Beijing, China (PEN)– In a decisive move towards fostering new growth drivers and promoting high-quality development, Chinese President Xi Jinping has emphasized the critical importance of developing new quality productive forces. This initiative, first introduced by President Xi in 2023 during an inspection in Heilongjiang province, has since gained momentum, shaping the core of economic discussions and policy-making at the highest levels.
At a recent group study session of the CPC leadership and this year’s top legislature meeting, the concept of new quality productive forces took center stage, setting the government’s top priority for 2024. The initiative underscores a strategic pivot from traditional economic growth modes towards a model characterized by high-tech, efficiency, and quality, aligning with China’s new development philosophy.
**The ABCs of New Quality Productive Forces Explained**
Central to this initiative is the drive for innovation as the leading force behind advanced productivity. The concept’s basic connotation revolves around enhancing workers, means of labor, subjects of labor, and their optimal combinations, with the core hallmark being a significant boost in total factor productivity.
**Why This Shift Matters**
The consensus across the Party and society is clear: promoting high-quality development is essential. Addressing the existing constraints to this goal necessitates guidance by a new productivity theory, making the development of new quality productive forces crucial for China’s future.
**Strategic Steps Forward**
To accelerate the development of these productive forces, China plans to:
– Harness innovation to generate new industries, models, and growth drivers.
– Strengthen scientific and technological innovation, focusing on original and disruptive advances.
– Apply technological innovations timely across industries and industrial chains.
– Support the green transformation of growth models, aiding in achieving carbon peaking and neutrality.
– Deepen economic and science & technology management system reforms to remove developmental bottlenecks.
– Enhance education, science, and talent systems in line with new productive force requirements.
**Balanced Development is Key**
Highlighting the approach to this transition, President Xi cautioned against neglecting traditional industries or rushing headlong into new projects that could lead to industry bubbles. The development of new quality productive forces should not follow a singular model but consider local resources, industrial foundations, and scientific capabilities. Emphasis was placed on using new technologies to transform traditional sectors into high-end, intelligent, and green industries.
As China embarks on this journey towards high-quality development driven by new quality productive forces, the world watches closely. This initiative not only represents a significant shift in the country’s economic development strategy but also sets a precedent for sustainable and innovative growth in the global arena.
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