日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / View

Chinese economy: high time for innovation as an engine

By Amitendu Palit (China Daily) Updated: 2015-03-06 08:22

Low value-added manufacturing relying purely on processing might not be able to bring the same results for China any more. Labor costs have increased making China less competitive compared with countries such as Vietnam, Cambodia and Bangladesh, which are now more efficient in producing a variety of cheap manufactured items. Some of these countries, in industries such as garment manufacturing, for example, are more attractive than China for foreign investments because of their ability to assemble quicker with cheaper labor.

China's fantastic economic success was a result of its ability to combine low costs with large scales. These scales were first created by domestic investment, and later supported by investments from multinational investors. Many of these investors might now be tempted to relocate elsewhere. This would be a natural response to the new advantages in value chains noticed in other countries.

What should China do then to revive growth?

Wages cannot be artificially controlled or depressed given that cost of living in China has also increased rapidly. If advantages arising from cheap labor do not exist anymore, then efficiency and competitiveness must be maintained through innovation.

Innovation is clearly what the Chinese economy needs for its next stage of economic growth. But it is important to understand the characteristics of innovation that will bring growth. China's focus on becoming an innovation economy by investing in strategic emerging industries is a step in the right direction. But investments in R&D and innovation in these industries, particularly cutting-edge industries such as aerospace, energy-efficient automobiles and biotechnology, are going to yield returns only over a long period of time. It can take up to 15 to 20 years for these industries to produce world class innovative products that can be commercially developed and sold in world markets.

China obviously cannot wait that long. It must locate other areas where short-term and simple innovations can give it results. It is here that it must plan innovations in enterprises and institutions. Chinese enterprises must introduce innovative practices that can maintain productivity in spite of rising labor costs. Chinese institutions, particularly financial institutions, should introduce more innovative financial products schemes that will help the growth of the financial services industry.

What China requires now is using innovation at the basic and fundamental level. This will bring gains for the present. More critical innovations can follow later.

The author is senior research fellow at the Institute of South Asian Studies at the National University of Singapore.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 另类av在线 | 色网站免费观看 | 亚洲天堂一区在线观看 | 精品一区二区三区四区五区六区 | 欧美亚洲第一页 | 国产精品视频成人 | 久久久国产免费 | 伊人久色 | 精品一区二区三区免费毛片 | 欧美日韩在线免费 | 色亚洲视频| 亚洲国产精品视频 | 国产高清视频 | 国产日 | 99精品欧美一区二区蜜桃免费 | 麻豆国产一区二区 | 久久久久久久爱 | av男人的天堂在线 | 亚洲精品一区二区三区区别 | 日本在线www | 日韩mv欧美mv国产网站 | 深夜福利网站在线观看 | 爱爱精品| 欧美久操 | 最新的黄色网址 | 午夜aaa| 国产aaa视频 | 在线欧美成人 | 一区二区三区在线观看 | 操极品| 在线免费观看黄色小视频 | 天堂视频网 | 日本精品久久久久久久 | 日韩一区二区免费在线观看 | 天天艹天天射 | 一级aaa毛片| 超碰激情 | av在线第一页 | 韩av| 日韩一区欧美 | 在线视频亚洲 |