Home China Two Sessions Explainer: How will China develop “new quality productive forces” at a faster pace?

Two Sessions Explainer: How will China develop “new quality productive forces” at a faster pace?

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China will strive to modernize the industrial system and develop new quality productive forces at a faster pace, according to a government work report submitted on March 5 to the national legislature for deliberation.

President Xi Jinping stressed developing new quality productive forces according to local conditions when he participated in a deliberation with fellow lawmakers from east China’s Jiangsu Province on March 5.

What do “new quality productive forces” mean?

The term refers to contemporary advanced productive forces that are generated by revolutionary technological breakthroughs, innovative allocation of production factors, and in-depth transformation and upgrading of industries. It takes the qualitative change of laborers, labor materials, labor objects and their optimal combination as the basic connotation, and the improvement of total factor productivity as the core indicator.

How will China develop “new quality productive forces” at a faster pace?

Here are some key points:

Providing stronger guidance and support on quality and standards to create more Chinese brands with global reach.

Consolidating and enhancing the leading position in industries such as intelligent connected new-energy vehicles.

Stepping up development of hydrogen power, new materials, innovative drugs and other cutting-edge sectors.

Fostering new growth engines in fields such as biomanufacturing, commercial spaceflight, and the low-altitude economy.

Formulating development plans for the industries of the future, opening up new fields such as quantum technology and life sciences, and creating a number of zones for pioneering the development of future-oriented industries.

Strengthening coordination, planning, and investment guidance for key sectors to prevent overcapacity and poor-quality, redundant development.

Stepping up R&D and application of big data and AI, launching an AI Plus initiative, and building digital industry clusters with international competitiveness.

For the latest on this year’s Two Sessions, stay tuned on People’s Daily Online.