The 2024 Bund Summit in Shanghai spotlighted China’s formidable innovation capacity as a key driver for its long-term economic growth. Renowned economists and business leaders converged to discuss how technological advancements and structural transformations are set to propel China’s economy into a new era of high-quality development.
Nobel Laureate Michael Spence addressed the summit via video link, noting that while China currently faces a short-term aggregate demand challenge, its future growth hinges on sustained innovation and productivity enhancements. \"The growth potential is really quite substantial,\" Spence affirmed, emphasizing the importance of structural changes on the supply side.
Liu Jun, president of the Industrial and Commercial Bank of China, echoed this sentiment, highlighting the role of technologies like the Internet of Things, cloud computing, and AI in transforming the economy. “China’s huge market and population coupled with the Chinese people’s passion for trying new things are driving this new economic paradigm,” Liu stated.
Jean Lu, CEO of Standard Chartered China, pointed out the rapid emergence and development of high-tech enterprises. He remarked that the ongoing transformation and upgrading of the Chinese economy is accelerating, creating robust opportunities for long-term growth.
From UBS, Thomas Fang highlighted the evolving international landscape and the profound adjustments in China’s economic structure, which are fostering new waves of opportunities. He identified the digital economy, high-end manufacturing, and new energy as pivotal sectors fueling China’s economic power.
Tim Wannenmacher, UBS’s co-head of Global Markets Asia Pacific, emphasized the advantages China holds in artificial intelligence development, citing its active engineering talent pool, vast amounts of data, and diverse application scenarios for large language models as key factors driving innovation.
Under the theme “Navigating a Changing World,” the summit gathered former central bank governors, leading economists, and business leaders from around the globe, underscoring China’s central role in shaping the future of the global economy.
Reference(s):
China has enormous innovation capacity to spur growth: experts
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