China will step up efforts to foster the development of new quality productive forces across various industries in 2025, further promoting the high-quality economic development of the country, said a senior official with China's top economic planner on Friday.
New quality productive forces, a concept Chinese President Xi Jinping introduced during an inspection tour in Heilongjiang Province in September 2023, refers to advanced productivity freed from traditional economic growth models and featuring high-tech, high efficiency and high quality.
Speaking at a press conference, Deputy Director of the National Development and Reform Commission Zhao Chenxin said the country has engaged in in-depth research and vibrant practice centered around the development of new quality productive forces in 2024.
Facts have proven that new productive forces are an inherent requirement and an important focal point for promoting high-quality development, he said.
"In the first 11 months of 2024, investment in technological upgrades in manufacturing increased by 8.5 percent, significantly outpacing overall investment growth. Emerging industries accelerated their development as we actively implement the national program to foster clusters of strategic emerging industries, along with the East-to-West Computing Capacity Diversion Project and industrial innovation projects. Statistics indicate that the added value of high-tech manufacturing industrial enterprises above the designated size grew by 9 percent year on year in the first 11 months of 2024, notably surpassing the growth rate of industrial enterprises above the designated size," Zhao noted.
"Enterprises above the designated size" is a statistic term used in China to refer to industrial enterprises each with an annual main business revenue of 20 million yuan (about 2.74 million U.S. dollars) or more.
"The future industries have made significant strides in their layout. We have been supporting the construction of new scenarios in fields such as AI, bio-manufacturing, future energy, and quantum technology. As of the end of November 2024, the national guidance fund for emerging industries has invested in 501 subsidiary funds, facilitating a total fund raising of 288.54 billion yuan (39.53 million U.S. dollars) and supporting 8,946 startup and early to mid-stage companies. All these are substantial progress and achievements made in fostering new quality productive forces," said the official.
In 2025, efforts will be made in coordinating the relationship between cultivating new momentum and upgrading old momentum while developing new quality productive forces in accordance with local conditions.
"First of all, we will focus on a more tailored approach to local conditions. Regions across China will be supported in leveraging their strategic positioning and inherent advantages to explore new paths that reflect local characteristics. Secondly, we will further promote integrated development. We encourage the deep integration of sci-tech innovation with industrial innovation, as well as the real economy with the digital economy, continuously fostering new industries, new models, and new momentum. Thirdly, we will further deepen reform. We aim to deepen reforms in the economic and sci-tech structures to establish production relations that are better aligned with the development of new quality productive forces," said Zhao.
More efforts to be made to foster new quality productive forces: official
More efforts to be made to foster new quality productive forces: official
