At this week’s Summer Davos in Tianjin in the Chinese mainland, thousands of leaders from around the world gathered to tackle trade tensions, geopolitical conflicts and economic uncertainties. As the world’s second-largest economy, China is shifting its focus toward “new quality productive forces,” driven by high-tech, high-efficiency and high-quality innovations.
Jeffry A. Frieden, Professor of International and Public Affairs at Columbia University, notes: “Innovation is the secret to economic growth. Countries that invest in research and development, education and skills do well. It’s absolutely crucial.”
Recent data underscore this trend. The Global Innovation Index 2024 shows China rose from 12th to 11th place, marking one of the fastest advances among major economies. In 2024, national high-tech zones in the Chinese mainland contributed 24.1 percent of industrial added value, while digital economy core industries accounted for about 10 percent of GDP.
Amit Kakar, Head of Asia at Novo Holdings, adds: “China is playing a crucial role in the global electric vehicle market and investing in next-generation energy like hydrogen, nuclear fission and fusion. Its strengths in precision manufacturing, AI robotics and medical technology are transforming China into a center of innovation.”
Surveying chief economists worldwide, the World Economic Forum’s Saadia Zahidi reports optimism for two regions: South Asia and China. “Most believe China will be close to its 5 percent growth target, if not reaching it,” she says, reflecting a positive outlook amid global headwinds.
China’s innovation push extends beyond its borders through expanded cooperation in science and technology, reinforcing its role in supporting global economic resilience. As protectionist pressure mounts, China’s commitment to innovation and partnerships offers a roadmap for tackling today’s economic challenges.
Reference(s):
cgtn.com
