As strategic competition among major global powers intensifies, China stands resilient, leveraging technological advancements to fuel its economic growth. Despite the United States labeling China as its most serious geopolitical challenge and ramping up efforts to curb its technological progress, Beijing continues to thrive.
The Biden administration has positioned the next decade as a \"decisive decade\" of great power competition, focusing heavily on technological rivalry. Initiatives like the Inflation Reduction Act aim to hinder China's acquisition of advanced semiconductor manufacturing capabilities, attempting to dent global investor confidence in the process.
However, these efforts seem to underestimate China's formidable technological prowess. China has solidified its position as the world's second-largest economy by establishing itself as a technology superpower. In sectors such as artificial intelligence, e-commerce, and mobile payments, both China and the U.S. are leading innovators.
China hosts approximately 40 percent of the global \"lighthouse factories,\" boasts the world's largest 5G network, and ranks second in computing power. From 2016 to 2022, China's digital economy expanded by $4.1 trillion, achieving a compound annual growth rate of 14.2 percent. These impressive figures highlight China's ability to sustain high-quality growth through continuous tech innovation.
As China prepares for the annual two sessions of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC), the focus remains on harnessing technology to drive economic resilience and global competitiveness. The ongoing advancements not only bolster China's economy but also present significant opportunities for the global market.
Reference(s):
Tech advances pave way for high-quality growth of China's economy
cgtn.com
