Analysis of the Similarities and Differences between British "Modern Industrial Strategy" and "Made in China 2025"

"Made in China 2025" aims to reduce resource consumption, increase labor productivity, reduce environmental impact, enhance technological innovation capabilities, optimize industrial structure, improve production organization, and accelerate information through a series of measures and three decades of efforts. In the process of integration and expansion of international cooperation, we will promote the transformation and upgrading of China's manufacturing industry and enhance the competitiveness of the industry, thus entering the ranks of the world's manufacturing powers.
In response to a series of problems such as the economic turmoil after the Brexit, the UK officially proposed the "modern industrial strategy" in January 2017 to boost the UK's economic development, which is similar to the "Made in China 2025" strategy. This paper analyzes the similarities and differences between "Made in China 2025" and "Modern Industrial Strategy" and lays a foundation for promoting the connection between "Made in China 2025" and the "Modern Industrial Strategy" in the UK.

The "modern industrial strategy" is a forward-looking measure formulated by the British government in the face of a new domestic environment and "Brexit" to boost the UK domestic economy and cope with the economic turmoil after the Brexit. Currently, the UK is facing the following four backgrounds:

As an established industrial power, the UK once had a global leading industrial base. However, with the division of labor in the global industrial chain, labor-intensive manufacturing began to shift to developing countries with low labor costs, and the UK economy began to “disconnected from reality”, with manufacturing accounting for 15% of GDP, while services accounted for 15% of GDP. The ratio is over 70%. This kind of economic structure, which is highly dependent on the financial services industry, has severely damaged the British economy in the financial crisis, the European debt crisis and fiscal austerity policies, and the economic recovery has been slow to develop. At the same time, it also exposed the shortcomings of the industrial structure in the UK's economic development, the lack of a solid foundation for economic growth, and the weak ability to resist external risks.

The gap between the North and South economic development levels in the UK is increasingly significant. According to the statistics of the British Bureau of Statistics in December 2016, the per capita economic value of London in 2014 was as high as 42,666 pounds, which is twice the per capita economic value added in the northern region, far higher than the national average of 24,958 pounds. At the same time, only the southern and southeastern parts of the UK are above average. The further widening of the economic gap between the North and the South is an urgent problem for the British government to boost the local economy.

In the fourth quarter of 2016, the UK employment rate was 74.6%, the highest in history; the unemployment rate was only 4.8%, the lowest since 2005. However, in 2016, the UK's economic growth was 1.8%, lower than the expected economic growth rate, and lower than Germany's 1.9% economic growth rate, losing the title of “the fastest growing economy in the G7 countries”. At the same time, the income growth of British residents is also lower than expected, the employment rate and income growth slow down, and the growth rate of per capita income is lower than the overall growth rate of GDP. This is mainly due to the fact that the value created by the British labor force per hour is still lower than that of the same developed countries. In addition, the German "Industry 4.0" strategy and the US "Advanced Manufacturing Country" strategy will further widen the productivity gap between the UK and Germany and the United States.

The biggest difficulty facing the UK after the Brexit is that the financial industry will be hit. Its main performance is that the era of free entry of financial institutions in London into the EU market will end, and its role as a global financial institution to enter the European market will end. This will face tremendous pressure on the UK, which is dominated by the financial industry. At the same time, the number of foreign-invested British companies has decreased by 30% since June 2016. In 2016, the number of foreign-invested foreign-invested companies fell from 1,187 to 1002, a decrease of 16%. This has put tremendous pressure on the economic development of the UK after the "Brexit".
It is against this background that in January 2017 the British government proposed the “Modern Industrial Strategy”, which aims to improve the living standards and economic growth by improving national productivity and promoting growth, and revitalizing the British economy after Brexit. At the same time, the British government hopes to rely on the "modern industrial strategy" to reverse the UK's highly dependent industrial structure of financial services, improve labor productivity, and lay the leading position of British industry in the world.

