The global economies and international organizations are inclined towards sustainable growth, technological advancements and product innovations. China is the leading economy in information and communication technologies and among the major industrially expanded economies covering a substantial share of the global market in exports. The prime objective of this study is to explore the role of digitalization and Information and communication technologies (ICT) for product innovation (PIN). In doing so, the study also attempts to draw some novel implications regarding business, entrepreneurship, and product innovation in the lens of sustainability. This current study use the annual data of China from 1990-2020. The empirical analysis was conducted using the stationarity testing and the Johansen cointegration test. In addition, due to the data's asymmetrical distribution, the non-parametric "quantile regression" is used. For robustness, this study employs the Fully Modified Ordinary Least Square, Canonical Cointegration, and Dynamic Ordinary Least Square methods. The empirical results reveal that economic progress and financial development are substantial factors of product innovation. The robust analysis reveals that medium and high-tech industries and information and communication technology adversely affect product innovation. Further, the presence of financial development transforms the negative influence of information and communication technology into a positive. The current study concludes more investments in the technological industry are required to encourage product innovation in China. The study discusses some policy-related implications in the context of business sustainability and product innovation.
Keywords: economic growth; information and communication technology; medium and high-tech industry; new business; non-parametric techniques; product innovation.