China's new high-quality productivity drives innovation and economic growth

China has captured the world's attention as it embarks on a significant journey with new quality capabilities, including emerging industries such as new materials, green technologies and advanced equipment, as well as future sectors such as virtual reality and robotics.

These forces, with their focus on innovation, represent a shift from the traditional economic model to efficient, high-quality high-tech applications. China is moving from a labor-intensive economy to an innovation-driven economy, with both traditional and high-tech industries developing. Efforts are underway to promote industrial innovation through technological upgrading and to foster new sectors.

China will spend 3.3 trillion yuan ($454.8 billion) on research and development in 2023, up 8.1 percent and accounting for 2.64 percent of GDP. China has placed emphasis on strengthening funding for basic research as it places a premium on homegrown innovation to achieve breakthroughs in core technologies.

China is recognized as a global leader in innovation, ranking 12th in the World Innovation Index for 2023. By the end of 2023, 24 of the world's top 100 science and technology clusters will be in China, taking the top spot for the first time.

China's recent policies aim to attract foreign investment and promote high-quality development driven by new production capabilities. This change aims to move China from “Made in China” to “Created by China.”

China's dynamic market is at the forefront of innovation and rapid progress, attracting investors seeking new opportunities. As China continues to open up its manufacturing sector, trade and investment avenues become even wider and businesses adopt new technologies to stay competitive.

Nurturing new, high-quality production capacity will not only accelerate China's high-quality development, but also contribute to the recovery of the global economy, generate greater demand for new technologies, products and services, and bring greater business potential to investors from around the world.

China's cooperation with the world is crucial. Foreign companies can play a vital role in supporting China's efforts in decarbonization, automation and digitalization, and in diversifying the global economy and supply chains.

Sources 1/ https://Google.com/ 2/ https://themachinemaker.com/news/chinas-new-quality-productive-forces-set-to-drive-innovation-and-economic-growth The mention sources can contact us to remove/changing this article

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