The reference news network reported on September 18. On September 15th, the website of Austrian Standard published an article entitled "China relies on high technology as a new driving force for growth" by Eric Frey. The article is excerpted as follows:
China’s economic strength is considered by many to be equal to that of Europe as a whole. Although some economic models that have made China a great success in the past 20 years are rarely mentioned now, this does not mean the end of China’s success story.
Eduardo Morcillo, an expert on China at InterChina Investment Consulting, said in an interview with this newspaper that because China has developed new advantages in the past few years, it will continue to grow in the next few years. China’s present and future economic development pays more attention to quality rather than speed.
"In recent years, China’s leaders have spent a lot of money on improving productivity, developing unprecedented cutting-edge technologies and opening up new markets. China people firmly believe that compared with other countries in the world, they have a competitive advantage: excellent infrastructure ahead of other countries and extensive and skilled use of big data. "
Morcillo pointed out that almost all villages in China have achieved network coverage, and 95% of the population have become active data users through daily use of smart phones. Because of its irreplaceable advantages in the use of big data, China has acquired this most important "raw material" in the 21st century. Morcillo said: "This will become an important driving force for China’s economy before 2040."
At the same time, the middle-income group in China has now reached 400 million, making it the largest middle-income group in the world. The consumption demand of this huge group will ensure the sustainable development of China’s economy.
Morcillo, who has been studying China for more than 20 years, believes that China has made many efforts to make its economic development model healthier in the past decade. In order to resist the adverse effects of the world financial crisis in 2008, the national and private debts that have greatly increased have been reduced, and even during the fight against the COVID-19 epidemic, the possibility of financial risks has not increased.
In his view, other pillars of China’s new economic strategy are green technology, especially renewable energy and electric vehicles, artificial intelligence and automation. With the support of excellent universities and high investment in scientific research, China’s economy also has good opportunities for development in these fields.
Morcillo estimated that although there are trade frictions between China and some western countries, China’s exports will not be damaged. China is the top three trading partner of 90% countries in the world and the global market leader of more than 100 commodity categories.
Morcillo commented: "Abandoning China will cause great losses to these countries. At the moment of fighting inflation, decoupling from China is the last thing people want to do. "
The picture shows that this is an unmanned sweeping car shot in the outdoor exhibition area of the 2022 World Intelligent Networked Automobile Conference on September 16th. (photo by Ren Chao)