China Embraces New Quality Productive Forces to Fuel Growth
During his 2023 inspection tour in northeast China, Chinese President Xi Jinping introduced the concept of \"new quality productive forces,\" signaling a transformative approach to the nation's economic development. In a region known as an agricultural and industrial heartland, this new vision aims to break free from traditional growth models and ignite innovation-driven transformation.
On January 31, 2024, President Xi emphasized the urgency of accelerating the development of these new quality productive forces to promote high-quality development across the country. This shift reflects China's response to global economic adjustments and the imperative of upgrading domestic industries.
From academic circles to policy arenas, and from corporate strategies to industrial practices, the influence of new quality productive forces is reshaping China's socioeconomic landscape. Characterized by high-tech innovation, efficiency, and quality, this advanced form of productive forces aligns with President Xi's new development philosophy, positioning innovation at the forefront of economic progress.
Rooted in China's longstanding economic practices and evolving development paradigms, the embrace of new quality productive forces presents both opportunities and challenges. The nation has witnessed significant achievements in cutting-edge technologies such as artificial intelligence, green energy, and quantum communication since the concept's implementation.
China's commitment to an innovation-driven strategy has yielded remarkable progress, bolstering its scientific and technological prowess. The combination of a vast market and a robust industrial system lays a solid foundation for these new productive forces to thrive.
According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China ranks 11th and stands out as the only middle-income economy among the top 30. Home to three of the world's five major science and technology clusters, China is recognized as one of the fastest-growing innovators over the past decade.
Despite these advances, China faces challenges in developing new quality productive forces. Intensifying global competition in science and technology and the unprecedented transformation of global industrial and supply chains pose complex issues. Enhancing international competitiveness remains a critical task as China navigates this new economic landscape.
Reference(s):
cgtn.com
