There is an emphasis on revitalizing the economy in China, and to some, it is a déjà vu to a familiar past. As land development in the country has essentially headed toward its end, while having the need to boost the economy, this leads the focus back to industries, investment attraction, and the cultivation of industrial trends. While this is certainly a positive development, the issue lies in the fact that in most places, the majority's interest and focus on industrial development remain concentrated on the so-called high-tech industries. Consequently, industries that are not truly high-tech are being artificially portrayed as such, where words and concepts are manipulated to create the illusion of advancement, resulting in the emergence of "PPT industries" and even more the sophisticated industry in writing academic work to order. These ideas sometimes receive welcome and even enthusiastic responses, highlighting the need for careful examination of the very concept of "industry".
When it comes to industries, there are numerous industries awaiting development, all of which possess significant potential. For instance, the manufacturing sector of China as the world's factory seemingly has the capability to create anything. Yet, things are more complicated than this.
To cite an example of a hypothetical mop crafted with exceptional visual appeal where the designer's intent was centered on user convenience, attaching an integrated cleaning sheet compartment for easily accessible cleaning materials infused with cleaning agents. Yet, it becomes apparent that the sheet cannot be attached to the mop. After a few sweeping motions, the cleaning sheet consistently dislodges. The ensuing frustration leads to a return to the most conventional mop, which proves to be both practical and dependable in its usage.
Currently, there is an abundance of innovative consumer products, but equally numerous are flawed and problematic items. Electric bicycles may appear visually appealing, yet they struggle to ascend slopes. In another example, one might have purchased a dozen or more backpacks, each boasting distinct designs and fashion-forward elements. However, consumers might soon discover that every backpack design has its issues, prompting them to repeatedly buy another in search of satisfaction.
When it comes to smartphones and other 3C products, the reality is that these items encounter even more issues. Present-day Apple smartphones have strayed from Steve Jobs' endorsed principles of slimness and simplicity; their weight is heavier now yet their performance has seen minimal improvement. In all likelihood, if it is not for the backing of the Chinese market, the innovation-lacking Apple would have faced its demise long ago. Recently, Apple faced a collective lawsuit wherein it was revealed that in 2017, they deliberately slowed down older phone models without user knowledge, effectively compelling users to purchase new phones. A behemoth like Apple would resort to such desperate and deceitful measures raises questions about what Steve Jobs would have thought. Additionally, there are coffee machines demanding manual attention, range hoods that perpetually ooze oil, and various electronic devices that are bewilderingly intricate.
As it stands, many products nowadays are riddled with defects. Advertisements and sponsored content invariably tout the splendid virtues of goods while never stooping to acknowledge their shortcomings and problems. In actuality, if this kind of introspective evaluation were to be undertaken, it would reveal industries in dire need of reform, and new industry opportunities would abound. The innovation within industries is far from being confined to enigmatic "high-tech" concepts but rather extends to every corner where new avenues for industrious pursuits are worth exploring.
For example, watch enthusiasts are well aware that Patek Philippe watches are anomalies in the industry, with the price of a single timepiece potentially reaching an extremely high price. How does Patek Philippe achieve this? There are many reasons, but the meticulous craftsmanship of it is one of the most commendable factors. All the mechanical components within the watch are manually rounded at the edges, rendering them exquisitely refined. Such meticulous craftsmanship, regardless of market fluctuations, at least gives a sense of worthiness to its consumers. and this is precisely the magic of "precision manufacturing".
Many years ago, after careful consideration and drawing inspiration from the concept of fine chemical production, I proposed the industry term "precision manufacturing". Back then, I believed that the direction of progress for China's real economy must take the path of transitioning from quantity to quality. Later, it seemed that the central policies adopted a similar concept and introduced the idea of "craftsmanship spirit". However, even this concept failed to take root in practice, remaining at the conceptual stage and eventually being overshadowed by the surging tide of real estate, with no one willing to advance its implementation.
Today, in the new era of attracting investment, how to guide industries is a crucial task for policy departments and, of course, for China's economic development. If the perspective and operational focus stubbornly remain fixed on real estate, then the Chinese economy will miss its final opportunity. On the contrary, the country's economy still has the potential to achieve something through the hard demand driven by quality.
Final analysis conclusion:
Reemphasizing industries, especially manufacturing, for the sake of economic revitalization is a positive move for China. However, how to identify industrial opportunities and perceive the scope for industrial development requires a broad perspective and a keen market sense. In the new era of attracting investment, the country should not just focus on trendy high-tech industries. Any industry, when transitioning from quantity to precision, from general manufacturing to "precision manufacturing", can reveal new industrial and market spaces.
