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China’s Innovation-Driven Economy Attracts Global Investors

China’s commitment to innovation and digitalisation has attracted global investors seeking new business opportunities in the world’s second-largest economy.

Companies from around the world acknowledged China’s innovation-centric approach as a key factor in their success in an increasingly digitalised world as a German mechanical and electrical drive producer has expanded its investments in China, capitalising on the country’s growing appetite for high-tech and innovative products.

The Chinese market has witnessed a significant surge in the number of customers seeking high-end industrial materials and components over the past two decades. Companies believe this reflects the continuous evolution of China’s industrial technologies and the shift in consumer demand toward upscale products.

A century-old Japanese manufacturer of industrial sewing machines inaugurated a new research and development (R&D) centre this year. This strategic move aims to enhance the competitiveness of products in response to China’s flourishing high-end clothing sewing market.

Chinese policymakers have recognised the importance of enterprises in driving scientific and technological innovation. They have seized opportunities presented by the new sci-tech revolution, particularly in artificial intelligence (AI), to ensure the principal position of enterprises in the realm.

China’s dedication to fostering innovation has elevated its position in global rankings. The country climbed an impressive 23 places in the Global Innovation Index 2022, securing the 11th spot. A solid implementation of an innovation-driven development strategy has not only fueled the growth of the digital economy but also nurtured new sectors and high-tech products, creating vast opportunities for companies dedicated to technological innovation.

China has been making significant strides in digital advancement, positioning itself as a global leader in the digital economy. The country has embraced digital technologies and innovation-driven development as key pillars of its economic growth strategy.

One area where China has excelled is in the adoption and integration of digital payment systems. Mobile payment platforms have revolutionised the way transactions are conducted in the country. Chinese consumers can make seamless payments using their smartphones for a wide range of services, from retail purchases to transportation fares. This widespread adoption of mobile payments has transformed China into a cashless society and set an example for other nations.

Further, China has made significant progress in the development of AI. The country has invested heavily in AI research and development, attracting top talent, and fostering a vibrant AI ecosystem. Chinese tech giants are leading the way in AI innovation, developing applications in areas such as facial recognition, natural language processing, and autonomous vehicles.

China’s digital infrastructure is also highly advanced. The country has made significant investments in building a robust telecommunications network, including the widespread deployment of 5G technology. This has enabled the rapid growth of emerging technologies such as the Internet of Things (IoT) and big data analytics.

In addition to domestic digital advancement, China has also become a global player in digital innovation. Chinese tech companies are expanding their influence overseas, investing in and partnering with foreign firms to drive digital transformation on a global scale.

China’s digital advancement has not only transformed its own economy but also created new opportunities for businesses and industries worldwide. As the country continues to prioritise digital technologies and innovation, it is expected to remain at the forefront of the digital revolution in the years to come.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.