is definitely necessary to accumulate a quantity. For a long time, we have focused on scale and total volume, and have paid more attention to the expansion of quantity, but not enough attention to quality and efficiency.
In terms of resource utilization, excessive consumption of resources has caused serious pollution, affecting ecological balance, resource and environment have been difficult to support, and corporate materialization costs have also risen sharply.
In terms of production tools, products are in short supply under the shortage of economic conditions. Although enterprises pay attention to equipment renewal, transformation, mechanization, electrification and automation, they pay insufficient attention to improving equipment efficiency and precision manufacturing. So that some companies are still using old equipment 30 years ago, they have not been eliminated and updated in time.
In terms of labor, it is undoubtedly correct to emphasize the solution to the employment problem and vigorously develop labor-intensive industries. The problem is that it pays insufficient attention to improving the quality of labor, business ability, technical level, and cultural literacy, and pays insufficient attention to mechanization, automation, and intelligence. The consequence is that labor productivity is low, only a fraction or even a fraction of a developed country. Second, respect for knowledge and respect for talents are not enough. Now the situation has clearly improved. Third, labor costs have risen markedly, and labor costs are 2.7 times that of 10 years ago.
In terms of funds, insufficient attention has been paid to reducing capital circulation costs, accelerating capital turnover, and improving capital efficiency. The shortage of funds, insufficient reserves, and the path of economic development to increase debts, enterprises are highly indebted, and local governments are also heavily in debt. Although the overall deficit rate and financial liabilities are safe and controllable, the absolute number is very large. Taking fixed-asset investment as an example, during the period of the 9th and 15th centuries, roughly 5 yuan could produce 1 yuan. In 2014, fixed-asset investment reached 50 trillion yuan, and the net GDP growth of the year was about 4.33 trillion yuan. To increase the price of 1 yuan, 11 yuan or even 12 yuan will be required, and the investment efficiency will drop significantly.
In terms of science and technology, insufficient R&D investment, low conversion rate of results, low contribution rate of science and technology, and problems with innovation mechanisms are mentioned later.
To achieve innovation and drive the economy, we need to start from five aspects : In the new era and the new normal, we have clearly proposed that innovation is the driving force for economic development. Then, from factor-driven to innovation-driven, there is a major breakthrough in what needs to be done. ?
Li Yizhong: The first is technological innovation. The key to innovation is the smooth transformation of scientific and technological achievements, and the close integration of science and technology with economic development. China's scientific and technological innovation has made great progress, but the rate of scientific and technological conversion and the contribution rate of science and technology are still not high. The number of patents is quite large, but the proportion of invention patents is so low that about half of the key technologies and core technologies are subject to people. Scientific and technological innovation should emphasize independent innovation, introduction, digestion, absorption and innovation. Will not close the door, exclude international advanced technology and management, but after a certain foundation, we must pay more attention to independent innovation.
The second is product and service innovation. The purpose of economic development is to meet people's growing demand for products and services. The variety and quality of products and services have condensed the results of technology and management, and can also create consumption to stimulate consumption and promote economic growth.
The third is management innovation. Enterprise management pays attention to scientific management, modern management, information management, and management cover the whole process. The establishment of a modern enterprise system is a fundamental institutional arrangement.
The fourth is industrial innovation. From the factory to the company, from the corporate law to the company law, from the corporate function department to the business department, the scientific, modern, and networked organizational innovations are changing with each passing day. The industry chain has been continuously improved, and new models in the Internet era have emerged one after another.
The fifth is business model innovation. Both German Industry 4.0 and "Made in China 2025" have proposed innovations in production methods, business models and formats. The production mode has been derived from a small variety and large batches in the past, and many varieties and small batches have been derived. The large-scale production has changed to flexible, socialized and networked production. Customized personality is justified, modern logistics, e-commerce, internet finance and other business forms. Flourish.
The above five innovations will inevitably lead to the optimization and upgrading of productivity factors, thus achieving innovation drive and promoting industrial transformation and upgrading.
In terms of production materials, innovation can promote the use of resources to achieve energy conservation, pollution reduction, pollution control and ecological protection. Industrial civilization does not necessarily only consume resources, but it can also maintain resources and even create natural wealth. Less consumption, less emissions, nature can repair itself, industrial civilization and ecological civilization can promote each other.
In terms of production tools, innovation enables automation, digitization and intelligence of production equipment and production lines. The efficiency of production tools is greatly enhanced, making precision manufacturing, lean manufacturing, extreme manufacturing, and agile manufacturing possible.
