Work­ing to­gether is cru­cial in up­grad­ing tech­nol­ogy

China Daily (Canada) - - BUSINESS -

It is vi­tal that the coun­try’s com­pa­nies con­tinue to up­grade their oper­a­tions in the next five years as part of the “Made in China 2025” drive. Part­ner­ships with over­seas play­ers in ad­vanced tech­nol­ogy will in­crease China’s com­pet­i­tive edge, ac­cord­ing to Andy Cheung, man­ag­ing part­ner with Ernst & Young in greater China.

“The coun­try has done an ex­cel­lent job, but tim­ing is cru­cial if China is not to lose its edge,” he said, adding that man­u­fac­tur­ing ri­vals in coun­tries such as In­done­sia and Viet­nam are im­prov­ing their in­fra­struc­ture and la­bor skills.

To do this, Cheung has called for greater in­ter­na­tional col­lab­o­ra­tion when it comes to tech­nol­ogy and other key ser­vices. This will help in­crease mo­men­tum as the na­tion pur­sues the “Made in China 2025” strat­egy, which cen­ters on tech­no­log­i­cal de­vel­op­ment in a move to re­vamp the man­u­fac­tur­ing sec­tor in the next 10 years.

Since the sec­ond half of last year, the econ­omy has con­tin­ued to slow. GDP growth fell to 7 per­cent in the first six months of 2015 from 7.4 per­cent last year.

“We need to adapt to the chang­ing busi­ness en­vi­ron­ment as China’s re­forms deepen, and fo­cus on client needs, such as IT con­sult­ing, e-com­merce and out­bound merg­ers and ac­qui­si­tions,” Cheung said.

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