Half a month ago, Mr. Huang Qifan's speech, "The New Effectiveness and Tasks of China's Opening Up in the New Landscape," was widely watched.

He clarified the new tasks and effectiveness of China's opening up in the current new situation, including guidance on the direction of industry.

Not coincidentally, the Guiding Opinions on Promoting High-Quality Development of Government Investment Funds, issued by the General Office of the State Council on January 7, is like a boulder thrown into a calm lake, stirring up a thousand waves in the field of government investment funds.

2025 is destined to be extraordinary and change layer by layer, the investment industry in the center of the "shock" link, how to guide the local government industrial upgrading, in which direction to make efforts in order to one hand debt one hand revitalization of the economy?

So today we combined with the State Office of the No. 1 article, a shallow look at what investment in this point?

01 Changes in the industrial economy

Mr. Huang Qifan has a deep insight into the current economic trends, stating that China has entered a new pattern of economic development, that is, "the main body of the internal cycle, the international and domestic double-cycle mutually reinforcing new development pattern.

Without presenting the full report here, only some of the core ideas are summarized.

The main point of the report is the new pattern: the internal cycle is the main body, and the international and domestic double cycles promote each other's development.

New achievements: structural adjustment of export products; transformation of production mode; growth of imported foreign investment.

New features: two-way trade policy; two-way encouragement of investment policy; regional openness focusing on balance; comprehensive industrial openness; and attention to the business environment.

New tasks: promoting the integration of domestic and foreign trade systems; increasing the development of trade in services; "Belt and Road" to promote coordinated opening up; building a network of FTAs; and promoting the internationalization of RMB in an orderly manner.

Industry carries the pulse of economic development, and local economic development cannot be separated from industrial aggregation.

We focus on two major directions, industry and business environment, to extract the main points of information.

In the analysis of "new effectiveness", we can focus on the changes in the manufacturing industry.

China's manufacturing sector has improved dramatically over the past decade, with the proportion of capital-intensive and technology-intensive products exported rising sharply in industries such as ships, automobiles, integrated circuits with chips, shield machines, gantry cranes and so on.

China's manufacturing industry from the original 70% or more is "two heads out, big into the big out" of the processing trade cycle, to now become 70% is "one head in, one head out" of the general trade cycle.

General trade is "one end in, one end out", that is, the industrial chain cluster upstream, midstream, downstream parts, raw materials, semi-finished products are manufactured in the country, and then assembled in the country to form a product, these products are either sold domestically or exported to foreign countries. That's why in the past ten years we have seen, national policy documents, local government propaganda, the most is to require a variety of enterprises to expand the chain, strong chain, make up the chain.

These information points and our industry in recent years, constantly updated means of attraction, constantly fine attraction direction, coincides with.

Our industrial structure, has long been in the investment of this step in the planning of the industrial pulse, pulling a whole body.

Looking back at the "Made in China 2025" strategic objectives of the first step has been basically realized.

The first step of the goal is as follows:

By 2020, the basic realization of industrialization. By 2025, the overall quality of the manufacturing industry will be significantly improved. A number of multinational companies and industrial clusters with strong international competitiveness will be formed, and their position in the global industrial division of labor and value chain will be significantly improved.

And among the "new features", we should focus on changes in the regional opening pattern, the opening up of industries and the key elements of the business process.

First, the new pattern of opening up emphasizes both coastal and inland areas, and focuses on the coordinated development of the eastern, western, southern, northern and central regions.

In the last decade, China's bonded zones have increased by more than seventy, of which 67 are in the central and western regions, and the coast has only increased by five or six.

The author believes that does not rule out the future will be more central and western regions to increase the bonded area, from the partial opening, to the full opening, which is the opportunity for local economic development is also an unprecedented challenge.

Secondly, the opening up of industries has changed from focusing on "visible and tangible" industries such as manufacturing, construction and department stores to an all-round opening up of the country, with increased participation of foreign capital in education, health and finance.

The author believes that the relaxation of restrictions on access to foreign investment, especially in the financial sector, will become an important industrial signal for local governments to attract foreign investment.

