China is set to accelerate its innovation push in 2024, aiming to modernize its industrial system and cultivate new quality productive forces at an unprecedented pace.
In the government work report delivered by Chinese Premier Li Qiang at the opening meeting of the second session of the 14th National People's Congress, key tasks were outlined to achieve these ambitious goals. The focus is on upgrading existing industries and supply chains while fostering new and future-oriented sectors such as hydrogen power, new materials, bio-manufacturing, commercial spaceflight, and quantum technology.
A pivotal component of this strategy is the promotion of the digital economy, highlighted by the launch of the AI Plus initiative. This initiative seeks to integrate artificial intelligence technology across various sectors, driving efficiency and innovation.
Wang Dan, chief economist at Hang Seng Bank China, emphasized that China's future growth will transition from reliance on traditional factors like labor and capital to technology and data as primary drivers. \"Technological sovereignty\" is a key objective, reflecting the nation's ambition to achieve control and autonomy over its technological advancements in a competitive global landscape.
Minister of Science and Technology Yin Hejun highlighted significant strides in original innovation, citing advancements in quantum technology, integrated circuits, and artificial intelligence. He pointed to the successful launch of the world's first fourth-generation nuclear power plant and the C919 large aircraft as testament to China's growing technological prowess.
Yin emphasized that scientific and technological innovation not only enhances the competitiveness of traditional industries but also lays the foundation for the development of new quality productive forces. Supporting this, data from the National Bureau of Statistics shows a steady increase in the GDP share of strategic emerging industries in China, growing from 7.6 percent in 2014 to over 13 percent in 2022, with projections to exceed 17 percent by 2025.
Reference(s):
cgtn.com
