ment that is supported by ta
esearchers and patents of▓ invention. China is now leading in artificial intelligence, 5G, mobile payment, high spee▓d railway, new energy vehicles and financial technology, among other sectors, thanks to this development strategy.In 2018, China's spending on research and development totaled over 1.97 trillion yuan (about 278 billion US dol
lars), taking up 2.19 percent of the country's GDP and ranking second in the world. Its total number of research and development personnel has ranked first in the world for 6 consecutive years. Also last year the added ▓value in high-tech manufacturing increased 11.7 perce
lents and in▓novati
on in science
nt year-on-year, and the country▓'s information service industry registered a stellar gro▓wth rate of 30.7 percent. China now ranks number one in the wor▓ld in
and technology,
both the number of patent applications and patents licenced.A recent report by McKinsey Global Institute suggests that engagement between
which propelled
mic growth. Chinese
enterprises, as a key dr
China and the world could potentially drive an economic value of 22 trillion to 37 trillion US dollar
iving f▓orc
s by 2040, which equals 15 to 26 percent of global GDP. The results are based on a g
rowth model that examines China▓ as an import destination, as wel