Innovation is also key in manufacturing, as production becomes more automated and more digitally interconnected.
Thus, 40 years after the country’s borders were opened, China is adopting western standards, and the western world is learning from China - for example, the rapid introduction of innovations to the market - and the growth of the People’s Republic is creating jobs there and around the world.
The country’s economy and society changed during the last years, the population is aging, the middle class is growing and wages are rising. China is in transition as it moves in a new direction. With the 13th Five-Year Plan for 2016 to 2020 and the “Made in China 2025” initiative, Beijing is focusing more on domestic consumption, on services and innovation. The goal is for an even greater portion of the population to profit from economic development, and for this development not to come at the expense of the environment.
Heraeus expects China to grow dynamically. Even growth rates of 6.5 to 7 percent would mean a doubling of GDP in the next ten years, which underlines the economic strength of the country. China is also striving for a more sustainable growth and well-being of its people. Not only does Heraeus appreciate this strategy, we see great opportunities in the upcoming years.