To expand the opening up of the manufacturing industry, we must increase the use of foreign capital, promote the import and export of key manufacturing products, deepen international cooperation and exchanges, improve the level of financial services, innovate systems and technologies, and promote the informatization, intelligence and digitalization of modern manufacturing industry opening up. level.

Zou Pingzuo, President of the China Institute of Manufacturing Finance and former Chief Researcher of the Financial Research Institute of the People's Bank of China

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■ Zouping seat

Manufacturing is the foundation of the national economy, the foundation of a country, the foundation of a strong country, and the tool for rejuvenating the country. High-quality development of manufacturing industry is the top priority for high-quality development of China's economy. Since the founding of the People's Republic of China, especially since the reform and opening up, China's manufacturing industry has continued to develop rapidly. It has 41 major industrial categories, 207 industrial medium categories, and 666 industrial subcategories. It is the only country in the world that has all the industrial categories listed in the Joint China Manufacturing Classification. Countries in categories have established a complete, independent and complete industrial system. In 2022, the added value of China's manufacturing industry will reach 33.5 trillion yuan, accounting for nearly 30% of the world's total, basically forming a large-scale, comprehensive system and highly competitive manufacturing system.

From now to 2035, it is a critical period for China's manufacturing industry to grow from large to strong, and it is also a critical period for quality change, efficiency change, and power change in the development of the manufacturing industry. To expand the opening up of the manufacturing industry, we must increase the use of foreign investment, promote the import and export of key manufacturing products, deepen international cooperation and exchanges, improve the level of financial services, and innovate systems and technologies.

Art. Make full use of the achievements of the scientific and technological revolution to promote the informatization, intelligence and digitalization level of modern manufacturing industry opening up to the outside world. Expanding the opening up of modern manufacturing to the outside world is a key piece towards becoming a manufacturing power. This paper intends to find the "golden key" for China's manufacturing industry to open up to the outside world and further study specific measures for opening up to the outside world of modern manufacturing.

01

Institutional innovation and opening up of the manufacturing industry are prerequisites for opening up of the manufacturing industry to the outside world

This round of scientific and technological revolution is of great significance and will surely promote the restructuring of global institutions. China's party and government management system will gradually become scientific, information-based, digital, intelligent and ecological in accordance with the central government's deployment. It is necessary to transform the high-level and high-efficiency party and government system into a digital, information-based and intelligent service system for modern manufacturing and become a strong backing for the opening up of modern manufacturing.

The opening up of modern manufacturing needs a theoretical support of internal and external integration, which is the cornerstone of modern manufacturing opening up. It is necessary to thoroughly study and study Xi Jinping's Economic Thought and develop the theory of a community with a shared future for the world.

The first is to study and innovate Marxist theory and realize the digitalization, informatization, scientificity and modernization of Marxist theory. Driven by the scientific and technological revolution, global economic theory has emerged as a "world community with a shared future." The emergence of the "token system" has made the distribution system digital and fair, changed the situation in which capital only receives benefits, and enabled producers, consumers and capital holders to participate in distribution together. This transformed class society into a scientific society.

The second is to further study Xi Jinping's economic thought system in the context of Chinese-style modernization, use the digitalization, informatization, ecological and intelligent technologies of the scientific and technological revolution to promote the scientific development of Xi Jinping's economic thought, form a global economic thought of "a community with a shared future for mankind", and explore and practice the common values of all mankind to maximize the value of everyone. For China's modern manufacturing industry to have a harmonious international environment, we must theoretically persuade the world to form a globally unified scientific and blooming theoretical system from the perspective of "a community with a shared future for mankind."

The third is to innovate the scientific theoretical system of future economics. At this stage, global economic theories are facing digital, informatization, intelligence and scientific transformation, and a theoretical system for the scientific and technological revolution is taking shape. Under the guidance of Xi Jinping's Economic Thought, China should increase its research on modern economics, apply the results of the scientific and technological revolution to economic theory and technology, and use facts and science and technology to prove the correctness and value consistency of "economics of a community with a shared future for a world". Grasping the dominance and voice of global economic theories and thoughts is of great significance to China's modern manufacturing industry opening up to the outside world, and is the basis for leading global innovation and occupying the commanding heights of the global value chain.

02

Research and build a global manufacturing financial center to provide first-class international financial services for modern manufacturing

China's existing financial system and system are incompatible with the opening up of modern manufacturing industries to the outside world. There are still large gaps in monetary system, financial services, risk management, digital finance, etc. We must start to establish a global financial system for China's manufacturing industry, promptly resolve some shortcomings and bottlenecks, and study and build a "global manufacturing financial center."

"Manufacturing finance" is a financial system and ecosystem that specifically serves manufacturing. China's manufacturing industry already accounts for more than one-third of the world's total. Such a favored system will face huge risks without the support of a high-level monetary and financial system. The manufacturing industry has huge accumulation costs, long R & D cycles, complex and changeable supply chains, and fragile value chains. It faces huge international risks. Especially when the international monetary system is controlled by others, China urgently needs to research and build a global manufacturing financial center and headquarters base.

