China is accelerating its journey towards high-quality development by harnessing the power of \"new quality productive forces.\" This initiative focuses on transforming and upgrading the world's second-largest economy through advanced, high-tech, and efficient productivity.
Introduced in 2023, the concept of new quality productive forces emphasizes a shift away from traditional economic growth models. Instead, it prioritizes high-tech innovations, efficiency, and quality, aligning with China's new development philosophy.
The National Bureau of Statistics (NBS) reported a steady improvement in China's strength in science and technology innovation. In 2023, the country's research and development (R&D) expenditure surpassed 3.3 trillion yuan (approximately $463.5 billion), marking an 8.1 percent increase from the previous year.
China's commitment to innovation and technology is evident in the performance of its high-tech manufacturing sector. Data from the NBS reveals that in the first three quarters of 2024, the value added by high-tech manufacturing exceeded that of larger industrial enterprises. Additionally, in October, the Index of Services Production (ISP) for information transmission, software, and IT services rose by 10.2 percent year-on-year, outpacing the overall ISP by 3.9 percentage points.
The digital economy in China is also experiencing rapid expansion, highlighting significant growth potential and contributing to the nation's high-quality development. From January to October, total retail sales reached 39,896 billion yuan, reflecting a 3.5 percent year-on-year increase. Online retail sales alone amounted to 12,363 billion yuan, up by 8.8 percent.
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Graphics: China unleashes vitality on new quality productive forces
cgtn.com