In terms of labor, scientific and technological progress and technological innovation can improve the quality of workers and thus increase labor productivity. "Machine substitution, human control machine" can be better trained through modern means such as distance education and simulation, and various incubators can train a large number of small and micro enterprises and entrepreneurs. China's labor productivity in 2014 was 72,300 yuan, an increase of 7% over the previous year. Although the results are gratifying, there is still a big or big gap compared with developed countries. There is still a lot of room for improving the quality of the workforce and talent through innovation.
In terms of capital and capital, innovation can increase capital turnover and efficiency. China can increase the value of foreign exchange reserves and renminbi savings. The state advocates the establishment of various funds – including transformation and upgrading funds, emerging industry pilot funds, and scientific and technological achievements transformation and guidance funds. The sources of these funds are diversified and are more hybrid funds that attract private capital. The current hot PPP model is also an innovation.
In science and technology, science and technology are the primary productive forces, the innovation of science and technology, and the improvement of the conversion rate of scientific and technological achievements. It is the only way for Chinese enterprises to master core technologies and key technologies, and new technologies are the soul of new industries.
It can be seen that innovation drive is closely related to productivity factors. The innovation drive is finally implemented to improve the productivity factors, and to drive the improvement of the quality, level and efficiency of the factors and promote economic development.
There are many scientific and technological achievements, but it is necessary to speed up the transformation and realize industrialization and commercialization. At present, there are about 20 innovative countries recognized in the world. They have the following common characteristics: the ratio of R&D investment to GDP is generally above 3%. The contribution rate to economic growth is above 70%, the conversion rate of scientific and technological achievements is above 60%, and the index of foreign technology dependence is generally below 30%. Excuse me, what is the current data of these major indicators in China? What is the gap?
Li Yizhong: The first data looks at R&D investment. China's R&D investment has generally increased year by year. In 2014, the ratio of R&D investment to GDP was 2.1%, which is still far from the advanced countries. For example, the ratio of R&D investment to GDP in some developed countries in Northern Europe is 3%-3.5%.
However, the base of China's R&D investment is very large, totaling 1.2 trillion yuan. The key is how to use this 1.2 trillion. At present, there are obviously some problems. Many of them are used improperly and even violate the rules and disciplines. On the one hand, R&D investment must be strictly managed; on the other hand, it must be used scientifically and reasonably.
There is also a problem of insufficient investment in R&D investment. China's R&D investment in industrial enterprises above designated size accounts for roughly 0.9% of sales revenue, while foreign companies generally account for 2%-3%. Even advanced industries and excellent Chinese companies have a gap with their foreign counterparts. For example, Huawei's R&D investment accounts for 8.9% of sales revenue, but US counterparts Cisco accounted for 14%, Microsoft 14.6%; Dongfeng SAIC R&D investment accounted for 2.1% of sales revenue, while Japan Toyota accounted for 3.6% and German Volkswagen accounted for 5.2%. In the "Made in China 2025" plan, the ratio of R&D investment to sales revenue of industrial enterprises above designated size will reach 1.26% by 2020 and 1.68% by 2025, gradually approaching the international level.
Now the technology life cycle is getting shorter and shorter. If the company's R&D is insufficient, even if it is advanced this year, it may be eliminated after a few years. Enterprises need to increase their investment in R&D as much as possible. The second data looks at the contribution rate of science and technology. This data of China is estimated to be 50% higher, and 70% in developed countries, which is 20% worse than them.
The third data looks at the conversion rate of scientific and technological achievements. At present, the highest rate of conversion of scientific and technological achievements in China is 30%, while that in developed countries is usually 60%-70%.
The fourth data looks at the external dependence of core technologies and key technologies. China's data is 50%-60%, while the international advanced countries' technology dependence is 30%. If you only say new product development, 70% rely on exogenous technology. More than 80% of important parts, components and key materials are imported, and key and basic chips are mainly based on external sources. For example, high-speed rail bearings, nuclear power main pump seals, offshore drilling platform positioning systems, engineering machinery hydraulic system seals, automotive engines and gearboxes, etc., currently rely on imports. The "Made in China 2025" plan proposes that by 2020, the self-sufficiency rate of China's core key technologies will reach 40%, and in 2025 it will reach 70%. To achieve this, it should be a big step forward.
In fact, China's scientific and technological achievements in recent years are also quite a lot, but many still stay in the appraisal, awards, papers, evaluation titles, a lot of high-rise, no industrialization, commercialization. This situation must change.
