China is making waves in 2024, emerging as a global leader in technological innovation. With double-digit growth in new energy vehicles, integrated circuits, and service robots, the country’s innovation economy is gaining remarkable momentum.
Rising in Global Innovation Ranks
In the latest global innovation index, China climbed to 11th place, marking its status as one of the fastest-growing innovators over the past decade. The nation now hosts 26 of the world’s top 100 science and technology clusters, leading globally for the second year in a row.
Driving New Productive Forces
Regions across China are fueling development in cutting-edge fields. Beijing is spearheading advancements in 6G and quantum technologies, while Liaoning focuses on aerospace equipment manufacturing. Investment in high-tech industries surged by 10.6% in the first half of 2024, outpacing overall investment growth.
Enterprises at the Forefront
Chinese enterprises are intensifying efforts to tackle key technologies. They have established over 200 original technology hubs, fostering collaboration among more than 500 universities, research institutes, and private companies on over 1,000 cooperative projects.
The Role of ‘Patient Capital’
Long-term investment, known as “patient capital,” is playing a crucial role in supporting technological innovation. From policy proposals to strategic plans, China emphasizes the importance of patient capital in driving breakthroughs in advanced manufacturing, energy, and electronic information.
As 2024 progresses, China’s commitment to becoming an innovative nation is clear. With a focus on science and technology at the forefront of modernization, the country is set to make even greater strides on the global stage.
Reference(s):
cgtn.com
