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China is moving toward an economy focused on consumer spending, innovation and services, reducing reliance on investment and exports of low value-added goods, and boosted by strengthened innovation and research.

China is undergoing a transformation from traditional manufacturing to smart manufacturing. Intelligent manufacturing will help improve production efficiency, increase added value, mitigate rising labor costs, and further enhance the market competitiveness of businesses, which has also created great potential for the development of the health care industry, the company said.

China has taken the lead in the hardware of supercomputer and the software has also making headway. The country's supercomputer now is confronted with two major obstacles, energy conservation and wider market applications, Pan said.

China is making a path from health crisis to recovery and offering tremendous expertise and experience to the rest of the world, IMF chief Kristalina Georgieva said on Friday while viewing the role of China's economy in saving the global economy from recession amid coronavirus pandemic.

China is the second largest market of Thermo Fisher after North America.