Dubai: “China’s economy is now transitioning from high-speed growth to high-quality growth,” said Wang Zhigang, Special Envoy of President Xi Jinping and Chinese Minister of Science and Technology.

Speaking during a session entitled ‘The Rise of the Dragon: China’s Success in Leading the World of Technology’ at this week’s World Government Summit in Dubai on Monday, he recounted China’s success and revealed what lies ahead for the future of science and technology for the world’s second-largest economy.

“China has maintained its investment into the research and development (R&D) of new technology, which accounts for 20 per cent of global R&D expenditure,” he said. He also highlighted the potential of digital innovation to transform manufacturing through harnessing new technologies.

Lastly, he invited Arab nations to forge scientific collaboration under the Belt and Road Initiative.

China has assumed a powerful role on the world stage, influencing global policy decisions and harnessing technology to achieve economic success. The nation played a significant role in realising the United Nations’ millennium development goals (MDGs) of reducing extreme poverty rates by half.

As it witnesses a slowdown in economic activity, especially in the manufacturing sector, China is poised to launch the next wave of growth.