China is entering at the stage of replacing old growth drivers with new growth drivers. The situation of industrial development is the declining of the old industrial advantage，and rising and accumulation of new advantage of industries. Lower-end manufacturing have competitive advantage，middle-end and high-end manufacturing are rising，but still disadvantageous. Comparing with manufacturing competitiveness，services industry is lagging behind，especially knowledge-intensive services industry. Facing industrial and technological revolution，new economy is playing key role in replacing old growth drivers with new growth drivers. China belongs to the second echenlon measuring by New Econmy Index by the report and lags far behind US，but the new industrial and technological revolution is opening window for China to enter the first echenlon。China should grasp the opportunity window to continue deepening open wide to the outside world guided by the idea of building a community of human destinies meanwhile counterattack against protectionism measures taken by US，which benefit China and conform to the historical trend.