China is embracing a new growth momentum by developing \"new quality productive forces,\" a concept emphasized by President Xi Jinping during his 2023 inspection tour in northeast China, a key agricultural and industrial region. Amid global economic shifts and domestic industrial upgrades, China aims to break traditional productivity constraints and drive industrial transformation through technological innovation.
On January 31, 2024, President Xi highlighted the urgency of accelerating the development of new quality productive forces to promote high-quality development. This concept has rapidly gained influence, from academic discussions and policymaking to corporate strategies and industrial practices, reshaping China's socioeconomic landscape.
The new quality productive forces represent an advanced type of productivity that departs from traditional economic growth models. Innovation takes the lead role, characterized by high technology, high efficiency, and high quality, aligning with President Xi's new development philosophy. They are the inevitable product of China's development in the new era, rooted in long-term economic practices and shifts in development paradigms.
Significant achievements have been made in cutting-edge technologies such as artificial intelligence, green energy, and quantum communication. China's comprehensive implementation of innovation-driven strategies has resulted in remarkable progress toward becoming an innovative nation. The growing scientific and technological strength, coupled with a vast market and an improving industrial system, lays a solid foundation for the development of new quality productive forces.
According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China ranks 11th globally 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 experienced one of the fastest-growing innovative capabilities in the past decade.
However, challenges remain. As globalization intensifies, innovation in science and technology has become a focal point of international competition. The global industrial and supply chain landscape is undergoing unprecedented transformation, and enhancing international competitiveness poses complex issues for China.
The development of new quality productive forces presents both opportunities and challenges. As China navigates this new path, it seeks to stimulate new momentum for further development, reshaping its economy and securing its position in the global arena.
Reference(s):
cgtn.com
