CHINA – Technological Development in China
China’s economic growth over the last two decades was mainly driven by its manufacturing industry. Chinese companies took advantage of a huge population that moved from the countryside to the cities looking for a better quality of life, therefore the main factor that transformed the Chinese economy was their low labor cost. For many years hundreds of international companies moved their facilities to China to reduce their cost in their supply chain. During these years China experienced a huge technological development becoming the world second biggest economy in terms of GDP and the biggest exporter of goods worldwide. Many companies such as Huawei, Xiaomi, Alibaba, WeChat, ZTE, Lenovo and Trina Solar are solid examples of huge tech companies that rose during the economic development that also maintain a strong yearly investment in R&D and can compete with other companies in its sector. Parallel to the manufacturing industry China’s government invested hugely in their infrastructure where as today they have the biggest rail system in the world, ports, airports and other services. The growing middle class in China has changed its economic model, where it no longer classifies as a low-cost country. This change has incentivized the central government to bet on innovation and further technological development to push their economy forward as stated on the 13th 5 year plan.
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17 Mar 2017
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