During a recent inspection tour in northeast China, an important agricultural and traditional industrial base, President Xi Jinping introduced the concept of new quality productive forces. This concept holds significant implications for China's economic future, emphasizing the need to break away from traditional growth models and harness innovation to drive industrial transformation.
On January 31, 2024, Xi Jinping stressed the importance of accelerating the development of new quality productive forces to promote high-quality development in the Chinese mainland. From academic circles to policymakers, and from corporate strategies to industry practices, this concept is reshaping the socioeconomic landscape.
New quality productive forces represent an advanced type of productive force characterized by high technology, efficiency, and quality. They diverge from traditional economic growth paths, placing innovation at the forefront. This aligns with the new development philosophy proposed by Xi Jinping, focusing on sustainable and high-quality growth.
The emergence of these forces is a natural outcome of China's development in the new era, rooted in long-term economic practices and shifts in development paradigms. The country is experiencing a flourishing period of scientific and technological revolution and industrial transformation, with significant achievements in cutting-edge fields such as artificial intelligence, green energy, and quantum communication.
China's comprehensive implementation of an innovation-driven strategy has yielded remarkable progress on its journey to becoming an innovative nation. The combination of growing scientific and technological strength, a vast market, and an increasingly sophisticated industrial system lays a solid foundation for developing new quality productive forces.
According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China ranks 11th and is the only middle-income economy among the top 30. It accounts for three of the world's five major science and technology clusters and has demonstrated one of the fastest-growing innovative capabilities over the past decade.
However, challenges remain. In an era of intensified globalization, innovation in science and technology has become the focal point of international competition. The global industrial and supply chain landscape is undergoing unprecedented transformation, presenting complex issues for China to enhance its international competitiveness.
To address these challenges, China is poised to continue fostering innovation, encouraging investment in research and development, and promoting collaboration between industries, academia, and research institutions. By doing so, the country aims to solidify its position as a global leader in innovation and sustain its economic growth momentum through the development of new quality productive forces.
Reference(s):
cgtn.com