Key technology innovations need to tackle reporters at three levels : In the past, there were three shortcomings in the industry because of the obvious shortcomings in technology: one is “taken” or “cottage”; the second is “can buy is not bad, There is no need to work hard on R&D; the third is to use the market for technology. Especially in the automotive industry, "using the market for technology" has been a big debate on this issue. How should we treat these practices?
Li Yizhong: These phenomena must be viewed historically. In the process of development, they cannot be affirmed or denied. Some should be abandoned, while others should be improved.
First of all, there is nothing wrong with "getting it". Why can't you make things for yourself, why don't people use them for me? There is nothing wrong with learning and mastering. Introducing, digesting, absorbing and innovating has always advocated that there is no need to start from scratch. The problem is not to plagiarize, and not to infringe on the intellectual property rights and patent rights of others. Otherwise, it must be prohibited or cracked according to law.
There is no problem with the purchase. Some technologies can be bought for money, which is reasonable and legal. We encourage companies to go out and acquire advanced foreign companies and acquire technology research and development centers. However, we cannot relax our independent research and development, and the first-class technology and core technology cannot be bought.
As for saying "market-for-technology", no such strategy has been proposed, but "market-for-technology" is a fact that exists. Some technologies don't give money to people, what should we do? And independent innovation takes time, needs investment, and risks. What should we do? In the context of economic globalization, China's huge market attracts international auto giants to invest in China. Bringing foreign capital, advanced technology and management into it is also a reasonable thing. The most fundamental one of this problem is that key technologies and core technologies cannot be bought or replaced. We need to be self-reliant and independent, strive to promote the combination of production, education and research, and carry out scientific and technological research at three levels:
The first is national-level scientific and technological research. The 17 major national science and technology projects cover almost all the key technology cores of strategic emerging industries. There are obvious progress in the 12th Five-Year Plan and a comprehensive breakthrough in the 13th Five-Year Plan. In this regard, the state attaches importance to the fact that all parties have invested, organized properly, and the prospects are promising.
The second is the industry's common technical research, the typical case is the battery of electric vehicles. The key technologies of electric vehicles include battery, motor and electronic control. The most important thing is that the battery can't pass the first step: First, the energy density of the battery is not enough. If it is charged for 150 kilometers, it will be gone; secondly, it is very heavy, one passenger. The car battery is more than 200 kilograms; the third is that the battery has a long charging time and takes seven or eight hours. In this regard, it is the low level of repetition of the manufacturers, each of them is political, although it has achieved some effects, but worse than the international level. Concentrating on power to do big things, organizing industry research has always been our advantage, and each industry has a leading research institute, but this advantage has not been well developed. At present, the direction of enterprise reform of scientific research units is correct, but the problem is that many research institutes pay more attention to income generation, but they pay less attention to innovation, and the technical breakthroughs in the industry are weakened. In this regard, industry associations should organize key enterprises to form joint industrial alliances, and government and industry management departments should also assume relevant responsibilities.
The third is to solve the difficult problems of production and management at the enterprise level. Enterprises have also had a fine tradition in this respect. As early as the first five years, there was the Anshan Iron and Steel Constitution - "two parts, one change and three combinations". This is the way of enterprise management and innovation with Chinese characteristics. The employees of the company are engaged in technological innovation and technology. Revolution, rationalization proposals, this tradition is now well established by some companies, and has established technical centers and research and development teams, but many companies have abandoned this tradition.
At the above three levels of innovation, the innovation at the first level is better, the innovation at the second level is weakening, and the innovation at the third level is not enough.
In addition, the current promotion of "mass entrepreneurship and innovation", in particular, should mobilize the participation of grassroots employees. There are more than 100 million industrial workers and professional technicians who are fighting in the front line of production. They are also the mainstay of innovation. They should fully mobilize their enthusiasm and encourage them to innovate. They are not only the main force to promote the transformation and upgrading of China's industry, but also the innovation and entrepreneurship. new force.
The combination of production, study and research "use", innovation requires fault-tolerant mechanism. Reporter: In the 30 years of reform and opening up, it has achieved remarkable results, but China's manufacturing is still big but not strong. The core and key technologies are still subject to people, which is an unavoidable flaw. The problem of "two skins of economy and technology" in technological innovation has not been effectively solved. What should we do to get rid of the innovation-driven bottleneck?
