Innovation has become a driving force for accelerated economic recovery and steady progress in China, said Vitor Gaspar, director of the Fiscal Affairs Department at the International Monetary Fund (IMF).
Gaspar made the remarks during the ongoing 2024 Spring Meetings of the IMF and the World Bank in Washington D.C., the United States.
"Innovation and this expression, new quality productive forces, that is a very important priority for China. And emphasizing innovation is natural because China can already put on record some important successes like in the production of green energy. Imagine solar panels. China is world leader in solar panel. Think about electric vehicles," said Gaspar.
At present, many countries are striving to actively explore innovation and promote green and low-carbon transformation, which highlights the importance of global cooperation, he said.
Gaspar said he hopes China will continue to play a positive role in these areas.
"So both in the area of innovation and in the area of the green transition, global cooperation is extremely important. We are of the view that China is crucial for this global cooperative process," said Gaspar.
As China navigates the next phase in its development, featuring innovation capacity, sustainable technologies, industrial upgrading and high technologies, growth opportunities across a wide variety of sectors will be provided to its regional and global partners.
Innovation has become important driving force for China's economic growth: IMF official
