Business
20:48, 26-Mar-2018
Innovation 'will contribute' to high-quality Chinese economy
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China's pursuit for a higher quality economy above higher growth will be driven in part by innovation, the head of one of the world's leading management consulting firms has said.
The priority being given to the quality of growth was reiterated by Chinese Vice Premier Han Zheng at the opening ceremony of the annual China Development Forum (CDF) in Beijing on Sunday
He stressed that China’s goal is to seek more sustainable development and high value-added manufacturing.
Hans-Paul Buerkner, chairman of Boston Consulting Group, said the country's effort in innovation will contribute to that development goal.
Chinese Vice Premier Han Zheng delivers a speech at the opening ceremony of the China Development Forum in Beijing, March 25, 2018. /Xinhua Photo
Chinese Vice Premier Han Zheng delivers a speech at the opening ceremony of the China Development Forum in Beijing, March 25, 2018. /Xinhua Photo
Buerkner said that China is at the forefront of digitalization. “China is not lagging behind. China is at the forefront, investing enormous amounts of money and talent. That will fundamentally change the way we are living, how we are working, companies are operating,” he told CGTN.
High-quality development means reform, opening up, and innovation, all of which have come through all the speeches at the forum, according to Buerkner.
In the past five years, China has invested massively in innovation and entrepreneurship.
The country’s research and development investments have expanded by 11 percent a year over the past five years, second highest in the world. That's while the contribution rate of science and technology to the Chinese economy rose to 57.5 percent during the same period.
(CGTN’s Wang Yue also contributed to the story.)