Chinese and foreign experts and scholars exchange opinions at a think tank forum. (Photo provided to China Daily)
What are your expectations for the ongoing T20 Summit in Beijing?
The T20 Summit is the most important of this year's T20 series activities. Its themes are highly consistent with that of the upcoming G20 Leaders' Summit, revolving around which, I believe, global think tanks and high-level experts will provide analytical depth to the G20 discussions.
I hope the following issues can be fully discussed during the T20: the main challenges the world economy is currently facing, their possible trends and their impacts on the world economy; practical policies and suggestions to tackle the current risks and challenges facing the world economy; proposals and ideas on the future development of the G20, such as promoting cooperation between members and non-members of the G20; and improving the G20's effectiveness and legitimacy.
China is currently exploring new innovation driven development approaches. What do you think of China's innovation capacity? How do you think the country can improve its innovation capability?
Efforts should be made in three aspects to enhance innovation capability.
The first is to increase the stock of knowledge, including knowledge production and diffusion. The second would be to add innovation inputs, including investment of capital, human resources and intelligence. The third is to create innovation incentives, such as intellectual property rights protection and a financial system that supports innovation.
China is making rapid progress in developing its innovation capacity. To give you some examples of this, China ranked third in the world last year in the number of patent applications. The proportion of investment in research and development in its GDP has also risen in recent years. Last year, China became the second-largest country in terms of R&D expenditure, with its R&D spending accounting for 2.1 percent of the nation's GDP. In 2020, the figure is expected to increase to 2.5 percent.
