A new report from McKinsey Global Institute has noted China must become an innovation leader with renewed focus on the service sector and next-generation manufacturing if the country is to recover from its slowing economy. Continued improvements in the service and manufacturing sectors could contribute up to $2.2trillion to GDP by 2025, creating between 5.5% and 6.5% of total GDP growth. To increase innovation, the authors argue China must open up competition and enhance the productivity of the service sector while embracing new manufacturing technologies.
A new report from McKinsey Global Institute has noted China must become an innovation leader with renewed focus on the service sector and next-generation manufacturing if the country is to recover from its slowing economy. Continued improvements in the service and manufacturing sectors could contribute up to $2.2trillion to GDP by 2025, creating 24% of total GDP growth. To increase innovation, the authors argue China must open up competition and enhance the productivity of the service sector while embracing new manufacturing technologies.