High and volatile resource prices as well as climate-related concerns have called into question the carbon-development model across the world, which has changed the global competition landscape for emerging economies.The imperative of delivering alternative growth strategies is clearer than ever.A Low Carbon Industrialization Strategy (LCIS) can address many of the critical challenges facing China, which calls for the industrial transformation.As well as investments in research and development, a comprehensive upgrade of the whole innovation eco-system is needed, with active hubs facilitating exchanges between different sectors, between public and private actors, and between China and the rest of the world.