A Scottish bus manufacturer has signed a deal potentially worth ￡2bn to build vehicles for the world's biggest producer of electric buses. The agreement between Alexander Dennis Limited (ADL) and Chinese firm BYD came during the UK state visit by Chinese president Xi Jinping. The initial deal is for the manufacture of 200 single deck buses a year. The initial contract represents turnover of about ￡660m over the next 10 years.(Falkirk-based Alexander Dennis signs bus deal with China's BYD, BBC news)
The agreement between BYD and ADL opens a new chapter on Sino-British new energy vehicle industry. ADL is the UK's biggest bus manufacturer, employing 2,500 globally. The deal expresses the recognition of BYD’s technological innovation capabilities, which shows the emerging influence of Chinese enterprises in overseas market.
When we look ahead, though, we see broad swaths of opportunity. Our analysis suggests that by 2025, such new innovation opportunities could contribute $1.0 trillion to $2.2 trillion a year to the Chinese economy—or equivalent to up to 24 percent of total GDP growth. To achieve this goal, China must continue to transform the manufacturing sector, particularly through digitization, and the service sector, through rising connectivity and Internet enablement. (Gauging the strength of Chinese innovation，mckinsey)
The recent development of economy have shown that China is passing through a transition: the labor-force expansion and surging investment that propelled three decades of growth are now weakening. Nevertheless, China will have evolved from absorbing and adapting existing technology and knowledge from around the world, enhancing the capability of self-innovation, into a global innovation leader.