国内英语资讯:Economic Watch: A new epic -- Chinese economy in 2020s_时事

国内英语资讯:Economic Watch: A new epic -- Chinese economy in 2020s

Although large cities still contributed to a larger amount of consumption, that of lower-tier cities and rural regions continued to grow fast. A report from Morgan Stanley predicted that consumption in China's smaller cities could triple by 2030 from 2018.

"The future Chinese consumers will be richer and more tech-savvy," said Asian market analyst Angela Moh in the report, "Considering that by 2030, more than half of the population in China will either have grown up with a smartphone or be sufficiently tech-literate to benefit from the sprawling e-commerce, which is likely to remain a key driver of China's consumption."

RISING INNOVATOR

In the 2020 Bloomberg innovation index, China ranked 15th on the list of the world's most innovative countries, rising from 16th in 2019 and 19th in 2018. The better performance came amid China's efforts to enhance intellectual property protection, increase productivity and foster new growth drivers through innovation.

A World Bank report named "China 2030: Building a Modern, Harmonious, and Creative Society" lists the country's advantages in its journey toward an innovative economy -- a steep upward trend of its spending on research and development, large manufacturing sector with wide-ranging capabilities and rising supply of science and engineering skills of improving quality.

Breakthroughs in technology will usher in the next wave of economic development and new investment opportunities, and China is to climb up the value chain, said Mark Haefele, chief investment officer at UBS Global Wealth Management.