On January 23, 2017, the British government officially released the Green Paper on Modern Industrial Strategy, which aims to improve living standards and economic growth by increasing national productivity and promoting growth. This program covers the following ten key points:
Investing in research and innovation, the UK government has stimulated the potential of local entrepreneurs by launching the “Industrial Challenge Fund” to promote innovation with user experience as the driving force, focusing on battery technology, energy storage technology and network technology.
To upgrade skills, the UK government will create a technical education system for young people in unaccompanied countries and invest £170 million to build a group of reputable technical institutions to meet the needs of upgrading industry skills.
Infrastructure upgrades, the UK government balances the economic development between the North and the South with infrastructure construction, plans the future infrastructure investment, and fully utilizes the economic agglomeration effect to solve the problem of weak productivity in some parts of the country.
Supporting start-ups, the UK government will work with commercial banks to provide preferential policies for companies with financial difficulties in the North. Focus on supporting the development of SMEs, and use the B2B rating and feedback platform to provide business consulting and support services for SME cooperation.
To improve the government procurement system, the UK government will introduce a “balanced scorecard” approach developed by the Cabinet Office and will attempt to design and collect different opinions on supplier feedback in public sector procurement.
Encouraging trade and attracting foreign investment, the UK government will strengthen new trade relations with countries such as Canada, China, India, Mexico, Singapore and South Korea, and provide political support for corporate overseas bidding through the establishment of new government teams, and implement more strategic Foreign investment means.
To improve energy supply efficiency and green development, the UK government will announce emission reduction plans in 2017, develop a long-term roadmap for energy supply, and review newly established battery technology, energy storage and grid technology research institutions. At the same time, further reduce the cost of offshore wind power.
To nurture the world's leading industries, the UK government is prepared to work with sectors with strong leadership, with a focus on pioneering industries such as life sciences, ultra-low emission vehicles, industrial digitalization, nuclear industry, and creative industries.
Driving national economic growth, the UK government will use additional infrastructure funds to unlock regional growth; promote economic growth by improving major infrastructure; support innovative businesses across the country by creating competitive new R&D funds; Ministerial Forum" and so on.
Create appropriate institutional mechanisms, promote industrial agglomeration and local development. When appropriate, the UK government will maximize the role of large enterprises by formulating new policies to support supply chain growth; identify priority investments, and Attracting investment advantages; giving local governments greater freedom to support industrial growth.

First, both focus on the driving role of innovation in industrial development.
"Made in China 2025" is a theme that promotes manufacturing innovation and promotes the transition from "Made in China" to "Created in China", and technological innovation is the core of manufacturing development. Technological innovation will drive the transformation and upgrading of traditional manufacturing, improve industrial production efficiency and product performance, and stimulate the development of strategic emerging industries. The British "Modern Industrial Strategy" also puts "increase investment in scientific research and innovation" in the first place, focusing on promoting the innovation and development of battery technology, energy storage technology and network technology, and opening up new growth points of industrial development.
Second, both are based on smart manufacturing.
In the key development areas, both put smart manufacturing in a very important position, not only in the scope of coverage, but more importantly in the field of in-depth research and development and application of intelligent manufacturing.
Third, the ultimate goal of both is to establish the status of the world's leading industry.
The goal of the "Made in China 2025" strategy is to achieve a manufacturing power through "three steps." At the same time, the goal of the UK's "Modern Industrial Strategy" is to achieve the goal of becoming the most competitive country in the global industry by establishing and expanding industrial superior technologies and industries, narrowing the gap in productivity across the UK.

Although "Made in China 2025" and "Modern Industrial Strategy" have similarities in innovation drive, artificial intelligence development and ultimate goal, there are still some differences between the two:

The strategic background proposed by "Made in China 2025" is that China's manufacturing industry is uneven. A considerable number of enterprises are still in the stage of "Industry 2.0", promoting the parallel development of Industry 2.0, Industry 3.0 and Industry 4.0, which is a must for China's industrial structure transformation and upgrading. The road to the road. As a veteran industrial power, the UK has a strong industrial base and industrial development has been in the transitional stage of 3.0 to 4.0. The "modern industrial strategy" is actually the re-industrialization of the UK and the establishment of a global industrial leading position.

The core of "Made in China 2025" is the integration of the two. At present, the new generation of information technology is profoundly affecting all aspects from value creation to value transmission, and deeply shaping the new manufacturing industry. Therefore, accelerating the integration of the new generation of information technology and traditional manufacturing has become a key point in the transformation and upgrading of traditional manufacturing, and is also the main line of the "Made in China 2025" strategy. The core of the UK's "modern industrial strategy" is investment. The British government hopes to increase investment in scientific research innovation, infrastructure upgrading, and labor skills training through government leadership, releasing economic vitality and stimulating economic development.

"Made in China 2025" adheres to the principle of "market-led, government-led", giving full play to the decisive role of the market in resource allocation, strengthening the dominant position of enterprises, actively transforming government functions, strengthening strategic research and planning guidance, and improving relevant support policies. Enterprise development creates a good environment; in the Green Paper of Modern Industrial Strategy, the British government has clearly stated that “to promote the development of the industrial sector in a more active role and to ensure the national sharing of economic dividends”. This shows that the British government has changed the economic policy of the original Conservative Party and will transform from the previous creation and development environment to direct government intervention and guidance for industrial development.
In summary, we can see that the core purpose of "Made in China 2025" and the "Modern Industrial Strategy" of the United Kingdom is the same, all in order to let the nation share the fruits of economic development, all through the drive of high priority for innovation and high-end equipment manufacturing. industry. However, the specific strategic objectives, core lines and key areas of the two are slightly different. This kind of core consistency and specific forms of performance not only ensure the identity of the two, but also provide the possibility of differentiation and complementary cooperation, which lays a good foundation for the strategic docking of the two.

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