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, an important agricultural and traditional industrial base, President Xi highlighted the significance of these forces in shaping the country's future development.
On January 31, 2024, President Xi emphasized the need for China to accelerate the development of new quality productive forces and promote high-quality development. This concept reflects China's shift from traditional economic growth models toward innovation-led transformation, characterized by high technology, efficiency, and quality.
From academic discussions to policy-making, and from corporate strategies to industrial practices, the influence of these new productive forces is evident across China's socioeconomic landscape. They represent a move away from traditional development paths, with innovation at their core, aligning with the new development philosophy proposed by President Xi.
The emergence of these forces is both a product of China's long-term economic practices and a response to changes in the global development paradigm. A new wave of scientific and technological revolution and industrial transformation is sweeping the nation, yielding significant achievements in cutting-edge fields such as artificial intelligence, green energy, and quantum communication.
China's commitment to an innovation-driven strategy has resulted in remarkable progress toward becoming an innovative country. The nation's growing scientific and technological strength, combined with its vast market and comprehensive industrial system, provide a strong 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 is one of the fastest-growing economies in terms of innovative capabilities over the past decade.
However, challenges remain. As globalization intensifies, scientific and technological innovation has become a focal point of international competition. The global industrial and supply chain landscape is undergoing unprecedented transformation, and enhancing international competitiveness poses complex issues for China.
Despite these challenges, China's pursuit of new quality productive forces signifies a strategic move to reshape its development model. By embracing innovation and high-quality growth, China aims to stimulate new momentum and secure its position in the global economy.
Reference(s):
cgtn.com
