[Big read] From underdog to deep-tech pioneer: Will Anhui’s bet on the future pay off?

Once an economic also-ran, Anhui turned heads by betting state capital on high-risk deep tech. On the sustainability of the fabled “Hefei model”, Tan Kong Yam, NTU emeritus professor of economics, said its first iteration involved relatively large, highly concentrated strategic investments. He believes the “Hefei model” must become less dependent on a handful of headline-grabbing megaprojects, shift towards less capital-intensive and more technology-intensive investments, and build a more diversified portfolio.

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