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China’s Changing Role in Innovation
China has been deliberate in its approach to start leading in high-tech industries instead of being dependent on technology from other advanced economies, Santacreu said. The government is putting resources into research and development, offering subsidies and building infrastructure to support new technologies, she noted.
“The strategy is really about becoming self-reliant and leading in the industries of the future,” she said.
During the “China Shock” of the 2000s, China emerged as a big competitor, Santacreu explained. (“China Shock” was the name economists gave to the period when Chinese imports to the U.S. accelerated following advances in trade relations, including China’s admission to the World Trade Organization.) But China was competing by exporting low-cost and labor-intensive products like toys and clothing, she said.
Stylized conveyor line transforming raw ideas into innovative products, symbolizing creativity and forward thinking.
Now the country is starting to export advanced technology, such as computer electronics and transportation equipment.
“China is really moving from being a low-cost producer to be a high-tech producer, and in that sense, it’s starting to compete directly with firms in advanced economies that were traditionally exporting these goods,” Santacreu said.
“The strategy is really about becoming self-reliant and leading in the industries of the future,” she said.
During the “China Shock” of the 2000s, China emerged as a big competitor, Santacreu explained. (“China Shock” was the name economists gave to the period when Chinese imports to the U.S. accelerated following advances in trade relations, including China’s admission to the World Trade Organization.) But China was competing by exporting low-cost and labor-intensive products like toys and clothing, she said.
Stylized conveyor line transforming raw ideas into innovative products, symbolizing creativity and forward thinking.
Now the country is starting to export advanced technology, such as computer electronics and transportation equipment.
“China is really moving from being a low-cost producer to be a high-tech producer, and in that sense, it’s starting to compete directly with firms in advanced economies that were traditionally exporting these goods,” Santacreu said.
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