Innovation, which is gaining prominence at China's key political gatherings, will be able to propel the country into the ranks of high-tech nations, a business association leader says.
"Through two decades of transformation, China has elevated itself from a manufacturer of household products, cheap accessories and electronics to become the global leader in new-age innovations," said Dar Wong, vice-president of the Singapore chapter of the ASEAN-China Commerce Association, an organization that aims to promote business ties between China and the Association of Southeast Asian Nations.
Wong noted China has made progress in innovations such as satellite technology, tele-networking, supercomputers and fintech, which allow it to occupy a stronger position in the global industry value chain.