China is accelerating its economic development by harnessing new quality productive forces, marking a significant shift towards innovation-driven growth.
During a 2023 inspection tour in northeast China, an important agricultural and traditional industrial base, Chinese President Xi Jinping first introduced the concept of new quality productive forces, emphasizing their crucial role in the nation's high-quality development.
On January 31, 2024, President Xi reiterated the importance of accelerating the development of new quality productive forces to promote high-quality development.
The concept of new quality productive forces signifies a break from traditional economic growth models, focusing on innovation-led industrial transformation. Characterized by high-tech, high-efficiency, and high-quality attributes, these forces align with the new development philosophy proposed by President Xi.
From academic discussions to policymaking, corporate strategies to industrial transformation practices, the influence of new quality productive forces is reshaping China's socioeconomic landscape.
The advent of a new round of scientific and technological revolution and industrial transformation has led to significant achievements in cutting-edge technologies such as artificial intelligence, green energy, and quantum communication.
China's comprehensive implementation of an innovation-driven strategy has yielded remarkable progress in its journey towards becoming an innovative nation. The growing scientific and technological strength, coupled with a massive domestic 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, making it the only middle-income economy among the top 30. It accounts for three of the world's five major science and technology clusters and is one of the fastest-growing economies in terms of innovative capabilities over the past decade.
However, China still faces challenges in developing new quality productive forces. With globalization intensifying, scientific and technological innovation has become a focal point of international competition. The global industrial and supply chain landscape is undergoing unprecedented transformations, making the enhancement of international competitiveness a complex issue for China.
To address these challenges, China is committed to fostering innovation, promoting industrial transformation, and reshaping its development model to stimulate new growth momentum. The emphasis on new quality productive forces reflects China's strategic approach to achieving sustainable and high-quality development in the face of global economic adjustments and domestic industrial upgrades.
