Chen Xian, an economist with the Shandong Provincial Academy of Social Sciences has come up with a most important point which should be hammered home and written in letters of gold.

Technological and systematic innovation play a leading role in motivating fast economic growth.

In the past , many places in China achieved economic growth driven by increase in investment and resources consumption, which caused great pressure on the environment.

Now China has made it a strategic task to build a resource-conserving and environment-friendly society to achieve economic and social development.

East China’s Shandong Province has given priority to the development.

For example, the Shandong-based electronic firm Hisense, see in our illustration, developed the second generation of a digital video transact chip ‘Xinxin’, the application of which reduced the annual production cost by more than RMB20 million.

Hisense is the first Chinese mainland TV producer to master core technologies and possess proprietary intellectual property rights.
Jiangsu Province in the east is also among the coastal regions which pursue fast economic growth via science and technology advancement.
The province’s expenditure on science and technology development rose by 63.7% in the first half of this year, and currently more than 50% of its economy benefits from technology progress.

China has set a goal of raising the contribution to economic growth by science and technology advancement from 39% to more than 60% in 2020. Anytghing to encourage that will make Greater China even greater.
Source: China Daily