China has to embrace innovation-driven future

China's rapid development in the electric vehicle and new energy sectors has garnered widespread attention globally. However, some economists have raised concerns about whether China can identify a sustainable pillar for its economic growth following the recent slowdown in the real estate sector.

These contrasting perspectives indicate China is undergoing a critical transition: It is no longer just a low-cost manufacturing hub but also evolving into an innovation-driven economy.

China's entry into the new phase of economic development gives rise to several questions: Can it establish high-quality high-tech industries to sustain long-term growth? Will innovation become the main driver of the Chinese economy? And what factors will facilitate this transformation?