China is embarking on a transformative journey to achieve its “new quality productive forces” goals, a term introduced by President Xi Jinping during his visit to northeast China in September 2023. This concept signifies a comprehensive overhaul of the nation’s production capabilities, spanning agriculture, industry, and cutting-edge technology.
The “new quality productive forces” initiative aims to modernize China’s production base, promote green growth, and build an ecological civilization. Achieving these ambitious objectives may seem daunting, but China’s strategic planning and sustained efforts over the years suggest it is well-prepared for the challenge.
President Xi has laid the groundwork for this transformation through a holistic approach that focuses on various economic sectors and societal segments. Concepts like the “new development philosophy” and “high-quality development” have been introduced to modernize production, enhance green production and consumption, provide equal development opportunities, and build a modern society.
In agriculture, China has launched programs such as Made in China 2025, Rural Revitalization, and the Modern Protected Agriculture Development Plan 2023-2030. Recognizing agriculture as the foundation of a modern socialist country, these initiatives aim to revitalize rural areas and modernize agricultural practices.
Investing in research and development (R&D) has been a critical component of China’s strategy. Government allocations for R&D increased from 1.9 percent of GDP in 2012 to 2.5 percent in 2022, with projections indicating a continued annual increase of around 7 percent. In 2022 alone, China allocated $420.9 billion to R&D, a 10.1 percent year-on-year increase.
Chinese companies have also significantly boosted their R&D investments, surpassing their European counterparts in 2021. With investments of 195.9 billion euros ($212.6 billion) in 2021, Chinese companies contributed to a global R&D share of 17.8 percent in 2022, second only to the United States.
Recognizing that quality human capital is essential for innovation, China has focused on cultivating a large pool of skilled graduates in Science, Technology, Engineering, and Mathematics (STEM). According to Georgetown University, China surpassed the United States in producing STEM Ph.D. graduates in 2007, and by 2025, the number is expected to double compared to the U.S.
These efforts are yielding significant results. China has emerged as a leader in 37 out of 44 critical technologies, marking a remarkable turnaround for a country once considered lagging in technological development. China’s advancements span various fields, including defense, space exploration, robotics, energy, biotechnology, artificial intelligence, advanced materials, and quantum technology.
With a strategic vision and sustained investments in critical areas, China appears poised to achieve its “new quality productive forces” goals. This transformation not only propels China’s domestic development but also positions it as a significant player in global technological innovation and economic growth.
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Why China will achieve its 'new quality productive forces' goals
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