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October 23, 2009

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Innovation can save nations from financial crisis

INNOVATION is a major power that can drive the world ahead and will play an important role in saving nations from the current economic slowdown, said prominent American economist F William Engdahl yesterday in Shanghai.

In his opinion, the challenge of innovation is different from in the past. Innovation at present covers almost every aspect of life, from technology to the financial industry, he said.

To some extent, the global financial crisis stems from too many innovations in derivative products, which make the system too complicated to control.

"In my opinion, good innovation should serve to improve overall living standards of a broad population," Engdahl said. "It should be applied in the real economy, instead of being used to let money produce money."

Engdahl arrived in Shanghai to attend the Pujiang Innovation Forum 2009, which will open tomorrow at Dongjiao State Guest Hotel.

Co-sponsored by the Ministry of Science and Technology and the Shanghai municipal government, the two-day forum will explore ways to sustain development in the world's third largest economy and depict a better future world powered by scientific and technological innovations.

Themed "Economic Globalization and Innovation," this year's forum is a great gathering for China's political and business heavyweights. Some global gurus, like Engdahl, will also attend.

Talking about China's economy, Engdahl was optimistic because he sees that "Chinese people have a belief in their future."

"China is a in a position where you have a modern industrial base, a highly educated middle class and a labor force that is becoming ever more skilled," Engdahl said. "China can play a decisive role in bringing a new order or stability to the world economy."


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