Editor's note: This article was first published by China Plus on August 15, 2019. This article does not necessarily reflect the views of CGTN.
China’s National Bureau of Statistics has reported that in the first seven months of this year, growth in the country’s high-tech manufacturing industry was 2.9 percentage points higher than growth for overall industrial output. Investment in the high-tech manufacturing sector grew at a rate 5.4 percentage points higher than overall investment, and investment in the high-tech services sector was 6.2 percentage points higher than overall investment.
And high-tech services and strategic emerging industries achieved double-digit growth. Taken together, these results point to new momentum accumulating in China's economy, despite the increasingly complex external environment. This momentum is about to become the new force driving China's high-quality development.
China is shifting its focus from high-speed growth to a development model that's more efficient, better structured, and more sustainable. The goal is to transform the country from being a bulk manufacturer to one that turns out high-quality goods. The key to success will be in cultivating a new momentum and continuous innovation.
China's new economic engine index, which measures the price performance of companies from new economy industries, grew at an average rate of 28 percent between 2015 and 2018. Last year, the country's new economy sector, which features new industries, new types of businesses, and new business models, accounted for 16.1 percent of GDP – that's up 0.3 percentage points from a year earlier, and the sector contributed more than two-thirds of the country's new jobs.
In this year's Global Innovation Index, which is issued by the World Intellectual Property Organization, China advanced up the rankings for the fifth year in a row. It's now in 14th place, outperforming other economies on indicators such as the number of patents, trademarks, industrial designs, and exports of high-tech and innovative products. Huawei, for instance, submitted more than 5,400 international patent applications last year, the largest number submitted by any company in the world. Huawei's newly-released operating system Harmony OS, which it developed itself, is a good example of the strong capacity for innovation and competitiveness of China's companies.