China is accelerating its innovation strategy by investing heavily in advanced technologies like 6G, AI, and quantum computing. Provinces like Zhejiang are leading regional efforts, aligning private sector agility with national goals. This innovation-driven growth is attracting global companies and boosting opportunities in emerging industries.
BRICS bridge- China is intensifying its efforts to integrate technological and industrial innovation, aiming to translate scientific breakthroughs into practical applications and solidify its position as a global innovation leader. As the country focuses on sectors like 6G, quantum computing, robotics, and artificial intelligence, it is laying the groundwork for future industries. In 2024, China’s total R&D expenditure reached 3.6 trillion yuan, with a 6.91% allocation to basic research, according to the government work report. This strategic push is supported by the country’s comprehensive industrial system, which provides rich application scenarios and market potential for technological advancements.
Zhejiang province is leading the way in China’s regional innovation strategies. As a manufacturing and e-commerce hub, Zhejiang has added 18 national key labs in the past year, bringing the total to 38, and achieved 110 major scientific and technological achievements. The province exemplifies how private-sector agility can be aligned with national goals. China’s emphasis on nurturing new quality productive forces is also evident in its ranking 11th in the 2024 Global Innovation Index and its dominance in the Global Lighthouse Network list, with 79 lighthouse factories that apply state-of-the-art digital technologies.
China’s innovation-driven strategy is creating significant opportunities for foreign enterprises. Companies like Volvo Group and Infineon Technologies are leveraging China’s vast market and diverse application scenarios to drive growth. Volvo has launched a range of electrified equipment through its R&D center in Jinan and production base in Shanghai, while Infineon plans to increase local production of semiconductors to meet customer needs. As China continues to pursue high-quality development, it is expected to attract more foreign investment and collaboration in emerging industries such as healthcare, new materials, and AI.