Innovation opens up new possibilities for global economic growth
People’s Daily
The world economy is currently
confronted with slackening growth and rapidly mounting risks. Unilateralism and
protectionism, placing severe impacts on the international order and the
multilateral trading system, have become the largest risks that threaten global
economic stability.
“Innovation holds the key to
fundamentally unleashing the growth potential.” Chinese President Xi Jinping’s
remarks on building an innovative global economy are of important immediate
significance and far-reaching significance under the current international
situation.
At the G20 Hangzhou Summit held three
years ago, G20 members jointly formulated the G20 Blueprint on Innovative
Growth under the proposal and promotion of China. The blueprint, supporting
innovation, the New Industrial Revolution and the digital economy, stresses
that innovation covers a wide range of domains and helps create innovative
ecosystems.
Besides, relevant parties had also
delivered an enhanced structural reform agenda, resolving to raise mid-to-long
term growth potential through a commitment to innovative growth.
These achievements were unprecedented in
the history of G20.
The upcoming G20 Osaka Summit is
expected to continue highlighting the application of new technologies as a key
area of cooperation, and conduct discussions on digital security, as well as
the relations between digital economy and the 2030 Agenda for Sustainable
Development.
With rising scientific and technological
revolution, innovation is playing an increasingly important role in global
economic development, said Hiroshi Onishi, a professor of Japan’s Keio
University.
President Xi proposed to build an innovative,
invigorated, interconnected and inclusive world economy at the 2016 G20
Hangzhou Summit. His proposal, aiming to address the most urgent economic
problems seen by the world, revealed the sense of responsibility of China as a
major country, and received broad recognition and applause from participating
countries.
Scientific and technological innovation
must be achieved through cooperation and exchanges. Monopoly will never lead to
progress.
To improve the capability of
technological innovation, a country has to not only invest capital and human
resource, but also conduct adequate, open and sustained interaction with other
countries to build an innovative ecology featuring openness and cooperation. It
is of vital significance for developing global economy in today’s world.
Innovation is constantly injecting
dynamism into China’s economic development. At present, China’s investment in
research and development ranks the second in the world, accounting for about
2.18 percent of the country’s GDP. The country is seeing continuous expansion
of new driving forces represented by strategic emerging industries and sharing
economy.
China’s innovation is achieved under an
open environment that focuses on domestic-overseas interaction and seeks common
progress.
For instance, the joint construction of
the Belt and Road Initiative (BRI) is exactly an innovative move made by China
to realize common prosperity of the world and promote international
cooperation. Innovation will serve as an important driving force to advance the
high-quality development of the initiative.
China has always championed innovation
and is attaching high importance to it, which shows distinctive characteristics
of China’s development in the new era, and points a direction for the sustainable
development of global economy, said Swaran Singh, a professor at India’s
Jawaharlal Nehru University.
As Singh added, when the world is facing
so many risks and challenges, it’s especially important for every economy in
the world to start the engine of innovation and jointly build a road of
innovation that features openness, inclusiveness, and win-win cooperation.
Innovation opens up new possibilities for global economic growth
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