In recent years, technological innovation has become the cornerstone of China’s high-quality economic growth. As global competition intensifies, China has solidified its position as a technology superpower, contributing significantly to its emergence as the world’s second-largest economy.
The strategic rivalry between major powers has placed technological advancement at the forefront. The United States has identified China as its “most serious geopolitical challenge” and has implemented policies aimed at curbing China’s technological progress. Measures such as the Inflation Reduction Act and restrictions on semiconductor technology are part of efforts to limit China’s access to advanced manufacturing capabilities.
Despite these challenges, China’s technological landscape continues to thrive. In sectors like artificial intelligence, e-commerce, and mobile payments, China stands alongside the United States as a global leader. The country boasts the world’s largest 5G network and ranks second in computing power. From 2016 to 2022, China’s digital economy expanded by $4.1 trillion, with a compound annual growth rate of 14.2 percent.
China’s commitment to innovation is also reflected in its “lighthouse factories,” which represent about 40 percent of the global total. These factories exemplify cutting-edge manufacturing and digital integration, showcasing China’s advancements in Industry 4.0 technologies.
The sustained growth of China’s technological capabilities indicates that external pressures may not thwart its progress. Instead, these challenges have propelled China to invest more heavily in research and development, fostering homegrown innovation and reducing reliance on external technologies.
As China continues to advance technologically, its contributions to the global economy are becoming increasingly significant. The interplay between competition and collaboration in technology sectors shapes not only the future of China’s economy but also has profound implications for global economic dynamics.
Reference(s):
Tech advances pave way for high-quality growth of China's economy
cgtn.com
