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The government is trying to put pressure on Chinese companies to change their operating models even though that means more risk and uncertainty, the government says.

The market pressure is coming from the outside, said Wang Zuo, a vice-president in Singapore’s Ministry of Industry and Innovation. Chinese will only give the product more attention as the government wants to boost exports, Wang said. They want to be able to compete with the competitors in China.

China now employs up to 10,000 people in many sectors that are not part of the United States, the report said, citing an August report by the Office of the OECD saying that China is the fastest growing country in the world in terms of people working in the field. A growing group of young people are studying engineering, tech and technology and it is attracting many foreigners to come to the country, Wang added.

China’s trade imbalance isn’t so great as the Western countries imagine, he said.

The report highlighted the issue of new products and services that would not work as expected. The report also found that a growing number of foreign tech players especially China’s small and highly educated is not using new products and services designed specifically to benefit their country’s competitiveness, as the country’s economy has largely grown over the past 20 years.

The government is trying to put pressure on Beijing to change the model of companies and their model of growth, Wang said.

In April, China’s central bank cut rates to stimulate investment and trade with emerging markets so that its economy can recover faster. It took a further 1.5 percent cut at the end of the year to help the country move through a severe recession. The stimulus drive was expected to continue for another five months or more. More than three months ago, the central bank lowered its benchmark interest rate to 6.35, the lowest on record, to stimulate growth.

The market pressure is coming from the outside, said Wang, who did not have enough concrete details to say whether the government will continue pressuring companies because it has no real plans to stop them.

It may take a few years, but this will give companies a bit more time to think, he said. It will also help them reduce the uncertainty of their industry, he said.

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