Li Yizhong: There are three main reasons for the lack of innovation in China. First, insufficient investment, improper use of research and development expenses, and few scientific and technological achievements have been explained above. Second, insufficient scientific and technological achievements have been transformed. Some related data are also mentioned above. The mechanism is not smooth, the evaluation method is problematic, and the innovation incentive is not enough.
Some scientific researchers have reported that some scientific research results are not taken seriously in China, and some have to be transferred to foreign countries first, and then come back, the curve is roundabout. In addition, some domestic patents are not effectively protected, counterfeit and shoddy are not given the punishment they deserve, and the results are not converted to the expected return, which hinders technological innovation. Some researchers have also called for the management of technological innovation by the method of managing the economy. Because technological innovation and economic operation have different laws, the economy usually operates normally, but innovation has risks and there must be a fault-tolerant mechanism. It is also impossible to predict the difference between the use of funds and several times next year. Scientific and technological innovation must fully mobilize the enthusiasm of the incumbent, and some also reflect that the personnel of scientific research institutions should be rewarded for failing to get innovative topics, while external experts and overseas talents can, and it is difficult to fully mobilize the enthusiasm of the incumbents.
To solve these problems, first, the combination of production, education and research will accelerate the pace of scientific and technological achievements. Second, we will increase scientific and technological efforts, including the three levels mentioned above, so that we can truly master key technologies and core technologies. .
At present, there are still some problems in the combination of "production, study and research" in China. In fact, the combination of production, education and research has been proposed very early, and the problem is that to successfully realize the transformation of scientific and technological achievements, we must add a word of "use" for two reasons: First, because the purpose of research and development is all about using In the industry, business, only "use", research and development can enter the market, if there is no "use", the results will be shelved. "Use" here is a verb. Second, modern production requires “use” households to participate in the whole process of research and development from start to finish. Users bring market information and user experience, making R&D design time faster, more efficient, and more targeted. The combination of consumers and manufacturers is conducive to the commercialization of industrialization of results. German Industry 4.0 and "Made in China 2025" all propose personalized customization, crowdsourcing research and development, and mass innovation, allowing developers and consumers to connect with each other. "Use" is a term here, referring to "users." In the manufacturing sector, we must pay special attention to the innovation of the combination of production, education and research.
"Internet +" is first of all "+ manufacturing"
Reporter: In the division of labor in the world industrial chain, China's manufacturing industry is still in the middle and low end. Therefore, at the same time we are vigorously developing high-tech industries and advanced manufacturing industries, we must also work hard to resolve and eliminate relatively backward production capacity. The central government is deploying and accelerating the "Made in China 2025" and "Internet +", how will China's traditional manufacturing industry be transformed and upgraded?
Li Yizhong: "Internet +" is the embodiment of the "integration of two technologies" of informatization and industrialization. The Internet has a wide coverage and strong penetration, which can be added to any industry. China will basically achieve industrialization by 2020, and it will enter the manufacturing powerhouse in 2025. It can be said that in the historical stage of industrialization, "Internet +" is first of all "+ manufacturing." "Internet + manufacturing" is the action plan of "Made in China 2025". The focus is on realizing intelligent manufacturing, not only to grasp the industry, to grasp the pilot, but also to grasp the links.
The industry is well understood. China Manufacturing 2025 is a global strategy. The plan lists 10 key industries. These 10 industries do not include steel, nonferrous metals, petrochemicals, building materials, light industry, and textiles. In fact, these industries must also implement the Internet. +". Grasping the pilot also understands that thousands of companies in each industry must definitely choose some key enterprises to start with pilot projects. The pilot content has its own focus and experience. So, how to understand the grasping of the link? The main thing is to do the following:
At the core of research and development design, the proportion of enterprise R&D design using digital tools is about 52%. The “Made in China 2025” plan proposes to increase to 70% by 2020 and 84% by 2025. More and more R&D designs have begun to use digital information tools such as simulation, 3D description, high-speed computing, and large databases to improve efficiency, shorten cycle, improve levels, and finally industrialize key technologies and core technologies.
Second, grasp the quality of products, especially basic components, key components, and new materials. In this regard, we must improve quality and self-sufficiency. According to the "Made in China 2025" plan, the self-sufficiency rate will increase from the current 20% to 40% in 2020, and will increase to 70% in 2025.
Thirdly, the manufacturing equipment is numerically controlled to achieve precise manufacturing, ultimate manufacturing and agile manufacturing. The numerical control rate of key processes is now 27%. The “Made in China 2025” plan requires 50% in 2020 and 64% in 2025.
