Economists praise China's presence in the global tech hub as not a fleeting moment

Why does Jeffrey Sachs emphasize that China’s status as a technological hub is structural?

[Global Times Finance Report] Recently, Lu Hao, the Chinese chair of the 2026 China Development Forum, wrote that in the long term, China has accumulated a series of significant advantages through continuous development, including economies of scale, systemic manufacturing strengths, an innovative ecosystem of technology and business models, abundant educational talent resources, the scale and agglomeration effects of urban clusters, and extensive integration into the global economy.

Lu Hao also pointed out that China’s new urbanization, digital intelligence, and green low-carbon transformation contain a large amount of new demand, with clear growth trends in development-oriented and service-oriented consumption. The potential of these unmet total demands combined with competitive advantages will drive high-quality development during the 14th Five-Year Plan period, continuously injecting stability and certainty into the global economy.

Brazil 247 News reported that U.S. economist and professor Jeffrey Sachs stated that China’s development “will remain very positive” because China has chosen the path of innovation. The economist especially highlighted the region comprising Shenzhen, Hong Kong, and Guangzhou, viewing it as one of the most active global innovation centers. He believes that the gathering of knowledge, investment, industrial capacity, and technological innovation in these areas explains China’s outstanding performance in strategic fields.

The report also mentioned that Sachs’s view reinforces the idea that China has formed an innovation ecosystem among major cities, integrating research, advanced manufacturing, infrastructure, and public policies aimed at economic modernization. He also referenced Beijing and Shanghai, noting that China’s presence as a global technology hub is not fleeting but structural.