Editor's note: Lu Jianfei, a special commentator on current affairs for CGTN, is a senior consultant and specializes in energy, state-owned enterprise reform and corporate governance. She holds a doctorate in management from Renmin University of China. The article reflects the authors' opinions and not necessarily the views of CGTN.

"Realizing new industrialization is a key task in China's pursuit of Chinese modernization to build a stronger country and advance national rejuvenation in the new era," said Chinese President Xi Jinping in a recent speech.

New industrialization is brought out of historical and realistic considerations. From the historical perspective, human activities bring changes to the natural environment, especially the exploitation of natural resources, causing natural ecological damage and pollutant emissions. With the expansion of the industrial production scale, a series of environmental problems, such as global warming have emerged. It has become a worldwide problem, for which the developed countries bear more responsibility.

From a realistic perspective, China confronts problems of unbalanced regional development and high dependence on industrial development on foreign demand. The lack of original innovation ability has undoubtedly hampered industrial development. Thus, the new industrialization is a new exploration of the economic development model.

What is new for the new industrialization? The first is a new driving force. The digital economy provides the manufacturing industry with sensors, chips, communication equipment and other products. The rapid development of software and Internet applications has boosted industrial growth. Digital technology, as fundamental interdisciplinary technology, empowers a large number of industrial fields, which is becoming an important driving force for quality, efficiency and competitiveness in the new industrialization.

The second is new production factors. The early production factors were land, natural resources, and labor. With the technological breakthrough, capital was brought into production factors. In the new industrialization era, data, management, technology, and knowledge are becoming the new production factors. They not only change the input structure of factors but also can significantly improve the efficiency of the use of other factors of production, which will increase production value and industrial competitiveness.

The third is new environmental constraints. De-carbonization, as a notable characteristic of technology and the industrial revolution, calls for sustainable development in new industrialization. China promises to achieve the goal of a carbon peak by 2030 and carbon neutrality by 2060. According to the preliminary calculations of relevant research institutions, the proportion of non-fossil energy consumption in China will increase to more than 80 percent by 2060. While industrialization contributes to economic growth, it is also necessary to pay attention to environmental protection. De-carbonization is becoming not only a constraint in industrialization but also a new opportunity for industrialization.

There are several ways to promote new industrialization. The very first is to enhance innovation ability. Considering China still faces technology containment due to some countries resorting to trade protectionism, building a new system for mobilizing resources nationwide is of great value to achieve breakthroughs.

Moreover, fostering strategic emerging industries is essential to boost new industrialization. Faced with demand contraction, supply shock, and weakening expectations, strategic emerging industries will cultivate new motivation forces by renovating conventional industries. The Chinese government has realized this and taken action as soon as possible. The State-owned Assets Supervision and Administration Commission of the State Council has set out an array of policies to encourage central state-owned enterprises to increase investment in key strategic emerging industries such as new energy and high-end equipment manufacturing.

Although China is still likely to face more challenges and uncertainties in worldwide competition, new industrialization will be a key force in promoting economic growth, coping with systemic impacts, and promoting scientific and technological innovation. A prosperous high-quality future will be achieved through promoting new industrialization.

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