Four grasp the intelligent control of the process manufacturing line. According to statistics, the current automation pipeline manufacturing ratio is 54%. This ratio is not high, automation is upgraded to intelligent, and production is safer, more reliable, more efficient, and flexible.
Five grasp the digitalization and networking of the manufacturing service system, and then change the production form and business model. The manufacturing service system includes modern logistics, e-commerce, and online monitoring of remote monitoring. At present, China's logistics costs are twice as high as international. The development of intelligent logistics and cross-border e-commerce can greatly save the cost of intermediate links. The implementation of remote monitoring and online maintenance will help early detection and early maintenance of hidden dangers in the production process. exclude. In addition, personalized customization, flexible production, socialization and networking of supply chains and sales networks are all changing the service system of manufacturing.
Relying on innovation, transforming and upgrading traditional industries, and accelerating the cultivation of emerging industries must simultaneously force reporters: At present, there are also some views that the boom in the stock market, indicating that "innovation" is in a bubble, and traditional manufacturing, many still It is in the midst of the pain of de-capacity and transformation and upgrading. How to guide capital to the real economy and transform the real economy with the help of innovation-driven?
Li Yizhong: One of the reasons for the downward pressure on China's current economy is that it is in an alternating period of “the old power is getting weaker and the new force is going to be born” – the old power, the overcapacity of the traditional industry, the decline in the market when the market is tightening, the driving force Insufficient; in terms of new strength, strategic emerging industries and advanced manufacturing industries are accelerating their development, but their role has not yet fully realized. It generally accounts for a small proportion.
According to statistics, in 2014, the added value of industrial enterprises above designated size increased by 8.3%, and that of all enterprises was 7.4%, of which the growth rate of high-tech industries was 12.3%. In the first quarter of this year, the added value of industrial enterprises above designated size increased by 6.4%, among which high-tech industries It is 11.4%, and the increase in value-added of high-tech enterprises is 5 percentage points higher. This shows that the growth rate of Xinli is accelerating.
But the question is, in all industries, what is the proportion of “new force”? According to the plan, strategic emerging industries will account for 8% of GDP by 2015. In the manufacturing industry, the current high-tech industry is only about 15%, so its accelerated development is still not enough to make up for the lack of traditional industries. At present, the country's industrial assets are about 90 trillion. Although there are surpluses, there are those that should be eliminated, but it is still the main creator of wealth.
General Secretary Xi Jinping said that "adjusting stocks and making superior increments coexist" means that reforming and upgrading traditional industries and accelerating the development of emerging industries must be carried out at the same time. The grasp of structural adjustment is through technological transformation to achieve transformation and upgrading. But at the moment we are not doing enough in this regard.
The first is not enough strength. China's technological transformation investment accounted for 40% of industrial investment over the years, and there is still water in it. If the project is deducted from the expansion project, it only accounts for 27%. In the first half of the 1950s and 1960s, the investment in technological transformation accounted for 50%-60% of industrial investment, and the United States reached 69%. Therefore, China's technological transformation investment should be increased. In his government work report, Premier Li Keqiang said: "We must take measures such as fiscal interest subsidies and accelerated depreciation to promote technological transformation of traditional industries." I hope relevant parties will further implement them. Fiscal discounts spurred local, corporate, social investment, and bank loans totaling 8 trillion yuan, hoping to increase fiscal interest subsidies. In terms of accelerated depreciation, companies must abide by the accounting laws, and the financial sector also needs to issue relevant documents.
In addition, to increase investment in technological transformation and upgrade the level of technological transformation, it is also necessary to solve the problem of the mechanism. The government should focus on planning, focus on issues, issue catalogues, publish information, and give policy guidance and encouragement. Enterprises must benchmark against international counterparts, eliminate bottlenecks, and fill shortcomings. Innovative products, comprehensively improve technical and economic indicators; use Internet technology to improve the informationization level of the whole process of production and operation; improve capital quality and corporate profitability, and reduce asset-liability ratio. The integration of the effects of technological transformation of enterprises has further adjusted and optimized the product structure, industrial structure, organizational structure and layout structure of the industrial economy.
At present, the society is well funded, the stock market is soaring, and how funds can enter the real economy dominated by manufacturing is a serious problem. In the final analysis, we must do everything possible to increase the profit margin of industrial enterprises and attract the inflow of social capital. Of course, this depends mainly on the efforts of enterprises themselves, especially the innovation-driven injection of vitality. It also requires fiscal and taxation, financial deepening reform, and the implementation of relevant national policies.

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