Change and innovation must take a long-term view (Che Pinjue) – EJ Tech

This articleauthorChe Pinjueis a director of Hong Kong Science and Technology Parks Corporation, a visiting associate professor at the School of Chinese Business at the University of Hong Kong, a senior consultant at Alibaba Cloud, and writes a column for Hong Kong Economic Journal“Big Data for All”.

The recently releasedDecision of the CPC Central Committee on further deepening reform in an all-round way and promoting Chinese-style modernizationThe Decision is an important document that describes in detail the main directions and policy priorities for China’s future development. The core content revolves around how to promote the deep integration of the real economy and the digital economy and promote the high-quality development of China’s economy.

With the development of the Internet, mobile Internet, big data, and artificial intelligence (AI) for nearly 20 years, it is inevitable that the country emphasizes the need for better integration of the real economy and the digital economy. This means that there are still many gaps between the real economy and digitalization, and the contradictions in the middle have begun to emerge. On the one hand, we must strive to promote the reform of traditional industries to make them more intelligent and sustainable, but the more critical thing is whether the social system, laws, policies, and organizational structures can cooperate. On the other hand, there must be organizations to pay attention to many possible unfair phenomena.

In terms of the digital economy, the Decision proposes to establish a new system and policy system to promote the development of the digital economy, including promoting the latest information technology, developing the industrial Internet, building a strong digital industry cluster, and strengthening data security and international data exchange rules and facilities. Although everyone is talking about innovation, how can enterprises understand the importance of technological innovation and then make revolutionary breakthroughs? According to my experience, most small and medium-sized enterprises are still in a period of confusion, and even larger enterprises feel powerless. Most of them are due to insufficient cognition. Starting from the board of directors, they may not understand the importance of formulating appropriate key performance indicators (KPIs) for transformation for management, because the long-term allocation of resources (including talents) and short-term performance goals cannot be simply balanced. Change and innovation must look at the long term, but most senior executives tend to pursue immediate goals. When innovation and change reach the deep water, some trade-offs require short-term sacrifices. It can be seen that this central document directly points to the focus of deepening reform, and every enterprise needs to pay attention to it.

Economists and industry experts gave positive comments on the Decision. They believe that these policies will promote the deep integration of traditional industries and the digital economy, enhance industrial competitiveness through technological innovation, and ultimately achieve high-quality economic development.

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