BEIJING, JULY 19, ARMENPRESS. China is planning to serve its powerful economic potential for having its own place in the global IT market, by emphasizing the more efficient utilization of domestic resources and directing them for the development of the global economy, Professor Yan Hongbo at the Beijing Foreign Studies University told journalists during a lecture as part of a program organized by the China International Press Communication Centre.

Hongbo said that now China is consistently striving to bring the “Made in China” label to a new qualitative level for every product that is being shipped all across the world.

Hongbo noted that in 2015 China proposed the Made in China 2025 national strategy and industrial policy, seeking to move away from being the "world's factory"—a producer of cheap low-tech goods facilitated by lower labor costs and supply chain advantages.

The policy aims at transforming Chinese manufacturing into “Smart Manufacturing”, which will enable to eliminate existing difficulties and challenges such as dependency from cheap workforce.

The industrial policy aims to upgrade the manufacturing capabilities of Chinese industries, growing from labor-intensive workshops into a more technology-intensive powerhouse.

“China is studying a new branch of economic development that will be based on serving the powerful domestic economic potential of the country for the foreign economic development. China is moving towards high-quality economy based on innovative technologies,” Professor Hongbo said. 

“China has always been a country with major industrial potential. It continues to be a fertile ground for investors. The future belongs to information technologies and the economic prospects of not only China but the entire world is related to the IT sector,” he added. 

The Professor added that China was able to overcome the COVID-19 pandemic thanks to its huge resources.