In an opinion piece, Andrew Leckey, a visiting scholar at Fudan Development Institute and previously a Fulbright Scholar in China, writes about how China seeks economic growth through “Made in China 2025”, they must understand the importance of technological innovation. At the 2017 Shanghai Forum, Nobel Laureate in Economics and IEMS Faculty Associate Christopher Pissarides cautioned that sustained economic growth won’t take place without new technologies to provide breakthrough products with lower production costs.
The promise of such technologies is growing as Chinese students become more attuned to changes and innovation, even in their favorite technology products, such as mobile phones. As Chinese students become budding innovators with critical thinking ability.
Sir Pissarides further analyzed the influences of these changes, noting that “technology does not raise all ships.” The development of innovative technologies will ultimately shift jobs industries that serve people in the free time that technology inevitably provides. Routine jobs will likely be lost, but Pissarides expects job creation in fields such as luxury products or services that can’t be computerized, higher-level health care with specialized personal treatment, a variety of education fields, and the real estate industry. Innovative technology is necessary for economic growth, and will greatly shift the Chinese economy in years to come.
The opinion piece was published on ShanghaiDaily.com on 14 June 2017.