Innovation-driven growth: Chinese solution for Asia-Pacific

After Chinese and U.S. companies signed deals worth more than US$250 billion during U.S. President Donald Trump's state visit to China, the leaders of APEC member economies gathered in Da Nang, Vietnam on Nov. 10 to seek wider economic and trade cooperation. Under the theme of "Creating New Dynamism, Fostering a Shared Future", the meeting focused on seeking fresh solutions for the future development of the Asia-Pacific economy. Among the highlights, the phase "innovation-driven growth" is perhaps the most eye-catching.

The world economy is undergoing a number of profound reforms. At the APEC CEO Summit in Da Nang, Chinese President Xi Jinping said this included a change in growth drivers. The Asia-Pacific region has one of the fastest economic growth rates in the world; however, in the middle and long-term period, it is also facing potential risks and difficulties. To avoid a "new mediocre" period of sluggish growth, the region, and indeed the entire world, should pursue growth through innovation and tap a new growth momentum.

China is the most successful practitioner and the biggest beneficiary of innovation-driven growth. In the past 40 years, it has made much economic headway. While the first two major advances in economy were contributed by the development of the rural economy and a more open economy overall, which promoted China's industrialization to an unprecedented high level and accelerated the pace of its economic globalization, China has realized that the potential of the first two growth drivers being exhausted, it now needs to be replaced by seizing the third opportunity offered by innovation-driven economy.

At the recent 19th National Congress of the Communist Party of China (CPC), "innovation" was repeatedly emphasized. In the report to the congress, it was specifically pointed out that further integration of the Internet, big data, and artificial intelligence with the real economy should be promoted, and new growth drivers should be fostered in areas like digital economy, sharing economy and green energy. This will help strengthen the innovation capacity and competitiveness of China's economy on a steady basis.

From the World Internet Conference to the high-speed railway network, e-commerce, new energy products and bike sharing, China has contributed an increasing number of innovative ideas to the world. The Chinese government is working step by step to fulfill the objective of achieving innovation-driven development, which was set by the APEC meeting in Beijing. When the objective is fulfilled, it will benefit more countries. For instance, the day when this year's APEC meeting concluded happened to be the largest online shopping day in China. In 2016, cross-border e-commerce transactions in China reached 6.7 trillion yuan, with a compound annual growth rate of more than 30 percent for the five years from 2011.

With the progress of the Belt and Road Initiative, innovation-driven growth will first bring benefits to the countries along the route. Showcasing the principle of achieving shared growth through discussion and collaboration, it will help boost the transformation and development of their economies. The solution offered by China will create a new opportunity for the entire Asia-Pacific economy.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

Innovation-driven growth: Chinese solution for Asia-Pacific
http://www.china.org.cn/video/2017-11/14/content_41888612.htm

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