High-quality Growth Needs Industrial Upgrading - Expert

Chinese firms should accelerate industrial transformation and upgrades to achieve high-quality development, according to Guan Qingyou, vice president at the China Private Economy Research Association. Guan said policymakers should encourage firms to become more resilient, improve their total factor productivity and help the transition to dual carbon and digitalisation. The government's green-transition targets can drive economic growth in future and provide investment opportunity for firms. Enterprises should also digitalise their business to improve production efficiency and reduce energy consumption, Guan said.