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NIIM Innovation Insight | What Would Be the Key to China’s Future Economic Development: Professor WU Xiaobo Invited to Attend the Singapore Management University (SMU) China Forum
Date:2016-11-17 Readed:615 【Print

Recently, the fourth SMU China Forum was held in Singapore. The theme of the Forum was “To Explore the Navigation Directions of China’s Economic Reform in the Deep-water Zone: The Innovation and Sustainable Development in the Current Turbulent Situation”. Director of the Zhejiang University (ZJU) Innovation Base and Dean of the School of Management of the ZJU Professor WU Xiaobo was invited, attended the Forum, and delivered a keynote speech that was centered on “Kinetic Energy Conversion under the New Normal”. In the speech, Professor WU Xiaobo pointed out the key to China’s future economic development.

President of the SMU Arnoud De Meyer, Former Deputy Director of the National Development and Reform Commission (NDRC) of the People's Republic of China (PRC) LIN Dajian, Deputy Director of the China-Singapore (Chongqing) Strategic Inter-connectivity Demonstration Project Management Bureau SUN Xiyong and other well-known scholars and business leaders came together, and shared in issues “Opportunities and Challenges That Were Faced with Respect to the ‘One Belt, One Road’ (OBOR) Initiative”, “Significance of the China-Singapore Strategic Inter-connectivity Demonstration Projects to the Joint and Cooperative Development of Asia-Pacific Economy” and so on.

In the keynote report, Professor WU Xiaobo put forward that China’s economic development stepped into the new normal, the upgrading growth of consumption demands was continuing to rise, and demands of the whole society would be structurally upgraded to a larger and more far-reaching extent. Structural changes that would happen in the demand side would also drive new qualitative changes in the supply side. To make innovation drive new structures on the supply side would be the key to China’s future economic development. Driving of innovation needs not only enterprises to put in more initiative resources, i.e. human resources and scientific & technological investment resources; but also the improvement of legal environment, and enterprises to break through low-end lock-in and path dependence.

The present age is a paradigm revolution, and contests between different paradigms determine whether the enterprise will succeed. Therefore, forgetting previous successes, trying to find new paradigms, and making a breakthrough in an active way usually can bring a new life. Chinese enterprises nowadays are fully stepping into a new stage, and new thoughts, platforms and models are needed so as to grasp the opportunity window and realize “beyond catch-up”.

The leading direction of globalization in the future will be a new type of globalization that will be of more tolerance. This will provide Chinese enterprises with environments for “beyond catch-up”. The so-called “beyond catch-up” is a catch-up law that was distinguished by a few leading Chinese enterprises, and means the catch-up that can be beyond original technical paradigm systems and starts at the early stage of the rise of next-generation technical paradigms. This is a catch-up model that is completely different from the traditional technical catch-up. He said that the innovation model “beyond catch-up” was promoting enterprises to step across from “re-innovation” to “original innovation”.

Finally, Professor WU Xiaobo pointed out that this reform also made management education come face to face with challenges. Facing experts’ disappearance in the future, how should management education cultivate future entrepreneurs? This is an issue that scholars need to profoundly consider.

In the subsequent roundtable discussion hosted by Special Adviser (China’s Affairs) to the President of the SMU and Dean of the SMU School of Social Sciences Professor James T. H. Tang; Dean Wu, Research Analyst of the International Cooperation Center of the NDRC of the PRC ZHAO Jing, Associate Professor of Jurisprudence of the SMU and Member of the Consultative Committee of the World Trade Organization (WTO) Chairs Program GAO Shuchao, Deputy Director of the China-Singapore (Chongqing) Strategic Inter-connectivity Demonstration Project Management Bureau SUN Xiyong, and Former Deputy Director of the NDRC of the PRC LIN Dajian pronounced their respective views on the topic “China’s Economic Development and Regional Responses”.

After the end of the Forum, Professor WU Xiaobo accepted an interview with the local media in Singapore. He pointed out that the OBOR strategy initiated by China intended to promote the cooperation, inter-complement and development among countries along the line, and finally realize mutual benefit and common prosperity. Singapore, as one of the main developed countries along the OBOR line, has many precious experiences in social government systems, health managements and managing an aging-society, especially in high-end service industries and other fields. This is very worth referring and learning to China, and would bring a huge help to China’s economic transformation and upgrading.

 

Background Introduction

Previously, the SMU China Forum had been successfully held for three times. It intends to build a platform for the communication between China’s and Singapore’s political-business academes, combine Singapore’s actual development experiences with China’s development trends in recent years to explore future changes of Asia and even the world, and provide native and Chinese-funded enterprises in Singapore with decision-making suggestions to respond to opportunities and challenges brought by changes of the times.

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