China’s Industrial Policy in the 15th Five-Year Plan: Everything Beyond Subsidies

Key Takeaways

• Beijing increasingly views anti-involution as not just curbing excess capacity but also redesigning company governance and how industries compete.
• Foreign companies in China’s strategic emerging and future industries can no longer assume that thin margins, technical immaturity, or a lack of bankable customers will naturally constrain their Chinese competitors.
• Sectoral and provincial 15th FYP drafts, expected to be released in the coming months, will provide a clearer picture of how Beijing’s industrial priorities will be implemented across regions and industries.