Rujun Wang

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All articles published by MDPI are made immediately available worldwide under an open access license. No special permission is required to reuse all or part of the article published by MDPI, including figures and tables. For articles published under an open access Creative Common CC BY license, any part of the article may be reused without permission provided that the original article is clearly cited. For more information, please refer to https://www.mdpi.com/openaccess.

2. Literature Review and Hypothesis Development The goal of industrial policies is to promote industry upgrading, which reflects economic development pattern. Industrial policies are often accompanied by preferential measures (such as increased financing opportunities, fewer industry barriers and relaxed administrative controls), which creates a favorable environment for firms to make related investments and may significantly affect their investment efficiency.