This book delves into China's transition to mid-to-high-end industries amid a new wave of global industrial revolution. It explores the fundamental principles and current dynamics of industrial upgrading, addressing topics such as industrial policies, managing overcapacity, and the removal of inefficient enterprises, all viewed through historical experiences, objective analyses, and systemic considerations. Based on the in-depth analysis of China's advantages, challenges and strategic choices, the book concludes that upgrading is a must way-to go for China, involving pivotal areas such as structural upgrading, value chain optimization, product space expanding, quality enhancing, platform economy and sharing economy developing, as well as the intersection of finance with industrial upgrading.