China is embarking on a new journey of economic growth driven by what are being called \"new quality productive forces.\" First introduced by President Xi Jinping during his 2023 inspection tour in northeast China, this concept is reshaping the nation's approach to development.
Amid global economic adjustments and the need for industrial upgrading, China recognizes the urgency of breaking free from traditional modes of production. Emphasizing innovation as the leading force, the country is focusing on high-tech, high-efficiency, and high-quality development to stimulate new momentum.
On January 31, 2024, President Xi underscored the importance of accelerating the development of these new quality productive forces to promote high-quality growth. This shift is evident across various sectors, from academic discussions and policy-making to corporate strategies and industrial practices.
The emergence of these advanced productive forces is a natural progression in China's development paradigm. They are rooted in long-term economic practices and represent both opportunities and challenges. The nation has seen significant achievements in cutting-edge technologies such as artificial intelligence, green energy, and quantum communication since implementing this concept.
China's commitment to an innovation-driven strategy has yielded remarkable progress. Its growing scientific and technological strength, vast market, and improving industrial system provide 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 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 one of the fastest-growing innovative capabilities over the past decade.
However, challenges remain. As globalization intensifies, technological innovation has become a focal point of international competition. The global industrial and supply chain landscape is undergoing unprecedented transformation, making it imperative for China to enhance its international competitiveness.
By embracing new quality productive forces, China aims to navigate these challenges and continue its trajectory toward sustainable, high-quality development.
Reference(s):
cgtn.com
