SONG Guoyou LI Yufei ，The Biden Administration's "Modern Industrial Strategy" and Its Implications ，Northeast Asia Forum，No.4，2024，pp.77-90

Abstract：Industrial policy is the key to Biden administration's economic policies. The Biden administration has explicitly proposedand executed the Modern Industrial Strategy ，which aims to enhance U.S. industrial strength and international competitiveness throughsubsidizing American various industries. As the core aspect of the Biden administration's response to strategic competition in the 21stcentury，the Modern Industrial Strategy is formed by multiple factors of security ，economy，domestic politics，and international strategiccompetition. This industrial strategy is coherent in context with distinct characteristics. Although the Modern Industrial Strategy hassignificantly stimulated domestic industrial investment and promoted re-shoring of advanced manufacturing ，it is facing a series ofchallenges which has constrained the overall outcomes of the Modern Industrial Strategy. The Biden administration defines China as itsmajor competitor and imitates China by mobilizing more tools and resources to implement industrial policy. Overall，U. S. industrialpolicy is more focused，more determined，and more confrontational to China. China needs to take more active and effective measures topromote industrial competitiveness and manage the industrial competition with the U.S. and the global industrial restructuring.

Key Words：Modern Industrial Strategy ；New Washington Consensus；Industrial Policy；Strategic Competition；ManufactureReshoring