Wednesday, December 6, 2023

China inspired the world with the modernization formula

President Xi Jinping emphasized that a The modern industrial system is the material and technological basis of a modern nation. He also indicated that the focus of economic development should be on the real economy to provide strong material support for China to achieve the second Centennial Goal, which is become a modern socialist prosperous country strong, democratic, culturally advanced, harmonious and beautiful when the People’s Republic of China celebrates its centenary in 2049.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and director of the Central Commission for Financial and Economic Affairs, made these statements while presiding over the first meeting of the commission of the 20th CPC Central Committee last May.

The Political Bureau of the CPC Central Committee also indicated in a meeting at the end of July that it is necessary to continue the progress of the modernization of the industrial system, development and strengthening of emerging strategic industries and development of additional pillar industries.

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Hans-Paul Burkner, global president emeritus of the Boston Consulting Group, noted that China’s efforts to advance industrial modernization They will help the country move up the value chain, making its economy “more innovative, green, consumption-driven and talent-driven.”

That change will help China maintain its key position in global supply chains amid adverse factors, such as geopolitical tensions and debates on the transfer of production to developed countries Burkner said.

Craig Allen, president of the US-China Business Council, said China is “an attractive location for supply chain integration,” because the country’s size encourages US-based companies and the ecosystem. this is seen to be greatly strengthened by investments in infrastructure and talent.

Intel Corp CEO Patrick Gelsinger, who has visited China three times so far this year, said: “China plays an important role in Intel’s business strategy. The company has developed a long-term relationship with the partner and customer in China, which lasted almost 40 years.

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In late July, Intel and the Nanshan district government in Shenzhen, Guangdong province, launched the Intel Greater Bay Area Innovation Center which focuses on technologies such as artificial intelligence and chip applications.

Behind the enthusiasm of foreign companies is the fact that China has most complete industrial system in the world. China will be ranked as the world’s most important manufacturing country for the thirteenth consecutive year in 2022, when its manufacturing production representing almost 30% of the world according to the Ministry of Industry and Information Technology.

More than 570 Chinese industrial companies have become one of the top 2,500 companies in the world terms of investment in research and development which increases its capacity to support supply chains, the ministry reported.

On the other hand, as China moves up the value chain, the country became more of an exporter than an importer of intermediate goods used by manufacturers elsewhere, helping to strengthen the connection and therefore the competitiveness of global supply chains, according to a report published by the financial services group HSBC earlier this year.

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In Asia, imports of intermediate goods from China now accounts for about 20% of all imports of ingredients in general, according to the report. In addition, exporters in the Association of Southeast Asian Nations are more dependent on parts from China than from other sources.

Jeffrey Sachs, a prominent economist and director of the Center for Sustainable Development at Columbia University, argues: “The strength of China is now at the forefront of many technological innovations. important for the future, which will be very good for China’s manufacturing industry in the coming years.”

Denis Depoux, global CEO of consultancy Roland Berger, said: “The quality and scale of China’s industrial groups, with its flexibility and ability to mobilize large workforces and rapid launch of new products in the consumer electronics sector, impressive aspects that cannot be easily replaced. “

Nation World News Desk
Nation World News Desk
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