Technological innovation is the key to growth

Visitors view a vertical take-off and landing drone at the 26th China Beijing International Hi-Tech Expo on July 14, 2024. [Photo/VCG]

China's focus on deepening reform to cultivate new, high-quality productive forces will provide a strong impetus for the country's economic growth, promote industrial upgrading, and offer vast business opportunities for domestic and foreign investors, economists, experts and business executives said.

They stressed that scientific and technological innovation is a key factor in the development of new high-quality productive forces, and called for increasing investment in basic research and strategic forward-looking areas, making further efforts to achieve key technological breakthroughs, and strengthening financial support for innovation-oriented technology enterprises.

Their remarks came after the Third Plenary Session of the 20th Central Committee of the Communist Party of China placed great emphasis on improving systems and mechanisms to foster new, high-quality productive forces in line with local conditions.

The resolution adopted at the key high-level meeting called for efforts to improve the system to promote full integration of the real and digital economies.

Qu Yongyi, Party Secretary of the Institute of Industrial Economics of the Chinese Academy of Social Sciences, said that as the new technological revolution and industrial structural transformation are making great progress, strengthening the development of new, high-quality productive forces is of great significance to promoting high-quality economic growth, promoting new industrialization, and realizing China's modernization.

“For traditional industries, the injection of new production factors such as data and the innovative deployment of existing production factors can effectively promote deep industrial transformation and upgrading,” he said.

Qu added that the country's latest call to cultivate new, high-quality productive forces through a series of institutional reforms will help speed up the construction of a modern industrial system amid external uncertainties and enhance the country's core competitiveness in the world.

He said the cultivation of strategic emerging industries and future-oriented industries plays a vital role in promoting the development of new and high-quality productive forces. These industries mainly include new-generation information technology, artificial intelligence, new energy, new materials, high-end equipment, biomedicine and quantum technology.

He added that more efforts need to be made to increase inputs into core technologies in key areas and resolve bottleneck issues hindering development in areas such as raw materials, key components, core equipment and basic software, in order to make industrial and supply chains more resilient and gain competitive advantages in the face of intensifying international competition.

Huang Hanquan, president of the China Institute of Macroeconomics under the National Development and Reform Commission, stressed the need to speed up the formation of new, high-quality productive forces and more compatible production relations, focus on deepening reform in areas such as technology and education, create a favorable environment to encourage innovation and attract more talented people.

Emphasis on the role of companies

Huang said more efforts need to be made to give full play to the role of enterprises in strengthening scientific and technological innovation, expand international cooperation and exchanges in science and technology, and support foreign enterprises to cooperate with Chinese research institutes and enterprises in technological research and innovation practice.

Dennis DePoo, global managing director at market consultancy Roland Berger, said China's focus on developing new high-quality production capabilities is to transform its economy, while foreign companies can play a bigger role in supporting China's transformation in areas such as automation and digitalization of industrial and supply chains.

He added that the move would attract more investment from foreign companies to help transform Chinese enterprises and bring more new technologies to the world's second-largest economy.

In an exclusive interview with China Daily, Li Daoao, director of the Academic Center for Chinese Economic Practice and Thought at Tsinghua University, said new and high-quality productive forces refer to a new development model mainly driven by new technologies, which also brings about new production relations and new institutional arrangements.

Further steps are needed to innovate the financial system to encourage investment in high-tech companies, foster cooperation between high-tech companies and academia, and cultivate more talent with expertise in new, high-quality productive forces, Li said, calling for greater efforts to address issues impeding the development of new, high-quality productive forces.

Justin Yi-fu Lin, director of the Institute of New Structural Economics at Peking University, said China needs to further deepen reform of its financial system to better meet the financing needs of economic activity.

“To create new technologies and new products, you need to be committed to research and development, and that requires capital support,” he said, adding that venture capital will be crucial in this regard, given the high risk of innovation failure in emerging fields.

Encourage utilization of benefits

The economist also said that in developing new, high-quality productive capacity, each region in the country should focus on its own comparative advantages, rather than all rushing to develop new technologies in cutting-edge areas.

Wang Yiming, vice president of the China Center for International Economic Exchanges and former deputy director of the Development Research Center of the State Council, said more efforts are needed to create a fairer and more dynamic market environment, innovate ways to allocate production factors, and promote the efficient flow and optimal combination of production factors.

Improving basic market economy systems such as property rights protection, market access, fair competition and social credit is also important, Wang said at a recent forum hosted by Renmin University of China.

Zhou Hongyi, founder and chairman of Chinese internet company 360 Security Group, said cultivating new high-quality productive forces means significantly improving productivity through technological innovation, realizing the transformation of old growth drivers into new ones through digital technology, and promoting the upgrading of traditional industries.

As the key meeting sent a clear message to further deepen reform across the board, Zhou said the company will focus on digital security and AI to strive to achieve innovative technological breakthroughs.

Cui Jingyi, vice president and general manager of industrial software developer Aveva China, said new high-quality production capacity is essentially about promoting high-quality development through scientific and technological innovation and industrial upgrading. The company remains committed to contributing to China's digital transformation path and partnering with local enterprises to drive sustainable and inclusive growth, Cui added.

Going forward, China needs to step up efforts to promote high-quality growth characterized by digital, smart and green development, and more measures are needed to support the innovative development of small and medium-sized enterprises, said Zhang Jing'an, former secretary-general of the Ministry of Science and Technology.

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