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China to shift to innovation-driven economy, play bigger role in global governance: experts

Xinhua | Updated: 2017-03-27 16:49

BEIJING -- As Chinese economy is rebalancing, China's contribution to global economy will be based relatively more on innovation and entrepreneurship, said experts during their recent interviews with Xinhuanet.

China has evolved a lot as an innovator from a heavy manufacturing-dominated economy, said Peter Adriaens, Professor of Engineering, Entrepreneurship and Finance at the University of Michigan.

Matias Aranguiz, who is a partner at a Chinese investment and consulting firm, said, China's supply-side structural reform will "bring about more innovation from within China aside from the first-tier cities located next to the sea."

Zhang Zeen, a data management expert, held that in the next decade China will change its past pattern of development and maintain mid-and-high speed growth by taking a technology-driven, green and sustainable approach.

The experts gave credit to China's economic accomplishments, especially in the field of science and technology innovation, and forecast a bright future.

They expressed thoughts on broader issues, such as how China can play a more significant role in global governance.

According to Michele Geraci, Head of China Economic Policy Program at Nottingham University, China's economic development is much faster than the rest of the world and is an important contribution to global economy.

However, he was concerned that the benefit of global economic growth is not equally shared by all the countries.

"Ultimately, there is only one way to truly strengthen cooperation in global governance," global economic and policy analyst Dan Steinbock said.

"It requires deep, broad and urgent reforms to ensure that global governance will reflect the peoples who actually make the world economy and drive global growth," Steinbock concluded.

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