Technological and policy innovation to further boost trade growth

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At the Trade and Innovation sub-forum of the Hongqiao International Economic and Trade Forum, a key part of the first ever China International Import Expo., Croatian Prime Minister Andrej Plenkovic, TerraPower chairman Bill Gates, executive chairman of the Alibaba Group Jack Ma and other renowned people shared their insights on how innovation will further boost trade growth.

CGTN's Wu Lei talks with Croatian PM Andrej Plenkovic (R) on the importance of technological advancement and innovation at the Trade and Innovation sub-forum of the Hongqiao International Economic and Trade Forum in Shanghai, November 5, 2018. /CGTN Photo

Croatian Prime Minister Andrej Plenkovic told CGTN that he feels that the 4th Industrial Revolution, featured by digitization, innovation and investments in competitiveness, is key. Any society, any country, any economy, which wants to catch up with these global trends needs to swiftly adapt, not only legislative freedom, but also its entrepreneurs because it's them who are the backbone of all the economies.

Jack Ma says there will be no trade deficit in the next 20 years because of technology at the Trade and Innovation sub-forum of the Hongqiao International Economic and Trade Forum in Shanghai, November 5, 2018. /CGTN Photo

Jack Ma said, "Trade war is the most stupid thing in this world. Trade supports the peace, trade means communication, and there will be no trade deficits in the next 20 years because of the technology."

Bill Gates hopes China to play a bigger role in boosting innovation at the Trade and Innovation sub-forum of the Hongqiao International Economic and Trade Forum in Shanghai, November 5, 2018. /CGTN Photo

Bill Gates said, "I believe China can be a catalyst to this third way, its increasing role in the world, putting imports, and it's increasing capacity for innovation, whether it's energy, health or other areas.

"I hope that this kind of innovation will provide a model for more international cooperation in the future, taking the talents not only from China and the United States, but other countries, we can build an atmosphere of innovation that improves lives all over the world."

CGTN's Wu Lei talks with Professor Lin Yifu (L) from Peking University on how innovation boosts trade at the Trade and Innovation sub-forum of the Hongqiao International Economic and Trade Forum in Shanghai, November 5, 2018. /CGTN Photo

Lin Yifu, director of the Institute of New Structural Economics, Peking University, told CGTN that when you do trade, it not means goods and services, but also ideas. Both parties can learn from each other on the best practices. Most of the guests have shared their insights on how to boost innovation from the perspectives of government and enterprises.