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Xinhua Commentary: New quality productive forces for better China and world

Xinhua Institute, a high-end think tank of Xinhua News Agency, released on Wednesday a report entitled « Empower China, Benefit the World — an Analysis of the Theoretical Contribution and Value Orientation of New Quality Productive Forces. »

At present, promoting high-quality development has become the main theme of China’s economic and social growth. Developing new productive forces will pave the way for China to seize the opportunities provided by a new wave of technological revolution and industrial transformation, further liberate and develop productive forces and achieve high-quality development in the new era.

The new quality productive forces are featured by innovation. China will continue to promote innovation, better understand the importance of sci-tech innovation, boost sci-tech innovation with greater determination and intensity, firmly grasp key core technologies, persevere in strengthening basic research, and strengthen the main position of enterprises in innovation to promote the emergence of original and disruptive technological innovations.

China will boost industrial innovation with sci-tech innovation, accelerate the transformation of sci-tech achievements into real productivity, transform and upgrade traditional industries, cultivate and strengthen emerging industries, plan and build future industries, accelerate the construction of modern industrial systems, and build a foundation for the development of new quality productive forces.

Developing new quality productive forces is not just a matter of development but also a matter of reform. New quality productive forces are jointly cultivated and driven by the government’s « visible hand » and the market’s « invisible hand. »

China will deepen reforms in its economic and sci-tech systems, strive to clear the bottlenecks restricting the development of new quality productive forces, establish a high-standard market system, and innovate the allocation of production factors so that various advanced and high-quality production factors can effectively contribute to the development of new quality productive forces.

China will unswervingly expand high-level opening up, steadily expand institutional opening up with regard to rules, regulations, management and standards, and build a market-oriented, rule-of-law, and internationalized first-class business environment, so as to create a better environment and conditions for the development of new quality productive forces.

As China develops new quality productive forces with a focus on the great rejuvenation of the Chinese nation, these efforts will also contribute to world peace, development, mutually beneficial cooperation and common prosperity through its modernization endeavors.

Standing at a new crossroads of human development and facing the world’s profound changes unseen in a century, developing new quality productive forces will further stimulate the vitality and potential of China’s large market, enhance the role of China’s economy as a global growth engine, and inject new impetus into the world economic recovery.

China’s efforts to develop new quality productive forces will also create new opportunities for win-win development, expand new practices in economic governance, and continuously develop new forms of human civilization.

As China is comprehensively promoting Chinese modernization with high-quality development, accelerating the development of new quality productive forces will not only ensure that China’s economy navigates through challenges and achieves sustained progress, but will also enable other countries to share the dividends of China’s development.

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