GT Voice: Innovation key to China’s confidence in 2023 recovery
Published: Dec 25, 2022 10:57 PM


Over the past three years, many have focused only on the impact of the pandemic on the Chinese economy, while overlooking the fact that leading Chinese companies such as telecom giant Huawei have recorded continuous progress in innovation, which is where China's confidence lies in when it comes to recovering from the Omicron outbreak.

Huawei has licensed technology to top automakers including Mercedes Benz, Audi, BMW and Porsche as the company seeks to turn its trove of patents into a new revenue source, Nikkei Asia reported on Friday.

Moreover, according to a recent list of the 2022 EU Industrial R&D Investment Scoreboard, Huawei was ranked fourth, a big jump from 43rd in 2012, media reports said.

Huawei is just a representative of Chinese companies seeking development through technological progress. In other areas, leading Chinese companies are also making breakthroughs in driving technological innovation. 

The world's first C919 aircraft, also China's first domestically-built large passenger aircraft, is set to start a 100-hour verification flight on Monday. C919 has long been regarded as the best example of the country's innovation in terms of high-end manufacturing.

Although the US government has been promoting "decoupling" in high technology these days, which has raised concerns about the prospects for China-US trade, the continuous progress in Chinese companies' technological prowess shows that the forced "decoupling" cannot stop Chinese companies from innovating, but instead will only accelerate their pace in high tech. 

China's IP office received 1.59 million patent applications in 2021, up 5.5 percent year-on-year, according to the World Intellectual Property Organization (WIPO). 

China overtook the US in 2019 as the top source of international patent applications filed with the WIPO, media reports said. 

If anything, the continuous innovation and R&D investment efforts by Chinese companies have not only injected new impetus to the economy, but strengthened the confidence in the Chinese economy when it comes to getting rid of the adverse impacts of the epidemic, laying a solid foundation for economic growth next year.

Against the background of the global economic slowdown anticipated by major financial institutions, China's economic rebound is considered by many as one of few bright spots for next year. Behind China's growth momentum is its strong resilience and innovation-driven dynamism. 

The innovation ability of Chinese companies determines China's future position in the global supply chain, trade chain and industrial chain, which will also become an important force to promote China's foreign trade in the long run. Some statistics showed that China's share of global high-tech exports rose further to 25 percent in 2021.

Under the current circumstances, it is the general hope of people in China and the US and around the world that the important bilateral economic and trade ties will rebound so as to offer more stability to the global economy. China's pursuit for innovation won't stop so that it has the strength to push back against the so-called "decoupling" game from the US.