Tapping,Business,Opportunities,in,High,Quality,Development
This year， China’s top legislative and political advisory bodies will start their annual sessions in early March as scheduled. As global economic slowdown lingers， new technologies are reshaping the industrial pattern， and green development has become the leading trend. China is endeavoring to find new impetus for national economic growth along the direction of high-quality development and bringing about new opportunities for cooperation with foreign countries.
Last year， after gearing down， China’s economy experienced a shift in growth momentum， economic structure， developmental model， and developmental mechanism.
After years of accumulation， high technology has become a new force to promote industrial upgrading. In 2018， China’s expenditure on research and development accounted for 2.15 percent of its GDP. The total number of research personnel reached 4.18 million， ranking first in the world. The total number of international scientific papers and citations ranked second in the world. The number of invention patent applications and authorizations now ranks first in the world. The development potential of high technology will play a leading role in the field of deep integration of advanced manufacturing and modern service industries. This area is the new direction of China’s economic transformation and upgrading. The deep integration of the new generation of information technology and manufacturing will profoundly change the production mode of the manufacturing industry， and accelerate the transformation of the manufacturing industry from traditional manufacturing to the new one which can provide new products and services altogether. Undoubtedly， this field will attract enormous investment and create unlimited business opportunities in new infrastructure fields， such as 5G commercial use， artificial intelligence， industrial Internet， and the Internet of Things.
In addition， China’s economic demand structure is also undergoing new changes. As domestic consumption has become the leading driving force for economic growth for five consecutive years， China’s consumer market has drawn increasing attention from the international community. This market not only has the purchasing power of 400 million middle-income consumers， but also has a larger space for consumption growth in services such as education， child care， old-age care， medical care， culture， and tourism.
Sustainable development will become a long-lasting theme， and China’s practices have shown that environmental protection and economic development can work together. The system of environmental protection and ecological restoration of the Yangtze River Economic Belt launched last year is an environmentally prioritized development model， meaning that the Yangtze River Basin， the most active region of China’s economy， will develop its economy moderately on the premise of no damage to the environment. The practice will also be rolled out to the whole country， and the business opportunities in the green energy field should not be underestimated.