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Expert: New quality productive forces key for firms to go abroad

By Sun Chi | chinadaily.com.cn | Updated: 2024-06-14 08:30

Guan Qingyou, president of the Rushi Institute of Advanced Finance, delivers a speech during a sharing event in Beijing, on June 13. [Photo provided to chinadaily.com.cn]

When Chinese enterprises "go abroad", they should keep the idea of developing new quality productive forces in mind and apply it at the overseas market, said Guan Qingyou, president of the Rushi Institute of Advanced Finance, at a sharing event held by the National Business Daily in Beijing, on June 13.

He said that new quality productive forces include new technologies, organizations, business forms and ecologies. China's digital technology enterprises can help users create new demands at home and abroad with the help of new quality productive forces. They can copy and transform the methods in China, and create products suitable to the overseas markets.

Guan said that compared with industrial manufacturing enterprises, digital companies have less competitors in overseas markets and more innovation space. They can use algorithms and other technologies to overtake the competitors.

He said that Chinese digital companies can build new types of infrastructure represented by 5G, artificial intelligence, industrial internet and internet of things at overseas markets, especially in countries such as the United Arab Emirates and Saudi Arabia, and African countries. These countries are more receptive to the latest technology.

Guan believes that Chinese digital enterprises are more resilient, diligent and have a lot of micro innovations in the field of application.

He suggested that when digital companies go abroad, they should study and make good use of local policies and regulations in the targeted markets, and respect local customs.

At the national level, the government should promote the concentration of capital to develop new quality productive forces, create a better business environment, improve the level of technology and product supervision, and boost the confidence of private enterprises.

He highlighted that it will not be long before there are more world-class digital technology companies in China, and the gap between China's leading enterprises and the leading digital companies in the United States will be further narrowed.

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