HU SHAOWEI Fuelled by a series of stimulus packages since late 2008, Chinas economy has managed to meet growth targets against the backdrop of the global financial crisis. However, the concentration of emergency policies and measures has also resulted in overcapacity for some of the countrys traditional manufacturing sectors, increased pressures on its economic restructuring and weakened its ability for sustainable development. Some delicate changes have taken place in the countrys macroeconomic policy under these new circumstances, with accelerating economic restructuring, other than tactical measures for emergency purposes, confirmed as the overwhelming task for the national economy. The key to attaining this target lies in unremitting efforts toward the countrys long-overdue industrial structural adjustment and developing those new industries with huge investment potential and bright prospects. Such development will speed up Chinas economic measures and further help it gain a consolidated foothold in the increasingly competitive global economy. Amid the global financial crisis, a number of developed countries regard vying for a favourable position in the approaching round of global economic and technological competitions as a top priority. They see technological innovation as the overwhelming strategic mission, indicating that the global era of concentrated scientific and technological innovations is nearing. This trend is expected to fundamentally change the way of life, as well as push for world economic development. In modern times, China has failed to take hold of several opportunities to keep its science and technology in step with the rest of the world. With rapid development in the past three decades after its reform and opening up, the country has ranked third in the world in terms of its comprehensive national economic strength. But in the upcoming round of fierce global competition in the fields of science, technology and new industries, China should not let itself become excluded from scientific and technological advancement. Now despite tangible technological progress in the past few years, Chinas new industries still lag far behind their counterparts in developed countries and are yet to boast self-innovative technologies. Due to high technological costs and prolonged processes in technological funding from input to output, some of the preferred new industries still see low-level acceptance among domestic producers for the short-term. In light of the above, high expectations should not be made of the role played by these new industries in pushing forward the countrys much-needed economic structural adjustment in the near term. Instead, more concrete and practical efforts should be used. Chinas new, emerging industries still have a long way to go before they can replace traditional ones to dominate the national economy, although the country has drawn up an initial roadmap on their development. To boost new industries, the country should also strive to achieve a technological breakthrough in a number of core sectors and develop them as a strategic target. Sustainable development should also be put on a firm strategic direction. In the process, utmost importance should be attached to self-innovation as well as homegrown technologies, patents and technical standards. A balance should also be struck between developing new industries and traditional sectors. The countrys pursuit of technological innovation should not be made at the expense of technological progress in its traditional sectors. Given that a solid foundation has been laid in its traditional processing field, the countrys strategy to boost the development of new industries should not be confined to this field. The country should make full use of favourable conditions to extend its well-developed processing technologies to some high-end sectors to help gain a sharp edge in global competition. China Daily