During his 2023 inspection tour of northeast China, an important agricultural and traditional industrial base, Chinese President Xi Jinping introduced a concept with far-reaching implications: the development of new quality productive forces. Amid global economic adjustments and domestic industrial upgrading, China is prioritizing the transformation of its productive forces to stimulate new growth momentum.
On January 31, 2024, President Xi emphasized the urgency for China to accelerate the development of new quality productive forces and promote high-quality development. From academic discussions to policy-making, and from corporate strategies to industrial transformation practices, this concept is reshaping the country's socioeconomic landscape.
These new quality productive forces represent an advanced type of productivity, breaking away from traditional economic growth models. Innovation is at their core, characterized by high technology, high efficiency, and high quality, aligning with the new development philosophy proposed by Xi. Rooted in China's long-term economic practices and paradigm shifts, they present both opportunities and challenges for the nation.
Since the implementation of this concept, China has witnessed a booming wave of scientific and technological revolution and industrial transformation. Significant achievements have been made in cutting-edge technologies such as artificial intelligence, green energy, and quantum communication.
China's comprehensive implementation of an innovation-driven strategy has led to remarkable progress on its journey to becoming an innovative country. The nation's growing scientific and technological strength, combined with its super-large market and continuously improving industrial system, lays a solid foundation for the development of new quality productive forces.
According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China is the only middle-income economy among the top 30 economies. Ranked 11th, it accounts for three of the world's five major science and technology clusters and is one of the economies with the fastest-growing innovative capabilities in the past decade.
However, challenges remain. As globalization intensifies, innovations in science and technology have become focal points of international competition. The global industrial and supply chain landscape is undergoing unprecedented transformation, and improving international competitiveness has become a complex issue for China to navigate.
To seize the opportunities presented by new quality productive forces, China is focusing on breaking the shackles of traditional productive forces and driving industrial transformation through scientific and technological innovation. This approach aims to reshape the development model and stimulate new momentum for further development.
The journey toward embracing new quality productive forces is integral to China's pursuit of high-quality development. By prioritizing innovation and technological advancement, China strives to maintain its economic vitality and competitive edge on the global stage.
Reference(s):
cgtn.com
