Chongqing - “We have long been proponents of the integrated development of supply and industry chains,” said Wen Jixu, secretary-general of the Trade and Economic Multifunctional Platform for SCO Countries (SCO TEMP), in an exclusive interview with Bridging News at the Belt and Road Conference on Science and Technology Exchange (BRST) on November 7.

Wen added that we hope Chinese, SCO, and entrepreneurs from Belt and Road Initiative (BRI) countries can collaborate to reevaluate the potential of industrial and innovation chains.

Wen Jixu, Secretary-General of the Trade and Economic Multifunctional Platform for SCO Countries. (Photo/Chen Yingzhu)

Leveraging China’s large-scale manufacturing prowess

Wen emphasized the paramount role of large-scale manufacturing in this endeavor. In the chain encompassing science, technology, products, and markets, entrepreneurs usually prioritize research and development. However, Wen underscored the need to harness China’s large-scale manufacturing capabilities, often called “open manufacturing.”

The significant advantage of this manufacturing approach lies in its ability to facilitate cost-effective large-scale production for any product entering China, further ensuring swift consumer access to the products. BRI countries often contend with limited economic resources, amplifying the demand for affordable, high-quality products over costly alternatives.

“In this context, we advocate for entrepreneurs from BRI countries, SCO member states, and China to collectively leverage their unique strengths,” Wen continued. “These regions’ entrepreneurs possess an innate understanding of local markets and can identify points of demand and application scenarios, fostering research and development.”

Collaborative resource sharing and investment with BRI countries

Wen addressed the common challenge faced by SCO member states, which is a shortage of capital.

He identified Hong Kong as a significant financial hub. The Greater Bay Area, encompassing Guangdong, Hong Kong, and Macau, is a region boasting substantial capital markets and formidable manufacturing capabilities, forming an enclave for international capital.

On this foundation, the concept of resource sharing and investment cooperation was introduced. SCO member states are rich in resources, and the Greater Bay Area offers robust manufacturing capabilities and credibility in economic activities.

Throughout the progressive developmental process, they can collaborate with BRI nations to produce products tailored to the local market’s demands and application scenarios.

“Collaborative resource sharing, complemented by supply and industrial chains, along with capital support from the Greater Bay Area, especially Hong Kong as an international financial leader, will draw more significant international capital influx,” Wen asserted.

Data and digital industry as the quaternary industry

SCO TEMP is also dedicated to developing the digital industry economy, driven by the belief that the next 30 years will be the golden age of artificial intelligence and the data industry. Some experts consider the data and digital industry as the quaternary industry, following agriculture, industry, and services, according to Wen.

From the perspective of artificial intelligence, it essentially builds upon the foundation of big data, forming a transformative industry. This industry is poised to have a profound impact on humanity, reshaping our way of life.

“Thus, we have established the Digital Industry Economic Development Committee of SCO TEMP to drive the development of artificial intelligence and the digital industry and explore new possibilities,” Wen added.

Artificial intelligence’s profound impact on society is rooted in its ability to provide large-scale personalized services at a fraction of the historical cost, making high-performance, cost-effective services accessible to people worldwide. This transformation promises to significantly reshape our lives.

“Over the next 30 to 50 years, our committee will explore this outlook and be dedicated to advancing the development of the digital industry and artificial intelligence,” Wen continued. “Establishing this Digital Industry Economic Development Committee is our response to this context, ensuring that we are well-prepared to embrace the opportunities and challenges that the future holds.”