Innovation

Adherence to IP protection and the rule of law are common and valid concerns of US and Western practitioners doing business in China. Commentator Deng Qingbo says that in that light, China’s recent stated focus on technological innovation should be cheered, as science, rational thinking, abiding by the rules, and even democracy often go together. At the same time, the Chinese need to better communicate their desire to share the fruits of their technological advancements with the rest of the world.

Innovation features prominently in the proposals for China's 14th Five-Year Plan. Apart from building up long-term resources such as education and basic scientific research, much government weight will be thrown behind building self-reliance in core technologies, including in the semiconductor industry, says Erik Baark and Qian Jiwei.

China's next phase of development will focus on achieving high-quality development and building a modern socialist country, says China's ambassador to Singapore, Hong Xiaoyong. Much attention will be paid to fostering innovation and green growth, and in pursuing a coordinated approach in building prosperity for the Chinese people. China will also continue to engage the world through its dual circulation strategy, turning the China market into a market accessible to all. In these efforts, there are many opportunities for Singapore and China to work together, building on their years of cooperation and synergies. Ambassador Hong wrote this article in commemoration of the 30th anniversary of the establishment of diplomatic relations between China and Singapore.

Wang Yanbo picks apart news of Baidu’s alleged plans to raise up to $2 billion over three years to invest in a biotech start-up, which would use AI technology to develop drugs and help diagnose diseases. Is this yet another example of business giants flailing into unchartered territory to seek new growth? Wasn’t China’s multi-billion dollar search market Baidu’s to harvest once Google ceased its Chinese operations in 2010 amid cyberattacks and censorship issues?

Lance Gore analyses that the knowledge economy offers great potential for bettering the lives of people. But capitalism may not be the best route to take. Power in the hands of a few, income gaps, job losses and wage cuts in the digital age bear this out. Can China offer a third way as it seeks to marry socialism with a market economy? The West is already considering some proposals with a socialist bent such as the Universal Basic Income (UBI). Surely, proponents of socialism can think of even more revolutionary ideas?

Four years ago, when most political pundits put their money on Hillary Clinton instead of Donald Trump, vendors in the Yiwu International Trade Market in Zhejiang province already knew that Trump would win. Orders of presidential election merchandise gave them the clue. Termed “the world’s supermarket”, Yiwu is the world’s biggest wholesale market of small commodities. How is it seeking to reinvent itself in the pandemic downturn, and what does this year’s orders list tell them about the likely outcome of the 2020 US presidential election?

Huawei will stop producing its flagship Kirin chipsets from 15 September due to US restrictions and also because China still does not have the ability to produce them on its own. Hong Kong physicist Xu Shijie ruminates on ancient Chinese philosophy's idea of a perpetual cycle of order and chaos, and opines that while the tumultuous events of 2020 seem to signal a move away from a US-led world order, this does not mean that China has the upper hand. Recognising that it still needs to buck up on innovation and kick the habit of seeking quick success will help China build a better world for everyone. 

In a study conducted by academics from the NUS Business School surveying the China, India, and Singapore landscape, respondents often described the Chinese as disciplined and focused, Singaporeans as structured, fearing failure and sticking to the plan, and Indians as creative, flexible and frugal. While it is not the only or most pertinent factor, cultural traits matter when it comes to managing teams and maximising their potential to innovate.

Before walking under a cloud of strained relations, China had been an admirer of US innovation, creativity and enterprise. Recent troubles have shown that the US is no deity, but US-based researcher Wei Da reminds us that some of its deity-like qualities are worth emulating. What must China do to elevate itself and put on some deity-like armour of its own?