Since the financial crisis of 2008，France is beset by the economic downturn and high unemployment rate. The government has successively launched a number of industrial revitalization policies aiming to boost France’s industrial global competitiveness，the bellwether of which is the manufacturing sector，in order to restore momentum of economic and social development. This article first clarifies the paths and main causes of France’s deindustrialization in the past 40 years. It then explains the irreversibility of the deindustrialization process by revealing its nature. Finally，it analyzes the re-industrialization policies or policy orientation of three French presidents since the financial crisis，and suggests that both in theory and practice reindustrialization policies surrounding the return of manufacturing and employment creation look more like a mission impossible，in the face of multiple challenges. Rather，an innovation-driven strategy based on enhancing corporate R&D capabilities and competitiveness serves as the critical path to unleash the stamina for economic growth and tackle high unemployment.