China is turbocharging its innovation efforts in 2024, aiming to modernize its industrial system and cultivate new quality productive forces faster than ever before. 🌟
During the government work report delivered by Premier Li Qiang at the opening meeting of the second session of the 14th National People's Congress, several key tasks were outlined to achieve this ambitious goal.
Driving Growth with Technology and Science 🧬
The concept of new quality productive forces highlights the pivotal role of science and technology in driving economic growth and nurturing strategic emerging industries. This year, China plans to:
Upgrade existing industries and supply chains
Foster future-oriented sectors like hydrogen power, new materials, bio-manufacturing, commercial spaceflight, and quantum technology
Promote the digital economy and launch the AI Plus initiative to integrate artificial intelligence across various sectors
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According to Wang Dan, chief economist at Hang Seng Bank China, China’s growth will shift from relying solely on labor and capital to being driven primarily by technology and data. “Technological sovereignty” is becoming a cornerstone in an increasingly competitive global landscape.
Milestones in Innovation 🏆
Minister of Science and Technology Yin Hejun spotlighted China's significant achievements in original innovation, including advancements in quantum technology, integrated circuits, and artificial intelligence. Notably, China successfully launched the world’s first fourth-generation nuclear power plant and the C919 large aircraft, demonstrating its growing technological prowess.
Economic Impact 📈
Recent data from the National Bureau of Statistics shows a steady increase in the GDP share of strategic emerging industries, rising from 7.6% in 2014 to over 13% in 2022, with projections to exceed 17% by 2025. This growth underscores the effectiveness of China’s innovation-driven strategy.
As China continues to embrace scientific and technological advancements, it not only enhances the competitiveness of traditional industries but also lays a robust foundation for the development of new quality productive forces. The future looks tech-driven and promising! 🚀✨
