Initiative to spark tech-led growth

Digital connectivity will create more business opportunities for Chinese and foreign companies in markets related to the Belt and Road Initiative, and contribute to social and economic development, said a senior executive from a global consultancy firm.

Vaughn Barber, global chair for KPMG Global China Practice, said that while collaboration between Chinese and foreign companies in infrastructure, resource and manufacturing projects remain key to unlocking the economic development potential of many countries and regions, opportunities also exist to explore how new technologies and business model innovations developed in China can generate a positive impact on prosperity in other economies.

As China has upped its digitalization and technological innovation, Barber said it has allowed the country to realize significant productivity, or digital dividends for its economy.

“New and cutting-edge technologies are providing a range of new possibilities for Chinese companies, in both traditional and high valueadded industries,” he said, adding they are helping to “boost productivity, unlock new demand and increase their competitiveness in domestic and global markets.