Experts discuss new drivers for global economic growth
Global cooperation in science and technology, financial innovation, and economic innovation as part of the effort to inject new momentum into a lacklustre global economy were some of the topics explored at a recent forum.
Themed "A New Round of Scientific and Technological Revolution and Creation of New Drivers for Economic Growth," the conference was hosted at the Shanghai Administration Institute (SAI) on June 30. It was attended by researchers from home and abroad.
Addressing the conference, Zeng Jun, professor and vice president of SAI, said there were a range of challenges confronting the international community today, such as in public health and poverty relief. He called for open-minded and mutually beneficial global exchanges.
Zeng Jun, professor and vice president of Shanghai Administration Institute, addresses the conference.
Zeng added that China's significant talent pool, the scale of its data pool, its complete industrial chain and its institutional advantages all point to the significant role the country could play in facilitating the development and industrial use of disruptive technology, to promote the global development of frontier technology.
"As we stands at a historical crossroads, only global cooperation in science and technology, accelerated technological transfers and knowledge sharing, the bridging of digital divide and the building of new momentum for global recovery and growth can lead to a bright future for mankind," Zeng observed.
Exploring the necessity and complexity of global cooperation in his keynote speech, Shen Guilong, researcher and director of Institute of China Studies, Shanghai Academy of Social Sciences, said that viewed historically, economic slowdowns generally coincide with massive industrialization and global dissemination of signature technology.
"That such guiding and signature technology has not yet appeared today suggests that the ongoing science and technology revolution is still in the germinating, window period," Shen observed. "Hence the complexity."
Shen pointed out that another complexity lies in the salient interdisciplinary nature of technology, which might suggest that the revolutionary technology might not occur in one specific place, but shows up at a number of places across a vast terrain.
Shen believed only the momentum of explosive scientific revolution holds the promise of lifting the global economy from the doldrums, and steering it onto a growth trajectory.
"Hence my belief that both the width and depth of this new round of technological revolution call for global cooperation, and large scale industrial use of signature technology," Shen said. "A global mega market is necessary to sustain and bolster technological rejuvenation and iteration at such a scale."
He observed that before the global financial crisis in 2008, global industrial and market ties were still strong, but have since been much vitiated as a result of the agitations for unilateralism and protectionism. Herein lies another dimension of the current complexity confronting technological revolution.
Such complications have led to a number of restrictions and obstacles that discourage talent exchanges across national borders, to the extent of imposing suppression or sanctions against some technological companies or individuals. There are signs suggesting the formation of parallel markets, or downright technological decoupling, which are bad for all parties.
Other panellists also shared their views on the importance of innovation as part of long-term strategy and development, particularly in the context of economic downturn.
Rosa M. Perez-Vargas, associate professor from University of Guanajuato Public Management Department, Mexico, illustrated the imperative of economic innovation in the context of inequality and insecurity, citing the case of Mentefactura in the state of Guanajuato.
Jerome Yen, professor from University of Macau, explained how innovation and upgrading of the financing industry in Macau could serve the Greater Bay Area (Guangdong-Hong Kong-Macau), as part of the effort to diversify and reinvigorate the region's economy in post-pandemic times.
Nguyen Huu Hoang, a researcher from Academy of Politics Region II, Vietnam, cited the need for preparation and resilience in view of AI's impact on employment.
