Abstract
At present, the Chinese manufacturing industry's competitive advantage is facing multiple challenges. China's “hexagon diagram” industrial policy, which has promoted the competitive advantage of Chinese companies in the era of globalization, encompasses these six strategies: enhancing factor supply, building infrastructure, improving institutional environments, enlarging market size, promoting industrial clustering, and encouraging competition. The hexagon model of industrial policy has gained China entry into many industries and increased their competitive advantage by lowering production cost and creating full-scope value chains. Lately, this competitive advantage is facing significant challenges from globalization reversal, trade wars, and the technological revolution. Relative to anti-globalization and trade wars, however, the most profound challenge facing China's manufacturing industry is the rise of the Industrial Internet of Things and smart manufacturing. China needs to upgrade its hexagon diagram industrial policy to keep up with new developments in the Industrial Internet of Things in today's era of smart manufacturing.
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