Welcome to Francis Academic Press

The Frontiers of Society, Science and Technology, 2021, 3(1); doi: 10.25236/FSST.2021.030116.

The New Opportunities and Challenges in Economic Growth under the Fourth Industrial Revolution


Mingming Guo1, Yu Song2, Xiaoxuan Shao3, Lei Yan4, Linze Zou5

Corresponding Author:
Mingming Guo

1School of Sport Economics and Management, Central University of Finance and Economics, Beijing 102206, China

2College of Arts and Sciences, University of Washington, Seattle 98105, Washington, USA

3School of Humanities and Social Sciences, Beijing Institute of Technology, Beijing 102488, China

4Cambridge A-Level Centre, Hangzhou Foreign Languages School, Hangzhou 310023, China 

5YaLi International Department, Changsha 410000, China


This paper shed light on how the Fourth Industrial Revolution promotes economic growth from nation, market and individual aspects. The research results suggest that the new revolution will usher economic growth through innovative productive factors, changes in the international trade, better institutions and social welfare. In addition, the high industrial expansion and agglomeration, the new production and business models will energize market players and promote economic growth. However, some factors generated by the new revolution might also cause economic setbacks.


The Fourth Industrial Revolution, Economic growth, International trade, Opportunities and challenges

Cite This Paper

Mingming Guo, Yu Song, Xiaoxuan Shao, Lei Yan, Linze Zou. The New Opportunities and Challenges in Economic Growth under the Fourth Industrial Revolution. The Frontiers of Society, Science and Technology (2021) Vol. 3, Issue 1: 99-105. https://doi.org/10.25236/FSST.2021.030116.


[1] Jacques Bughin, Jeongmin Seong, James Manyika, Michael Chui, Raoul Joshi (2018). Notes from the AI frontier: modeling the impact of AI on the world economy. McKinsey Global Institute.

[2] World Trade Report 2019: The future of service trade. World Trade Organization, 2019.

[3] Global Value Chain Development Report 2019: Technological Innovation, Supply Chain Trade, and Workers In A Globalized World. World Trade Organization, 2019.

[4] The future of world trade: How digital technologies are transforming global commerce. World Trade Organization, 2019.

[5] Jonathan Woetzel, Jeongmin Seong, Kevin Wei Wang, James Manyika, Michael Chui, Wendy Wong (2017). China’s digital economy: a leading global force.  McKinsey Global Institute.

[6] Corporate Tax, Digitalization and Globalization. World Economic Forum, 2019

[7] Hu Yijian, et al. A quarterly analysis of the effects of China's VAT reduction policy. Institute of public policy and governance, Shanghai University of finance and economics, 2019.

[8] Jacques Bughin, Eric Hazan, Tera Allas, Klemens Hjartar, James Manyika, Pal Erik Sjatil, Irina Shigina. Tech for good: Smoothing disruption, improving well-being. McKinsey Global Institute, 2019

[9] Lin Lehu. Macroeconomic research, Analysis of the current situation and policy measures of Internet of things industry development in China [J]. 2013(11):81-86. 

[10] Zhu Xinqin. A study on the impact of the Internet of things industry on regional economic growth [D]. Southeast University, 2017. 

[11] 2019 -2025 China's Entertainment Industry Operational Situation and Investment Strategy Consulting Report, Grail Insights, 2018

[12] Davis R,Industry 4.0: digitalisation for productivity and growth, briefing, 2015,PE 568.337, European Parliamentary Research Service (EPRS). EU, Brussels

[13] Schwab, K. (2015). The Fourth Industrial Revolution: What It Means and How to Respond. 

[14] Jimmy G (2017). Business models of the future: emerging value creation. The Association of Chartered Certified Accountants. 

[15] Xu, Min, et al (2018). "The Fourth Industrial Revolution: Opportunities and Challenges."  International Journal of Financial Research, vol. 9, no. 2, pp. 90.

[16] Kalleberg, Arne L. "Balancing Risks and Improving Job Quality in a Changing Economy." Work in the Digital Age: Challenges of the Fourth Industrial Revolution, London: Rowman & Littlefield International, 2019.

[17] Amankwah-Amoah, J., E. L. C. Osabutey, and A. Egbetokum (2018). "Contemporary Challenges and Opportunities of Doing Business in Africa: The Emerging Roles and Effects of Technologies." Technological Forecasting and Social Change 131:171–174.

[18] Lu Fangyuan, Jin Dandan. China Industrial Economy, Impact of R & D Investment on Economic Growth in China: An Empirical Analysis Based on Panel Data [J].2011,(03):149-157.