In recent years，affected by the economic cycle and trade friction，the global manufacturing boom has dropped significantly. Since 2019，China’s manufacturing industry has been under great downward pressure due to the impact of cycle decline and trade friction，but the manufacturing industry has shown strong resilience，especially the advanced manufacturing industry. On the whole，the transformation and upgrading of manufacturing industry through intelligent upgrading is deepening. Looking forward to 2020，the downward pressure on China’s manufacturing investment is still large. However，with the adjustment of macro-economy and related industrial policies，China’s manufacturing industry will develop in the future in the direction of rapid industrial concentration，phased acceleration of industrial relocation，technological innovation and digital transformation.