Insights | WEF expert: China's 'lighthouse factories' digitalize its manufacturing industry
(ECNS) -- China continues to play a major and leading role when it comes to the industrial space and global supply chains, said Francisco Betti, member of the Executive Committee and heads the Global Industries Team of the World Economic Forum (WEF), during an interview with China News Network at the 15th Annual Meeting of the New Champions, also known as 2024 Summer Davos, in Dalian, Liaoning Province.
The forum was held from Tuesday to Thurday, with the theme "Next Frontiers for Growth."
Betti noted that of the 153 “lighthouse factories” on the Global Lighthouse Network released by the WEF, 62 are Chinese. Lighthouse factories implement advanced manufacturing technologies, boosting productivity, sustainability and supply chain resiliency.
“Not only in manufacturing and industrial areas, we are also seeing Chinese industrial companies stepping ahead for productivity and efficiency in automation, digital transformation, as well as sustainability,” said Betti. “China is emerging as one of the leading players in the technologies for sustainability for the globalization space.”
He stressed that there is a high degree of integration when it comes to supply chains between China, Europe, etc. A lot of businesses are willing to continue dialogue and make cooperation a priority. In the midst of global digital transformation, agility, efficiency, global cooperation and sustainable development are all key pivotal elements for shaping the future of manufacturing.
Betti also mentioned in the WEF's Travel and Tourism Development Index 2024, China stood out as the sole developing economy for advancing tourism development, securing a No. 8 spot.
“Top ten is amazing. Both cultural and natural resources put China on top of the wishlist when it comes to international travel. It also has a big internal demand market and the investment in infrastructure also plays a major role to put China as a leading player,” said Betti, “China's visa-free policy has boosted passengers from overseas to China. And also one important point is the investment in digital transformation and digital services that have helped a lot in making the traveler experience a good one in China.”
At last, Betti believes that tourism can contribute to easing geopolitical tensions because it gets people closer together. People from one side going to another country and vice versa help people create new linkages and better understand each other through a different way of seeing things. “People need to look at those specific sectors in which cooperation is needed for the success of the global economy,” he concluded.