Abstract: At present, the debate on industrial policy is mainly among three schools: the Neo-Structuralism, the Neo-Liberalism and the Evolutionary Development Economics, focusing on the rationality and effectiveness of industrial policy in the field of industrial structure. The theoretical logic and policy propositions of different schools have different stage applicability: the Neo- Structuralism is mainly applicable to the early stage of rapid economic catch-up, the Evolutionary Development Economics is mainly applicable to the late stage of rapid economic catch-up, and the Neo-Liberalism is mainly applicable to the stage of economic transcendence. During the process of the transition from the“early stage of rapid catch-up”to the“late stage of rapid catch-up”and then to the“stage of economic transcendence”, the industrial policy attribute of late developing economies should be transformed from“selective”to“more positive”and then to“functional”. The practice of international industrial policy also shows a general trend of evolution from“selectivity”to“functionality”. At the beginning of the new era, China’s economy is still at the“late stage of rapid catch-up”, so it should not blindly accelerate the transformation process of industrial policy attributes. The transformation strength suitable to the current stage is to change the attribute of industrial policy from“selective”to“more positive”.

Key words: industrial policy debate, significance of new era, theoretical logic, policy practice