The Chinese State Council recently issued the "Interim Provisions on Promoting Industrial Structure Adjustment," marking a clear and dynamic direction for industrial transformation. These provisions outline eight key areas for focus: first, reinforcing agriculture's foundational role and accelerating its transition to modern practices; second, enhancing infrastructure in energy, transportation, water management, and information technology to strengthen economic control and social development; third, promoting advanced manufacturing and focusing on industrial growth as a critical driver of the economy; fourth, accelerating high-tech industries to boost economic expansion; fifth, increasing the share of service industries, optimizing their structure, and fostering rapid development; sixth, advancing the circular economy to build a resource-efficient and environmentally friendly society, aligning economic growth with population, resources, and the environment; seventh, optimizing industrial organization and adjusting regional layouts; and eighth, implementing an open, win-win strategy to elevate the level of international openness and drive domestic industrial upgrades.
Complementing these provisions is the "Guidance Catalog for Industrial Structure Adjustment," which categorizes industries into three groups: encouraged, restricted, and eliminated. The catalog includes over 1,128 items across more than 20 sectors, with 539 encouraged, 190 restricted, and 399 eliminated. Industry experts believe this classification provides strong guidance for sectors like agriculture, water conservancy, coal, electricity, and transportation, influencing capital markets positively.
Analysts from China Merchants Securities, such as Jia Zuoguo, highlight that the focus should be on nine key industries: renewable energy equipment, port container cranes, shipbuilding, railway transport, 3G and digital TV communications, tourism, environmental protection, and water supply. Meanwhile, Changjiang Securities’ macro strategist Zhang Fa Yu points out that sectors like biomedicine, machinery, chemicals, new materials, aerospace, defense, and IT will benefit from national support. Additionally, service industries—such as retail, environmental protection (circular economy), infrastructure, and telecommunications—are seen as having long-term growth potential.
Zhang Dawei from Joint Securities notes that service sectors aligned with energy efficiency and labor absorption, such as finance, logistics, and public services, are likely to receive more policy support and experience significant growth. On the flip side, industries facing overcapacity or restrictions—like steel, cement, non-ferrous metals, automobiles, and power—will see limited expansion, but may witness increased M&A activity and restructuring opportunities. Overall, the new regulations signal a strategic shift toward sustainable and high-quality industrial development in China.
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