Opinion | China’s efforts towards technology self-sufficiency are already bearing fruit

As China weathers a post-pandemic recession and geopolitical headwinds, the future of China’s economy looks uncertain, especially as the real estate sector, once seen as the backbone of the economy, is collapsing. In an effort to hasten the rebalancing of the economic situation, the Chinese government has launched several stimulus measures. Strengthen the self-reliant model and build a “dual circulation” economy while increasing market confidence. Four years later, the global economy remains lackluster, expectations of a recession are high, and many are wondering whether China has made enough progress to change course. A good example is Black Myth: Wukong, China’s first AAA video game developed in Hangzhou. The Game Science-based studio has generated over $961 million in total revenue. Its phenomenal success not only contributed to a 15 percent year-on-year growth in China’s video game market in August, but also as tourists flocked to explore the many locations featured in the blockbuster game. It led the tourism boom in Shanxi province. China’s formidable powerhouse is BYD, which took the crown for Tesla’s electric vehicle (EV) sales in Q4 2023 and remains firmly in the top 150 of the Fortune Global 500 list for 2024. . Thus, Chinese government support has played an important role in promoting the success of innovative companies. To correct the economic trajectory and ensure long-term prosperity, the Chinese government recognizes that it is essential to forge new avenues of growth. To date, more than 1 trillion yuan (US$128.68 billion) has been invested in emerging industries such as artificial intelligence and green technology. In line with this strategy, universities are revamping their courses to focus on high-tech fields in response to the government’s call for more talent in these fields.



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