Abstract: In the context of the manufacturing industry facing the“hollowing out”threat and the economic development having the new normalcy characteristics, and on the basis of the“Global Factory”theoretical framework, this study conducts a quantitative analysis of the sustainable development path for China’s manufacturing industry with the qualitative method and adopting the agglomeration index, industrial specialization index and industrial gradient index. Shanghai has the capacity to be upgraded to become the center of Asia-Pacific regional headquarters of multinational corporations in the manufacturing industry, the Yangtze River Delta area has the technology of traditional manufacturing industry and the scale economic advantages, which can help the area to undertake the international industry transfer, while the capital-intensive industry in the central region and the resource-intensive industry in the western region have the capabilities to undertake the industry transfer from the eastern region. This new spatial distribution of the manufacturing industry can lay a foundation for China’s construction of “one belt and one road” following the economic development mode of all-round opening type.

Key words: new normalcy; global factory theory; headquarters economy; industry upgrading; industry transfer