China is ushering in a new era of economic growth driven by what President Xi Jinping has termed \\"new quality productive forces.\\" During his 2023 inspection tour in northeast China—a key agricultural and industrial region—President Xi introduced this concept, emphasizing its pivotal role in the nation's development.
Amid global economic adjustments and domestic industrial upgrades, China is breaking away from traditional growth models. The focus is now on driving industrial transformation through scientific and technological innovation, reshaping development paradigms, and fostering high-quality growth.
On January 31, 2024, President Xi reiterated the importance of accelerating the development of these new quality productive forces to promote high-quality development across the country.
From academic discussions to policy-making and corporate strategies, the influence of new quality productive forces is evident. Characterized by high technology, efficiency, and quality, they align with President Xi's new development philosophy and represent an advanced type of productive force that departs from traditional economic growth paths.
This shift is both a natural progression of China's long-term economic practices and a response to changes in global development paradigms. The nation is witnessing significant achievements in cutting-edge technologies such as artificial intelligence, green energy, and quantum communication.
China's commitment to an innovation-driven strategy has propelled it toward becoming an innovative country. With growing scientific and technological strength, a vast market, and an improving industrial system, the foundation for developing new quality productive forces is solidifying.
According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China ranks 11th and is the only middle-income economy among the top 30. It boasts three of the world's five major science and technology clusters and is among the fastest-growing economies in terms of innovative capabilities over the past decade.
However, challenges remain. As globalization intensifies, competition in science and technology innovation has become a focal point among countries. The global industrial and supply chain landscape is undergoing unprecedented transformations, making the task of improving international competitiveness increasingly complex for China.
Despite these challenges, China's pursuit of new quality productive forces underscores its determination to lead in innovation and foster sustainable economic growth. By embracing technological advancements and reshaping its development model, China is poised to make significant contributions to the global economy.
Reference(s):
cgtn.com