Integrate technology finance strategy, digital finance strategy, green finance strategy, Supply Chain Finance strategy, value chain finance strategy and manufacturing power strategy. Vigorously develop leasing finance, promote equipment leasing securitization, and establish a global equipment leasing platform and ecosystem, so that China's modern manufacturing industry can integrate into the global leasing financial market and establish a global market. Modern manufacturing companies with sales of more than 300 billion yuan should be allowed to establish leasing securitization companies and open digital patent banks. Establishing supply chain consortiums and value chain consortiums through market micro-mechanisms to integrate modern manufacturing enterprises with global enterprises is a "first-mover advantage" to prevent geopolitics from causing harm to enterprises. Through the global manufacturing financial center, China's modern manufacturing enterprises are positioned at the commanding heights of the global value chain to prevent various monetary and financial risks.

We can refer to the experience of the successful reform of state-owned commercial banks and inject a certain amount of foreign exchange reserves into the top ten state-controlled investment banks and securities companies with good management and good risk control, make a global layout, build a world-class investment bank, and comprehensively enhance China's modern manufacturing industry's capabilities in global mergers and acquisitions and risk management provide a strong financial foundation for modern manufacturing enterprises to open up to the outside world.

03

Implement the global supply chain strategy and establish a global supply chain consortium, platform and digital system led by leading enterprises

The United States implemented a global supply chain strategy in 2012, but the United States 'de-globalization beggar-thy-neighbor economic strategy has led to a "dead end."

Establish a government-led supply chain planning, strategy and information system, an enterprise-led supply chain platform and digital ecosystem, and a Supply Chain Finance system led by technology finance companies and digital finance companies. Develop order and acquisition financing models on the supply side, warehouse receipt financing and securitization on the production side, and closed-loop consumer supply chain systems on the consumer side, so that companies can obtain funding sources from global customers. Research and design a global supply chain and Supply Chain Finance consortium with industry leading enterprises as the main body, empowering modern manufacturing to open up to the outside world.

04

Implement the global value chain strategy to help modern manufacturing companies occupy the commanding heights of the global value chain

The scientific and technological revolution has expanded the concept of value chain in the direction of informatization and digitalization, making the value chain an information ecosystem for value movement, not just corporate value, but also social value and individual consumption value. The concept of value has also undergone an important expansion. Individual value is the "atom" of value, and commodity value and enterprise value are compound functions of human value.

The movement of global value chains is a movement of human values. In the opening up of China's manufacturing industry to the outside world, the first is to implement the Digital China strategy and digitally asset management of the value data of scientific and technological talents and intellectual property rights. The second is to implement high-quality population development through value chain management, promote high-quality employment and re-employment projects, and provide high-quality talents for manufacturing enterprises to open up to the outside world. The third is to further implement the people-centered development concept, manage, confirm and privatize employee value data of manufacturing enterprises, and promote the digital and intelligent transformation of manufacturing enterprises. Based on the above three strategies, build a global value chain strategy for manufacturing companies.

05

Promote the internationalization of the RMB and create a safe, enabling and stable international monetary environment for modern manufacturing enterprises

While developing digital RMB, China needs to research and develop digital currencies based on human value data on a global scale. This is an objective need of monetary history and an objective need centered on the people. Monetary history runs through three important stages:Commodity standard, credit standard and value standard.

China's social system and economic nature emphasize the centrality of the people. It is necessary to promote China's large-scale and high-quality digital enterprises to go global, research and develop digital currencies based on human value data on a global scale, establish a global value public chain, and design a global value chain. The chain measurement and measurement system, forming a new "Bretton Woods System" with China as the main body, is an important weapon to support the opening up of modern manufacturing to the outside world and can effectively avoid global currency risks. And seize the dominance and voice of global currencies to create long-term dividends for the long-term development of China's modern manufacturing enterprises.

In the process of "going global" of China-China manufactured products, we will vigorously develop digital barter trade based on the value chain, prevent the abnormal impact of international currencies, and explore the establishment of a new digital international trading system.

06

Research and establish a "digital patent bank" system to achieve the coordinated development of science and technology, finance, and manufacturing enterprises

The patent banking system first emerged in the United States in the 1970s. Patent banks absorb valuable patents from patentees, conduct unified custody and operation of patents without changing patent ownership, and create value and share it with patentees. In the context of informatization and intelligence, the value chain model can accurately solve the value of intellectual property rights, because intellectual property data itself is useful information to people for a certain period of time and can be accurately solved through Milgrom's equation and Nash algorithm. The solution to this problem has fundamentally laid the foundation for the digital patent banking system.

Research and design of a global "digital patent banking system" will promote the coordinated development of science and technology, industry and finance, protect the intellectual property rights of China's modern manufacturing enterprises, and form and grasp global scientific and technological data to provide a steady stream of manufacturing enterprises. Innovation and development power, thus forming a "first-mover advantage" for core competitiveness.

In short, the opening up of modern manufacturing to the outside world is a scientific and systematic project that should be planned before action is taken. Under the guidance of Xi Jinping's Economic Thought, we must innovate theories and strategies, and research and design future-oriented opening up strategies and technologies. We attach great importance to the historical role of this round of scientific and technological revolution, do a good job in top-level design, create a market-oriented, legal and international first-class business environment for China's modern manufacturing industry to open up to the outside world, and create the best value chain system in the world.

(The author is the president of the China Institute of Manufacturing Finance and the former chief researcher of the Financial Research Institute of the People's Bank of China)