High-quality development requires embracing Schumpeter growth model

Speaking at the 9th annual Caixin Summit on November 19, 2018, Fred Hu, founder and chairman of Primavera Capital Group, said that China’s economic development in the future will rely mainly on growth in productivity rates, and the most critical factor affecting productivity lies in innovation and technological progress, which means China must achieve Schumpeterian growth with innovation as its essence.

“To achieve high-quality development, it is necessary to embrace Schumpeterian growth,” according to Fred Hu. He added that China’s economy has entered a new period in which it must rely on innovation to achieve effective and sustainable growth.

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