Pivot to New Growth Drivers Key

A report from chinadaily.com.cn on June. 26th, 2025:

Greater efforts are needed to bolster the transformation and upgrading of traditional industries, especially manufacturing, and develop strategic emerging sectors to build up new growth drivers amid rising trade protectionism, said entrepreneurs and experts at the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in Tianjin.

China ranked as the world's largest manufacturer for the 15th consecutive year in 2024, and its manufacturing output accounted for about 30 percent of the global total, according to the Ministry of Industry and Information Technology.

Peng Sen, President of the China Society of Economic Reform, said China's manufacturing industry has become a significant engine driving the growth of global manufacturing, while exports of Chinese manufacturing enterprises have transitioned to high value-added, technology and capital-intensive products.

He underscored the importance of cultivating strategic emerging industries and future-oriented industries, such as new-generation information technology, AI, new energy, new materials, biomedicine and quantum technology, to gain an edge in an increasingly competitive international scenario.

He also observed that an increasing number of companies have begun to pay attention to their supply chain layouts, and are formulating digitalization and diversification strategies, increasing their investments in emerging industries and adopting localized strategies to explore more new markets.