National People's Congress Representative, TCL Founder and Chairman Li Dongshen: China's Manufacturing Achievements Are Impressive, Weaknesses Must Be Addressed

Ask AI · Why does Li Dongsheng emphasize the importance of the capital market in filling the gaps?

Our reporter Hou Jun

“With a clear strategic direction and practical measures, I am deeply encouraged and confident after listening to the government work report.” On March 5th, Li Dongsheng, a delegate to the National People’s Congress, founder and chairman of TCL, said in an interview.

Li Dongsheng was deeply touched by the government work report’s deployment to “accelerate the cultivation and expansion of new drivers of growth, focusing on developing the real economy, and developing new quality productivity according to local conditions.”

“We must dare to lead, driving industrial upgrading with new drivers of growth.” Li Dongsheng said that technological innovation is the core driving force of new quality productivity, and playing the role of enterprise innovation主体 and stimulating innovation vitality are key to forming new quality productivity.

Data shows that China’s manufacturing value added accounts for nearly 30% of the global total, maintaining the top position worldwide for 15 consecutive years. In Li Dongsheng’s view, this achievement is impressive, but there are still gaps to be filled.

“Development gaps remain significant in high-tech fields such as integrated circuits,” he said. Only by making breakthroughs in key technological areas can China truly support its economic transformation and upgrade, and enhance the core capabilities of China’s technological manufacturing industry.

How to break through?

Li Dongsheng’s clear answer: develop high-tech, asset-heavy, long-cycle industries.

Whether it is semiconductors, displays, integrated circuits, industrial software, or AI large models, long-term and stable investment is essential. Taking the semiconductor display field familiar to TCL as an example, after more than 20 years of deep cultivation, China’s industry has achieved “catch-up” or even partial “lead.” But the integrated circuit field is still constrained by two major factors: limited technological equipment and insufficient capital investment intensity.

“Under the current economic system, how to further stimulate enterprises’ investment in the integrated circuit industry is a big challenge,” Li Dongsheng admitted. Re-financing in the capital market is crucial for private enterprises to engage in advanced manufacturing and achieve sustainable development. Therefore, he believes that cultivating world-class enterprises requires not only enterprise accumulation but also effective use of the capital market’s financing functions to inject continuous momentum.

Besides technology and capital, boosting domestic demand is also an important support for the development of technological manufacturing industries. Li Dongsheng believes that China has a super-large market, but its consumption advantages have not been fully leveraged.

He cited the TV market as an example: by 2025, China’s brand shipments will decrease by 8.5% year-on-year, while the US market will grow by 1.6% in the same period. “The key issue is the shortage of high-quality content supply, which has failed to effectively activate the huge domestic cultural and entertainment consumption demand.”

In his view, boosting domestic demand cannot rely solely on policy stimulation; supply-side structural optimization is also necessary.