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While the world watches anxiously for signs of U.S. President Donald Trump's next move vis-a-vis China, Chinese leaders remain focused on the next stage of their country's ongoing economic transformation.China's industrialization process, like that of other successful East Asian economies, has combined profit-led investment, active industrial policy and export discipline. The strategy focuses on developing advanced manufacturing sectors, but also considers how producer services, services-oriented manufacturing and green technologies can complement that process.By 2035, China expects its economy to be fully industrialized.Exemplifying this approach, China's state-backed Tsinghua Unigroup recently secured 150 billion yuan ($21.8 billion) in new financing to support upgrading in the country's semiconductor industry. Of that financing, 100 billion yuan came from the CDB and 50 billion came from the National Integrated Circuit Industry Investment Fund, a national-level GGF created in 2014 .Last year, two more national-level GGFs were created: a $30 billion state venture capital investment fund and a $50 billion state structural adjustment fund.China's experiments with industrial and financial policies may end up providing emerging economies with valuable insight into how to avoid the middle-income trap.
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