2024-03-16 00:36:12
“New Qualitative Productive Forces”. This is one of the new key words that emerged after the annual sessions of the National Committee of the Chinese People’s Political Consultative Conference (NCPCC) and the Chinese National People’s Congress (NPC), Radio China reported. These new productive forces will determine the course of the economy for the coming year, the development and implementation of technology and innovation, the cultivation of skilled talent and what not. But what are these so-called ‘new quality productive forces’ and why are they so important? Let’s try to explain in simple words and practical examples what is behind this new idea.
Although it sounds like a purely political term, in fact “new qualitative productive forces” will be the basis of the development of the sectors related to science, technology and innovation not only for 2024, but also beyond. Simply put, the concept is a guideline that will be used to modernize China’s industrial system to overcome a number of external and internal challenges. This will be achieved mainly through technological innovation. In practice, the improvement and advancement of productivity will be sought in all sectors of the economy, but also the implementation of this rise in as many spheres of social life as possible.
China is looking for quality, not quantity. And this is not recent. This is clearly evident in the incredible achievements of the country in many sectors of the economy, supported by scientific and technological development – artificial intelligence, green development, digital economy, etc. The development of new quality productive forces requires the effective use of innovation to build on existing industrial and supply chains. This will accordingly lead to new development in some relatively traditional and slow sectors, bringing new advantages, new opportunities, new productivity and new results.
But it should not be thought that this is a new initiative that will only be implemented in the country. All these processes we are talking about have already been implemented and working successfully for many years. Strategic emerging industries focused on next-generation information technology, biotechnology, new energy, new materials, high-end equipment, new energy vehicles, environmental protection, aerospace, marine equipment and many others have actually shown incredible results in the last ten years. All these are sectors of the economy that fully rely on technological development to maintain efficiency and competitiveness. According to the latest data, their share of China’s gross domestic product is as much as 17%. China is betting on cutting-edge technology and industrial transformation for its future.
In the past more than ten years, China has achieved incredible achievements in many fields of economy and social life related to technology and innovation. China ranks first in the world in the use of renewable energy sources, a Chinese company ranks first in the production of green electric cars, China’s computing power increases by 30% per year, and in terms of total power, the country ranks second in the world , China ranked 12th on the Global Innovation Index and many more. Multiple sectors of the country’s economy have already been totally transformed using new technologies, green solutions, driverless cars. Agriculture, mining, energy, multiple manufacturing, trade, business process management – all these sectors and industries rely precisely on emerging technological solutions to improve their results and improve working conditions.
Real success and the achievement of working new quality productive forces requires continuous breakthroughs in science and technology. All this will work to drive industrial transformation and achieve a better sustainable future. Equally important is the deepening of reforms, the removal of obstacles to them, the modernization of management in various relevant structures, etc. Also important is support and strong collaboration with the private sector, which has always been the source of most innovation and practical solutions that work. The process is not easy, but China, central and local governments, private companies and all other related players are ready to work towards the goal. The new quality productive forces will become the main engine of China’s economy, playing a crucial role in China’s vision to become an advanced technological country.