Nobel laureate says prosperity depends on new ideas

Technological progress is a key contributor to economic growth, said Paul M Romer as he discussed China's role in the world at the 2019 (Hengqin) Economic Development & Innovation Conference on March 25.

Romer is the 2018 co-recipient of the Nobel Memorial Prize in Economic Sciences. He was cited "for integrating technological innovations into long-run macroeconomic analysis" including long-term thinking on climate issues and technological innovation in economic research.

The New Yorker and former World Bank chief economist researches regulations and policies that encourage new ideas and long-term prosperity. His research is said to be validated by China's Reform & Opening Up.

Paul M Romer

Roper made his observations in a speech titled On the Possibility of Progress. More truth can be discovered and progress made, he said, if every individual, enterprise, and government comes together to ease the pessimism arising from economic depression and hostility and conducts unfettered exchange.

Ba Shusong, chief economist of the China Banking Association, was among hundreds of others sharing their insights at the Zhuhai International Convention & Exhibition Center. He said finance can become a national core competitiveness amid the industrial upgrade and economic transition that is going on now.

Xiang Songzuo, deputy head of the International Monetary Institute of Renmin University of China, contributed advice on how to establish a vibrant innovation ecosystem.

Hengqin Economic Development & Innovation Conference

In addition to two roundtable forums, the financial indexes of listed companies on the west bank of the Pearl River were also released.

The Hengqin Intelligent Finance Research Institute was launched at the conference. Covering 800 sq m (.2 acres), the institute is housed in Building 9 of Inno Valley HQ. Its president, Li Xiao, also dean of the schools of Economics and Finance of Jilin University, will lead a group of post-doctors, PhDs and postgraduates to conduct policy research. They will also host academic forums catering to innovative development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Plaque unveiling of Hengqin Wisdom Finance Institute [Photos by Li Jianshu / Zhuhai Daily]

The institute is poised to advance the reform and innovation of Hengqin's finance industry and build the area into a high-end financial think tank and talent cultivation base through industry-university-research cooperation.