Editor's note: China's economy is witnessing the emergence of new drivers. Zheng Yongnian, dean of the School of Public Policy at The Chinese University of Hong Kong, Shenzhen, spoke to Economic Daily about why it shouldn't abandon low-end industries. Below are excerpts of the interview. The views don't necessarily represent those of China Daily.

Currently, a new wave of technological revolution and industrial transformation is making breakthroughs at a greater speed. New growth drivers are emerging for the Chinese economy, which shows no sign of peaking.

China strives to harmonize economic and social progress and balance the roles of the government and the market. This approach highlights both efficiency and equity, and integrates vitality with order. The country continues to deepen reforms in key fields to improve the socialist market economy system, and adheres to the approach of combining an efficient market with a capable government.

On the one hand, China recognizes that the government cannot manage everything on its own, and acknowledges that further efforts are required to unleash economic vitality. On the other hand, it has drawn lessons from other economies to avoid disorderly capital expansion and the structural imbalances that may follow. These institutional arrangements are conducive to sustaining long-term growth.

A robust manufacturing industry is an important advantage for China's economic development. The country is not only upgrading its traditional industries, but also fostering emerging industries and industries of the future. It is accelerating efforts to build a modern, comprehensive, advanced and secure industrial system.

China enjoys a complete industry chain and a huge market thanks to its all-encompassing manufacturing industry. The country needs to continue developing the real economy and the manufacturing industry, and advancing the integration of scientific and technological innovation with industrial innovation.

Some traditional businesses, such as rebar and cement, remain vital for the manufacturing industry, and should not be abandoned simply because they are not "high-end".

High-value-added and high-technology sectors have only a limited share in the overall economy. Also, many high-technology sectors require collaboration and support from other industries. In some fields, the capacity of different sectors to coordinate with each other matters more than individual technological breakthroughs.

A modern industrial system includes traditional, emerging and future industries. The three do not replace one another, but support and reinforce each other. A truly strong economy needs not only high-end manufacturing, but also some low-end and mid-level sectors. Only in this way can the economy achieve greater resilience and competitiveness.

Under the new circumstances, China needs to boost not only its GDP but also the "Chinese people's economy", or gross national income. GNI, which includes the country's overseas earnings, embodies the open way in which China pursues development. For instance, as Chinese enterprises make investments abroad under the Belt and Road Initiative, China's production capacity, technologies and development experience are "going global".

The country doesn't seek a monopoly or intend to stop other countries from developing as some Western countries have done. Nor will it impose its own development pattern on other countries.