Nation doubling down on innovation for growth

China is making strategic moves to secure long-term sustainable growth by doubling down on innovation, with a sharpened focus on emerging fields such as artificial intelligence, said Ben Simpfendorfer, a partner at consultancy Oliver Wyman.

"China is making all the right moves to secure long-term sustainable growth," Simpfendorfer said during an exclusive interview with China Daily. "The country is turning from the world's factory to the world's innovation hub. We've seen developments across clean tech, artificial intelligence, as well as biopharmaceuticals that are all very encouraging."

The shift is crucial as China moves away from its traditional reliance on labor and capital, transitioning toward a model driven by productivity gains, he noted.