Template-Type: ReDIF-Article 1.0
Author-Name: Lilla Sarolta Balogh
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: baloghl@mnb.hu


Title: Could China Be the Winner of the Next
Industrial Revolution?

Abstract: This paper attempts to give a comprehensive picture of China’s current position
and prospects for growth in the next industrial revolution, assessing whether the
country can emerge as one of the “global winners” of the coming transformation.
We provide an overview based on a review of the literature on the main driving
megatrends of the so-called Fourth Industrial Revolution and present the most
important socioeconomic implications affecting China. We progress by analysing
China’s current economic situation and growth prospects, reviewing secondary data.
We find that to ensure a positive grow path, there is a need to enhance productivity
via innovation, and we thus evaluate the innovative capacities of Chinese industry.
We conclude that China is already a world leader in various industries based on
consumer-focused, efficiency-driven innovation, and while Chinese players have not
attained global competitiveness yet in engineering and science-based industries, if
the country can follow its current path of development in promoting R&D, with no
major systemic disturbances, it is only a matter of time before Chinese players will
also emerge as world leaders in high-tech sectors.

Classification-JEL: F18, I23, L16, O00, O30
Keywords: sustainable growth, education and research, fourth industrial revolution,
innovation, China
Pages: 73–100
Volume: 16
Issue: Sepcial Issue
Year: 2017
File-URL: http://english.hitelintezetiszemle.hu/letoltes/lilla-sarolta-balogh.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:16:y:2017:i:SpecialIssue:p:73-100