Liu Yuhuan: China can lead in the Industrial Revolution 4.0

"As an overseas Chinese, I have witnessed China’s huge achievement in development. It’s a miracle,” said Liu Yuhuan, Founder and Chairman of WI Harper Group, a venture capital firm that focuses on early and expansion investments in China and Silicon Valley.

Liu talked to People’s Daily Online during an exclusive interview at the China Development Forum 2019, which was held under the theme of "Greater Opening-up for Win-Win Cooperation". Liu said he sees the key factors of China’s higher level of opening up in terms of how it can further open its market and collaborate with the United States, the European Union and other countries.

“A wonderful move from the government is China’s recently passed unified foreign investment law, which will uplift China’s economic growth by further improving the country’s business environment and strengthening protection of intellectual property rights,” he said.

Liu also spoke highly of China's Belt and Road Initiative (BRI), noting it as another great effort by China to further open up its economy. “The BRI is endorsed and supported by different countries around the world. It’s a major program for China and Chinese technology to go abroad and to expand its global market,” he said.

Liu was born in Beijing and was educated in the U.S. He spent decades in the U.S. working on venture capital investments, with a track record of having invested in hundreds of rising tech companies based in the U.S. and Asia, many of which became publicly listed in major exchanges worldwide.

These are the same 40 years in which China’s reform and opening up policies have granted the country its fastest economic growth ever. Liu added that China’s achievements in development are down to the diligence and perseverance of the Chinese people.

“Now China is transforming from a labor-intensive, export-oriented economy to an economy with more industries of added value,” Liu noted. “For instance, the smart city,” he elaborated, adding that now is the time to explore technology in greater depth, from IT to big data, from 5G to AI, to blockchain.

“This is the future,” Liu said, “I’m confident China can lead in these industries. That’s also the way for China to pursue high-quality development, by training young talents with the creativity and skills needed to embrace the next big thing: the Industrial Revolution 4.0.”