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Next economic model to be a completely different animal as high-tech reigns

By OUYANG SHIJIA | China Daily | Updated: 2021-05-21 10:21
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Edward Tse, founder and CEO of Gao Feng Advisory Company. [Photo provided to]

The added value of the information transmission, software and information technology service industries more than doubled from about 1.8 trillion yuan in 2016 to 3.8 trillion yuan last year.

Looking forward, the country has pledged to further develop the real economy, strengthen industrial and supply chains, boost industrial upgrading and foster high-quality manufacturing, according to the 14th Five-Year Plan for National Economic and Social Development and Long-Range Objectives Through the Year 2035.

This year, the first of the planning period, China has vowed to accelerate industrial transformation and upgrades, Chinese Premier Li Keqiang said on March 5 when delivering the 2021 Government Work Report.

Tse said the government's continued efforts to boost innovation-driven high-quality development will enable a lot of new growth opportunities in the nation, especially in key regions such as Tianjin, a major high-tech hub.

"Over the years, Tianjin has built up a lot of strength in manufacturing, logistics, and so on. And ... in the physical economy, we believe that there's incredible opportunity and potential for Tianjin to continue to leverage this opportunity through intelligent manufacturing and integrated logistics," Tse added.

"Many cities in China, including Tianjin, are focusing on the development of smart and intelligent connected vehicles, new energy vehicles and autonomous driving. We believe that Tianjin would have a natural advantage of developing itself into an auto mobility hub of operations and innovations."

He said that given Tianjin's historic strengths in manufacturing, logistics and healthcare, nurturing an ecosystem of industrial internet-based businesses would be a promising area to focus on.

He added that while quantum computing is at an early stage of development, it is worth investing in, as the Tianjin government will support innovation-driven integration between intelligent technology and industry development.

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