Beijing (FN), Apr. 25 – New quality productive forces, which were mentioned during the Central Economic Work Conference held in December last year, have recently become a buzzword, capturing the attention of various industries and sparking widespread discussions.

What does it mean?

With innovation playing the leading role, new quality productive forces mean advanced productivity that is freed from traditional economic growth models and productivity development paths. It features high technology, high efficiency and high quality, and comes in line with the new development philosophy.

What are the drivers, basic connotation and core hallmark?

Drivers: revolutionary technological break- throughs, innovative allocation of production factors, and deep industrial transformation and upgrading

Basic connotation: the improvement of workers, means of labor, subjects of labor and their optimal combinations

Core hallmark: a substantial increase in total factor productivity

Marked by innovation, and with high quality as the key, new quality productive forces are advanced productivity in essence.

Why it matters?

Promoting high-quality development has become the consensus and conscious action of the whole Party and society in the new era. There are still many factors restricting high- quality development, which must be guided by a new productivity theory.

How to accelerate the development of new quality productive forces?

1. To continue to well leverage innovation to speed up the development of new quality productive forces

-Sci-tech innovation can generate new industries, new models and new growth drivers, which are the core elements of the development of new quality productive forces

-Strengthen sci-tech innovation, especially original and disruptive innovation

-Sci-tech innovations should be applied to specific industries and industrial chains in a timely manner

-Expedite the green transformation of growth models and contribute to carbon peaking and carbon neutrality

2. To further deepen reform in an all-round way and form a new type of relations of production appropriate to the development of new quality productive forces

-Deepen reforms of the economic system and the science and technology management system, work hard to remove bottlenecks that hinder the development of new quality productive forces

-Further deepen reform in an all-round way and form a new type of relations of production appropriate to the development of new quality productive forces

3. To smooth the virtuous cycle of education, science and technology as well as talent in accordance with the requirement of developing new quality productive forces, and improve the mecha- nism of talent training, introduction, use and flow.

This article was originally published on China Insight.
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