‘Developing new productive forces’ has emerged as a focal point in China’s latest economic strategy, highlighting the nation’s commitment to rapidly advancing strategic emerging industries and future technologies such as new energy and quantum technology. This shift signifies a transformative phase in China’s economic landscape, raising pivotal questions about the interpretation of this concept, its impact on traditional industries, and its potential to reshape the country’s economic structure and foster growth.
To delve deeper into this evolution, we turn to insights from esteemed experts. Professor Carl Fey from the BI Norwegian Business School in Oslo emphasizes that embracing new productive forces is essential for China to maintain its competitive edge in the global market. “China’s investment in cutting-edge industries not only propels domestic innovation but also positions it as a leader in future global economic trends,” he notes.
Wang Yaojing, assistant professor in Economics at Peking University, discusses the balance between new and traditional industries. “While new productive forces are critical, they are not a replacement but rather an enhancement to existing industries. They offer opportunities for traditional sectors to upgrade and integrate advanced technologies, leading to overall economic vitality,” she explains.
He Weiwen from the Center for China and Globalization adds that the integration of these emerging industries will contribute significantly to sustainable growth. “The focus on new energy and quantum technology aligns with global sustainability goals and addresses the pressing need for environmental responsibility alongside economic development,” he asserts.
This strategic pivot towards new productive forces represents China’s proactive approach to future-proof its economy. By fostering innovation in burgeoning sectors, China aims to create a synergistic effect that not only invigorates traditional industries but also enhances its role in the global economic arena.
Reference(s):
cgtn.com
