The Analysis Of U.S."Re-industrialization" Strategy

After the outbreak of the financial crisis in2008, the slow rate ofeconomic growth, high unemployment rate and severe trade deficit in theUnited States led to crises in various aspects in the economic sphere.In such a grim situation, the American government gradually realized thatit is unreliable to base its economy solely on the virtual economy which iscentered in the service and the real estate industries. Thus in2009, theObama administration put forward a new round of economic stimulusplan called “re-industrialization”. This strategy is not simply aiming at areturn to traditional manufacturing sectors. It also expects to create jobs,boost exports and achieve one step forward in future high-endmanufacturing links through further upgrading of the manufacturingindustry, further innovation in related fields such as production, research,development and transportation, and through vigorous support of newindustries such as renewable energy. The American government’sstrategy would make a difference impacting the whole world.China has achieved outstanding economic development in the pastfew decades through reforms and the opening up policy, as seen not onlyin its transformation to the market economy, but also in the significantimprovement of people’s living standards. However, there are a lot ofproblems lying behind the economic prosperity which threatens China’s future economic development. The problems include excessive waste ofresources, the wanton destruction of the environment, andover-consumption of energy, just to name a few. Therefore, how todevelop China’s economy in a sustainable and fast way has become amore and more important issue in recent years, Since the Americangovernment’s “re-industrialization” strategy has been discussed anddeveloped under a similar context of increasing economic globalizationand excessive energy consumption, it will enlighten us a lot on howChina should continue its economic development in the future..Based on the above reasons and background, this paper firstintroduces the content and the context of the “re-industrialization”strategy in the United States, and then analyzes the target, measures,effects and problems of the strategy. This paper concludes with thepossible effects of the “re-industrialization” strategy on China’s economyand proposes several corresponding suggestions regarding China’s owneconomic development.More specifically, the first part of the paper introduces thesignificance of this research and summaries the recent thoughts ofdomestic and foreign scholars on this strategy. These academic thoughtsset up the basic framework of this thesis. In the second part, this paperfirst clarifies some concepts related to the "re-industrialization" and thenanalyzes the concept, the features and the background of the “re-industrialization” strategy in the United States. In the third part, thispaper analyses the Obama administration’s goals of the“re-industrialization” strategy in the short and the long term and alsogives a detailed analysis of the measures to achieve the goals. In thefourth part, this paper analyses the effects and the problems occurred inthe United Sates during the implementation of the “re-industrialization”strategy. In the fifth part, this paper introduces the positive and negativeinfluences of the strategy brought to China’s economy, and also putsforward some suggestions for China’s economic development in thefuture. In the last part, this paper makes a summary.