The Made in China 2025 strategy draws a blueprint for Chinese manufacturing in the future. As technological innovation accelerates, a number of interruptive innovations will emerge, and China as a whole must brace for the challenges that technological innovation and globalization will bring. That will mark the start of "Made in China 3.0". Innovation lies at the core of Made in China 2025, and the strategy demands deep integration with cutting-edge technology, in particular integrating with data and information technologies.

Another feature is its inclusiveness. As China moves higher up the value chain, labor-intensive activities will be relocated to neighboring countries such as Vietnam where GDP per capita is substantially lower. That will release more resources in China for more value-added activities and create jobs for the host countries.

The development through Made in China 2025 must also balance the economic development of different regions in China, as the level of economic development and salaries levels vary.

The strategy is the third stage of China's long march toward industrialization.

It highlights key industries, as well as possible developments in China's manufacturing industry beyond 2025 to 2050, when the country will be a powerhouse of global manufacturing.

Implementing Made in China 2025 will not be easy, as there will be challenges as well as opportunities.

The author is a professor of strategic management at the Guanghua School of Management, Peking University. The views do not necessarily reflect those of China Daily.