China speeds up industrial transformation to high-end technologies
China's certain high-end technology posted strong growth as factory activity expanded at a steady but modest pace. Yu Yi, Managing Director at Accenture Digital Lead Greater China, said the whole industrial sectors are undergoing a tremendous restructure and focus more on high-quality growth.
Yu noted the whole sector is stepping up their efforts to develop the industrial Internet to foster new growth drivers while they have different paces. A certain sector may focus more on connecting with consumers, some focus on the operation process and others focus on reinventing the product.
"I think certain sectors have a relatively good foundation for digital technology, whether big data or the Internet of Things (IoT). So they are moving much faster in, for example, the advanced manufacturing sector – automotive industry. The industry is introducing a lot of new requirements for new energy vehicles and autonomous vehicles," he added.
According to China's Government Work Report 2019, the country is developing industrial internet platforms to facilitate the transformation and upgrade of manufacturing industries. With growing mobile payment and Internet-based e-commerce, traditional sectors are facing challenges to present better performance.
Yu emphasized traditional sectors are also going through the transformation in different forms. "I think other traditional sectors, whether the oil, gas or resource sector, they are focused more on the workplace safety side and productivity of the workforce," he said.