Gulf Industry News
In association with

China’s economy moving to high-quality growth: official

China’s economy is now transitioning from high-speed growth to high-quality growth, said a senior Chinese official during a session which was held at seventh edition of the World Government Summit (WGS 2019), being held in Dubai, UAE.

Wang Zhigang, Special Envoy of President Xi Jinping and Chinese Minister of Science and Technology, was speaking during a session titled ‘The Rise of the Dragon: China’s Success in Leading the World of Technology’ at the WGS 2019, he recounted China’s success story and revealed what lies in store for the future of science and technology in the world’s second-largest economy.

The three-day event being held at the Madinat Jumeirah, will conclude later today (February 12).

Zhigang spoke about the role the digital economy will play in China’s next chapter of high-quality growth, touching upon the theme of technology convergence. Citing examples of China’s success, he reiterated the need for heightened responsibility and self-regulation by technology companies, as governments provide an enabling ecosystem that promotes digital innovation.

He also emphasised the importance of updating educational programmes to reflect a more modern, innovation-led approach.

“China has maintained its investment into the research and development (R&D) of new technology, which accounts for 20 percent of global R&D expenditure,” added Zhigang as he spoke about his country’s commitment to leading technology innovation worldwide.

Furthermore, he highlighted the potential of digital innovation to transform manufacturing through harnessing new technologies, such as automation, robotics and 3D printing. He also explored the topic of inclusivity through innovations in the Internet of Things (IoT).

Finally, he invited Arab countries to forge scientific collaborations under the Belt and Road Initiative.

China has assumed a powerful role on the world stage, influencing global policy decisions and harnessing technology to achieve economic success. The nation played a significant role in realising the UN millennium development goals (MDGs) of reducing extreme poverty rates by half. As it witnesses a slowdown in economic activity, especially in the manufacturing sector, China is poised to launch the next wave of growth.

The landmark event has convened more than 4,000 participants from 140 countries, including heads of state and governments, as well as top-tier representatives of 30 international organisations, it stated. – TradeArabia News Service

More Stories