By Yasir Habib Khan

 

Two sessions 2024 have made global waves by unleashing China’s new economic shift from traditional development models to new quality productive forces to shape up future industrial and manufactural systems that will help realize the dream of all-inclusive modern China on the face of earth.   

 

In the backdrop of fast-evolving triers of developments when global powers have been grappling to set the direction to align with artificial intelligence technologies, cutting-edge big data, high-tech green growth and quantum science, China has come forward with conspicuous plan to unlock next stage economic transition. Indeed, credit goes to NPC lawmakers and CPPCC advisors for outlining “out of box game-changing strategy having gathered at globally-important two sessions held in Beijing.   

 

As per the breadth and depth of innovative economic paradigm, new quality productive forces suggest advanced productivity that is free from traditional economic growth models and productivity development stages. It constitutes high technology, high efficiency and high quality, and recalibrate with the new development philosophy.

 

Unorthodox technological breakthroughs, astute allocation of production factors, deep industrial transformation and upgrading are the driving forces. It demands the improvement of workers, means of labor, subjects of labor and their optimal combinations.

 

Bolstering high-quality development is the order of day that reigns supreme in the new era. In spite of future growth doctrine in all sectors, there are a slew of stumbling blocks that impede high-quality development, which must be navigated by a new productivity theory.

 

In order to unleash and prop up new quality productive forces, government work report 2024 delivered by Premier Li Qiang on behalf of the State Council has charted the course. It suggests that sci-tech innovation can give birth new industries, new models and new growth drivers, which anchor development of new quality productive forces. It demands implementation of sci-tech innovations in specific industries and industrial chains in a timely manner.

 

It asks for intensification of green transformation of growth models to achieve carbon neutrality. It is writ large that initiative of deepening reform formulates a new kind of relations of production appropriate to the development of new quality productive forces. Reason is that Deeper reforms of the economic system and the science and technology management system help to remove bottlenecks that hinder the development of new quality productive forces.

 

To my understanding, if requirement of developing new quality productive forces is applied in befitting manner it will help smooth the virtuous cycle of education, science and technology as well as talent, and improve the procedure of talent training, introduction, use and flow.

 

Success of new quality productive forces lies in interplay of industry and supply chain improvement, up-gradation, cultivation of emerging sectors, future-oriented industries such as hydrogen power, new materials, biomanufacturing, commercial spaceflight, quantum technology and life sciences. Meanwhile, new economic development shift will pave way for promotion of innovative development of the digital economy and launch of an Artificial Intelligence Plus initiative. It will consolidate and enhance China’s leading position in industries such as intelligent connected new-energy vehicles.

 

China also plans to expedite efforts to build a contingent of personnel with expertise of strategic importance and groom first-class scientists and innovation teams. The country will develop platforms for identifying basic research talent, train high-performing engineers and highly-skilled workers, and enhance support for young scientists and engineers.

 

New quality productive forces along with Sci-tech innovation will continue to improve the competitiveness of China's industry and supply chains, particularly in high-end and booming industries such as new energy and the digital sector, while breaking new grounds in manufacturing of advanced chips against all odds amid the technology crackdown by the West and US.

 

In recent years, China has made significant investments in technology, which is reflected by the rising numbers of high-tech talent, contracts and patents in the field. In 2023, there were 950,000 technology contracts signed, with a transaction volume reaching 6.15 trillion yuan, marking a 28.6 percent increase year-on-year. Moreover, the number of authorized invention patents reached 921,000, a rise of 15.3 percent year-on-year. In 2023, China made plenty of breakthrough in innovation-driven development, science and technology and 20024 will raise the bar for others. 

 

This article originally appeared on Gwadar Pro.