Of course, at this stage, other regions can feel the "Shanghai" across the river.

Lastly, he mentioned that China's opening up to the outside world was previously more concerned about trade, the import and export flow of factors, and now more attention is paid to the business environment, requiring the formation of an international, market-oriented, legalized business environment.

02 Explanation of key points of solicitation

Government investment funds have been playing an active role in serving national strategies, promoting industrial upgrading, and facilitating innovation and entrepreneurship.

But undeniably, its development process has also exposed many problems. For example, in some places, there is a "return to the front of the investment" phenomenon, leading to the misallocation of market resources.

The State Office of the No. 1 document directly hit these pain points, put forward a series of highly targeted change measures.

Specific analysis can be read in the State Office of the No. 1 issue of hot debate, not to attract investment for the purpose of setting up a fund ", here, but not too much more.

Combined with industrial and economic changes, 2025 investment presents three major trends .

First, around the manufacturing industry, the whole chain to expand the chain, strong chain, fill the chain, in 2025 within the cycle as the main body, the international and domestic double cycle under the new pattern is still the mainstream.

But we should also see that the competition is about to intensify, the number of real effective supply of manufacturing industry projects is limited.

Everywhere on the hard-won projects are extraordinarily treasured, tightly grasped in the hands. From the inland areas to the coastal areas, "digging the wall type" investment has become extremely difficult.

The investment work needs to be tightly adjusted around the points of the strategy to adapt to the current situation.

In-depth understanding and study of the development stage of the attraction of businessmen, insight into the shortcomings of their development, targeted solutions to the needs of businessmen, has become the first task of the attraction of work.

Simply put, it is important to identify what is most lacking in the investment object and what problems need to be solved.

Through the "problem-oriented-measures" approach, to accurately grasp the lifeblood of the pain point of the development of the investment object.

Secondly, the era of comprehensive openness is coming, both the importance of the coast, but also the importance of inland, focusing on the East and West, South, North and Central regions to coordinate the development of regional requirements to achieve synergistic regional development.

This also corresponds to the State Office No. 1 mentioned in the national fund, provincial funds, district and county funds, layered management.

Each region in the national unified market should undertake different industrial tasks, the past path of their own way is no longer viable, the regional division of labor mode, will be promoted on a larger scale.

What local governments should do is to strengthen the synergy between local industries and neighboring regions.

Taking the integrated development of the Yangtze River Delta region as an example, Shanghai has advantages in finance, science and technology research and development, while neighboring Suzhou and Wuxi are strong in manufacturing.

Through regional synergy, Shanghai's financial, scientific and technological resources can provide support for the manufacturing industry in neighboring cities and promote the transformation and upgrading of the manufacturing industry.

Meanwhile, the manufacturing industries in neighboring cities also provide application scenarios for Shanghai's financial, scientific and technological achievements, realizing mutual benefits and win-win situations.

Third, the relaxation of restrictions on the field of foreign investment access, corresponding to the formation of an international, market-oriented, legalized business environment, or become a heavyweight task in the field of investment promotion around 2025.

Previously, when we talk about the business environment, it's all about the efficiency of the government, supporting policies, and the strength of regional development.

The industrial chain investment is very popular now, whether it is foreign investment or local enterprises, are more important to optimize the allocation of resources.

In other words, whether there is a corresponding local industrial base, whether it can save the cost of raw materials, transportation costs, and so on, and even tend to the integration of production and marketing, and it is best to have a local sales market is not small.

As for internationalization, it corresponds to whether there is a local talent pool that can "seamlessly" switch language patterns, behavioral patterns, and modes of operation.

Whether the local government app has an English mode or a small-language mode can be an important factor affecting foreign investment.

Not to mention solving the problems of foreign employees supporting residence, children's school education, life and travel.

All in all, whether it is the No. 1 document of the State Council, or the key points in Huang Qifan's latest speech, all are hinting at one thing - the 2025 change is happening, we are ushering in the arrival of the era of full openness, and a series of policies have been introduced in 2024 to build a systematic, standardized and internationalized industrial environment.

What you catch is industrial opportunity, what you don't catch is economic risk.