Resilience and Risks of China’s Economy

climb up the industrial value chain to master the technology essential for creative, quality products.

In terms of output, hi-tech and equipment manufacturing expanded 13.1 percent and 11.5 percent respectively in the first half of the year,outpacing the 6.9-percent increase of the broader industry. Emerging sectors including new energy and new materials also picked up speed.

From high-speed trains to shared bicycles and mobile wallets, Chinese innovation is shaking up the global tech world and people’s daily lives.

China moved up the list of the world’s top 25 innovative economies, rising three notches from 25 to 22, according to a key innovation index jointly released in June by the World Intellectual Property Organization, Cornell University and INSEAD.

The country was top in a number of subrankings, including domestic market scale, human resources, patents by origin, hi-tech exports and industrial design by origin.

Despite a slower growth pace, the China miracle is not over, but has entered its second phase, focusing on consumption, technology and innovation, advanced manufacturing and services, Michael Zakkour, vice president of China practice at the global consulting firm Tompkins International, said in an article on Forbes.com.

Lingering risks