Science and technology are set to continue their pivotal role in China’s economic landscape in 2025, as outlined at the country’s annual Central Economic Work Conference in Beijing.
During the two-day conference, nine key tasks were identified to steer the economy in the upcoming year, with sci-tech innovation taking the lead. This initiative aims to foster the development of \"new quality productive forces,\" a strategy launched in 2023 focusing on high-tech, efficiency, and quality growth.
While sci-tech innovation remained at the top of the priorities list in 2024, the 2025 agenda places a stronger emphasis on boosting consumption. Notably, two new concepts were introduced: the “AI+” initiative and measures to tackle the “rat race,” a term referring to excessive competition and overworking.
Unleashing the Power of AI
Artificial intelligence (AI) stands out as the sole specific industry highlighted in the sci-tech task, streamlined from over six industries mentioned previously. China has swiftly positioned itself as a global AI leader, boasting a comprehensive industrial ecosystem that spans chip design to AI applications. This prowess is set to revolutionize the manufacturing sector, which contributes 30.3% to global manufacturing.
\"China's manufacturing sector accounts for 30.3 percent of global manufacturing. Our goal is to transform manufacturing into a high-tech industry,\" explained Zhu Min of the China Center for International Economic Exchanges. \"After two decades of making manufacturing both cost-effective and high-quality, the next phase integrates innovation to elevate it further.\"
The generative AI market in China is burgeoning, with the user base for generative AI products reaching 230 million by June 2024 and the sector valued at nearly 600 billion yuan ($82.84 billion). Chinese leaders continue to emphasize AI's importance, designating it as a key development driver at the 20th National Congress of the Communist Party of China and reiterating its advancement and regulation needs at the third plenary session of the 20th CPC Central Committee in July 2024.
Addressing the Rat Race
The conference also spotlighted the issue of \"rat race\" competition, or \"neijuan,\" which signifies excessive competition and overwork leading to diminishing returns. Dong Yu from Tsinghua University remarked, \"Decision makers have recognized this problem and explicitly stated their intention to address it. This move is expected to improve the industrial ecosystem by fostering fairer profit distribution and creating more growth opportunities for SMEs.\"
Li Wei from the Chinese Academy of Social Sciences added, \"To escape the rat race, we must develop productivity in a targeted manner. Different regions and industries should adopt tailored development paths based on their unique characteristics and advantages, avoiding the rush and formation of bubbles.\"
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Sci-tech to maintain its key role in China's economic work in 2025
cgtn.com
