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China becoming world high-tech leader

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China is becoming the global leader in the development of technology. According to Australian entrepreneur and facilitator David Thomas, China is leading the way into the future by financially delinking themselves from troubled developed economies. "It’s going to be imperative for the Chinese to take over the technological leadership, they’re already doing that," Thomas said. The accumulating debt of developed countries is resulting in China becoming the leader of foreign investment. "What they do have which the west doesn’t have is the abundance of land, people and capital. The western world doesn’t have capital now, in fact has a lot of debt," Thomas said. According to Thomas this change in global leadership is a step in the right direction for Australia in continuing to survive the global financial crisis. "We are China’s number one source of outbound investment with 36 billion dollars or so committed from China to Australia," Thomas said. "The biggest opportunity right now, in this part of world, down in Australia, is the opportunity to attract and source and investment from China." Chinese investment into Australia will be discussed at the 2012 Asian Financial Forum. Watch the video interview with David Thomas, courtesy of HKTDC here.

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