Industrial Transformation in Hebei Province of China

Abstract

Industrial transformation and upgrading are the main themes of the economy nowadays. However, in the present development, industrial transformation in many districts has encountered bottlenecks. This paper pointed out the problems of industrial transformation in the Hebei province of China and analyzed in depth the causes of the bottleneck of industrial transformation in Hebei. The main reasons were insufficient marketization, brain drain, and insufficient innovation. Based on each of these causes, Hebei should increase marketization, deal with the relationship between the government and the market, increase the Private-Public-Partnership business model, improve the social security mechanism for talents, invest in the education industry, increase the investment in research and innovation, establish a complete innovation ecosystem, and build an economic environment conducive to breaking the bottleneck of industrial transformation.