China one of world’s top 5 R&D countries by 2020 – PricewatherhouseCoopers

2 March 2006

Lisbon, Portugal, 02 March – China will become one of the top 5 research and development (R&D) countries by 2020, in line with Chinese government plans, said Willem Broker, a PricewaterhouseCoopers (PwC) in Lisbon Wednesday.

In an interview with Portuguese daily newspaper Público, Broker, global managing partner for PwC, said that China’s objective was realistic because the country, “has been very consistent in terms of fulfilling the challenges it sets itself.”

China “has had better performance than Europe in terms of the objectives of the Lisbon Agenda,” which aim to make the European Union the world’s leading R&D region, Broker said on a visit to Lisbon last week to take part in the latest Davos Forum.

In the interview, Broker said that Western companies were increasingly looking at China as a consumer market, due to the emergence of a middle class there, rather than just as a low cost production and export base.
“China will continue to export, but will also consume more. It will continue to be a great exporter, but that will be within a more balanced framework,” he said.

According to Brocker, “Chinese consumers will have more confidence about participating in the market, as the big state companies, banks, insurance and telecoms are reformed and start competing in a more efficient way within the market.”

A recent survey by PwC of 1,410 company chairmen in 45 countries placed China at the top of the list of countries for investment over the next three years, with 55 percent of all responses, ahead of India, Brazil and Russia. (macauhub)