High-tech trade to be the norm

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November 10, 2016

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High-tech trade to be the norm

By Song Yingge | November 10, 2016, Thursday |

Print Edition

CHINA’S trade with the rest of the world is being transformed to one focused on high technologies from the exports of cheap manufactured goods, Shanghai Daily learned yesterday at a forum of the Shanghai WTO Affairs Consultation Center.

“While cheap labor cost was commonly taken as the competitive advantage of China in global trading, it would be replaced more and more by high technologies in the coming years,” said Zhang Youwen, president of Shanghai Society of World Economy.

Presently around 85 percent of the products China exports to the United States are “newly developed high-tech goods” rather than natural resources or cheaply produced goods, Zhang said.

Foreign investors prefer to invest in technologies in China. “High technology will be the new highlight in China’s trade with global markets,” Zhang said.

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High-tech trade to be the norm

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