Nation’s drive on innovation benefits world
China’s push for industrial invention will help global recovery, say experts
China’s intensified efforts to unleash the power of innovation in driving development are expected to inject fresh impetus into world economic recovery, boost the digital transformation of traditional industries and promote higher-level trade and investment, according to experts and business leaders.
The key to globalization lies in invigorating the native vitality of the global economy, which needs to break down trade barriers and bolster innovation in the industrial chain, along with advancing science and technology and integrating innovative technologies with the real economy, industry analysts said.
Senior executives of multinationals said they remain upbeat about business prospects in China and that they are accelerating steps to bring world-leading technologies and services to the world’s second-largest economy.
Their comments came after President Xi Jinping called for the tapping into the potential of innovation in spurring growth, jointly stepping up intellectual property protection, making rules on the basis of extensive participation and consensus building, and fostering an open, fair, equitable and nondiscriminatory environment for scientific and technological development.
Xi made the remarks via video link when addressing a conference on the 70th anniversary of the China Council for the Promotion of International Trade and the Global Trade and Investment Promotion Summit on May 18.
Xi stressed efforts to intensify exchanges and cooperation on innovation, facilitate integration of science and technology with economic growth, increase sharing of the results of innovation, and remove all barriers that hamper the flow of knowledge, technology, talent and other factors of innovation.
Long Haibo, a senior researcher at the Development Research Center of the State Council, said: “Innovation is the key driver of global economic growth. The world economic recovery is facing severe challenges against the backdrop of the COVID-19 pandemic and multiple uncertainties. Therefore, it is necessary to jointly explore and find solutions to global problems through scientific and technological innovation.”
Technological blockade, unfair trade rules and digital security are
the deep-seated factors that hold back development of trade and investment, Long said.
“Only by unleashing the vitality of innovation in driving development and concentrating on building an open, fair, equitable and nondiscriminatory environment can we promote higher-level trade and investment,” he said.
Long said more efforts should be made to further strengthen the protection of intellectual property rights and the security of privacy, deepen institutional innovation in pilot free trade zones, and expand regional economic and trade cooperation with countries and regions involved in the Belt and Road Initiative, in order to
push forward high-standard openingup.
In his May 18 speech, Xi also stressed the need to help the global economy upgrade its growth drivers, shift its growth model and adjust its structure so as to steer it onto a track of long-term, healthy and stable growth.
Xi’s speech demonstrated that technological innovation has become a new gateway to driving global economic growth and a consensus among major economies around the world, said Ouyang Rihui, assistant dean of Central University of Finance and Economics’ China Center for Internet Economy Research, adding that it also showcased China’s unswerving
resolve to continue its opening-up.
Howard Ozawa, president and CEO of Canon China, said: “Despite global uncertainties, we firmly believe China’s stable, high-quality growth will continue, presenting many opportunities for foreignfunded enterprises. The core of highquality development is innovation.”
Adhering to the innovation-driven development strategy is of great significance in fostering high-quality economic growth, upgrading the formats of foreign trade and accelerating the digital transformation of enterprises, said Bai Ming, deputy director of international market research at the Chinese Academy of International Trade and Economic Cooperation.