China is committed to driving economic growth through a multifaceted approach that combines domestic and global initiatives to create a more open and innovative economy, said an expert in Beijing on Friday.
As China pursues an innovation-driven growth model, the country's prominence in the global innovation landscape continues to increase.
The Global Innovation Index 2024, released by the World Intellectual Property Organization, ranks China 11th among the world's most innovative economies, up one spot from the previous year. This makes China one of the fastest risers over the past decade.
Qu Qiang, a research fellow at the Belt and Road Research Center of Minzu University of China, expects the world's second largest economy to shore up its innovation ecosystem to drive growth and competitiveness, both domestically and internationally.
"A high-tech driven economy, it means it definitely will be outgoing. It definitely will be very open to the outside world, embracing the diversity and internationalization. That's a dual pass, and in order to do that further, I think China would focus on both the domestic and international market. Domestically, I think China will do a lot of reform to accommodate more of the foreign investment and businesses to come into China. For example, we will further lower the threshold for the market entry. We're going to make the rule of law very perfect for the outside investors. Also for the services, I think we will have more streamlined services from the government, as well as for the private sector. You will have the one-stop services for you to solve all kinds of problems, from registration, taxation and to all the legal matters until you can get the profit from the market," he said in an interview with China Global Television Network (CGTN) via video link.
"Internationally, I think China will also try to together hand in hand with their international investors and partners to build a bigger cake with each other, have a win-win result, rather than just try to cut a bigger cake for itself. For example, Belt and Road Initiative is one of the examples to make the international cake bigger. So, many of the foreign investors and enterprises can actually, hand in hand with Chinese Belt and Road Initiative, go out and enjoy the growth not only in the Chinese market but also in the Chinese connected market in the international arena. So, I think many of these kinds of opportunities can be the real attractions for the international investors, to have these common prosperities together with China in the next few years," said the expert.
China to drive economic growth through multifaceted approach: expert
