A new approach to boost China's competitiveness

The new infrastructure of technologies such as 5G, artificial intelligence and gene science are vital to China's global competitiveness and should be prioritized to attract foreign investment, experts said on the weekend.

Rui Mingjie, a professor at the School of Management at Fudan University on Sunday published a new book on China’s industrial innovation together with his team, analyzing the potential growth engines for the world's second-largest economy.

“We need to focus on innovation in these new sectors, and take advantage of them to spur transition in traditional industries,” Rui said.

At a time of international trade tensions, analysts said China should focus on multilateralism, rather than rely on one or two countries.

“A multilateral trade mechanism is also good for innovation,” said Wang Xiaosha, director of the Shanghai Industrial Development and Analysis Research Center.

“Policies encouraging multilateral trade such as the Belt and Road Initiative have led to stronger innovation capabilities in China’s western areas and in smaller firms,” Wang said.