China's industrial development is far from balanced: in some industries, it suffers from overcapacity; in many others, it lacks sophisticated manufacturing products.
The outflow of China's extra industrial capacity can help the country absorb excessive capacity, a pressing problem holding back economic growth and transformation, and thereby resist the downward pressure and foster new growth areas.
Industrial cooperation is a two-way process, which means that China will pull out the stops to attract cutting-edge technology and equipment, which are desperately needed for industrial upgrading.
Closer industrial cooperation is expected to bring more competition to both Chinese and overseas markets, driving domestic enterprises to become more high-tech and sharpen their competitive edge.
In summary, a win-win situation is taking shape as China's own transformation will also bring opportunities to the world.
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