——– Party meeting emphasizes significance of fostering new quality productive forces
BEIJING: China’s sharpening focus on deepening reform for fostering new quality productive forces will give strong impetus to the country’s economic growth, drive industrial upgrading and offer enormous business opportunities for investors both at home and abroad, said economists, experts and company executives.
Highlighting that sci-tech innovation is a key element in the development of new quality productive forces, they called for more efforts to achieve breakthroughs in crucial technologies by investing more in fundamental research and strategic forward-looking sectors, and step up financial support for innovation-oriented technology enterprises.
Their comments came after the third plenary session of the 20th Central Committee of the Communist Party of China placed great emphasis on improving the institutions and mechanisms for fostering new quality productive forces in line with local conditions.
The resolution adopted by the key high-level meeting called for efforts to improve the systems for promoting full integration between the real economy and the digital economy.
Qu Yongyi, Party secretary of the Chinese Academy of Social Sciences’ Institute of Industrial Economics, said that as a new round of technological revolution and industrial transformation is profoundly evolving, bolstering the development of new quality productive forces is of vital significance in promoting high-quality economic growth, advancing new industrialization and realizing Chinese modernization.
“For traditional industries, the injection of new production factors such as data, and the innovative allocation of original factors of production can effectively promote the deep transformation and upgrading of industries,” he said.
The country’s latest call to nurture new quality productive forces through a series of institutional reforms is conducive to accelerating the building of a modern industrial system and boosting its core competitiveness globally amid external uncertainties, Qu added. He said the cultivation of strategic emerging industries and future-oriented industries plays a pivotal role in propelling the development of new quality productive forces.
These industries mainly include new-generation information technology, artificial intelligence, new energy, new materials, high-end equipment, biomedicine and quantum technology.
He added that more efforts should be made to increase input in core technologies in key fields and solve bottleneck issues that hinder development in areas such as raw materials, critical components, core equipment and basic software, in order to enhance the resilience of industrial and supply chains and gain competitive advantages in the increasingly intense international competition. –The Daily Mail-China Daily news exchange item
