Abstract: Demand-side management and supply-side management are both means of macroeconomic management. In different stages of economic development, the two means alternately play a major regulatory role. In the stage of rapid economic growth, China's manufacturing industry has made great progress through strengthening demand-side management. However, China's economic development has entered “the New Normal”, and there are a series of problems which are difficult to solve through demand-side management, including the bottleneck of resources and environment, the disappearance of demographic dividend, the lower technical efficiency, the dislocation between supply and demand, the low-and-middle level of product, so China's manufacturing industry must take the roads of innovation, intelligence, servitization and greening on the supply side, to achieve high quality development.