Innovation Drives the Development of New Quality Productive Forces

Innovation is the primary driver of development. The generation of new quality productive forces entails a progres­sion from new scientific discoveries and technological inventions to new industries, models, and growth drivers.

Fostering new industries

At present, we are experiencing rapid innovations in technologies such as the Internet, big data, cloud computing, artificial intelligence (AI), and blockchain. Strategic emerg­ing industries, including a new generation of information technology, biotechnol­ogy, new energy, new materials, high-end equipment, alternative energy vehicles, eco-friendly industries, and aerospace and marine equipment are expanding rapidly. Simultaneously, future industries like brain-inspired AI, quantum information, gene technology, future networks, deep-sea and deep-space development, and hydro­gen energy and storage are also beginning to emerge and grow. Having ascended to the ranks of the world’s innovators, China has either gained parity or surpassed other countries in some frontier fields. In terms of scien­tific and technological capability, it is transitioning from quantitative accumula­tion to qualitative leaps, and from secur­ing breakthroughs in specific areas to enhancing its capabilities in a system­atic way. China is thus fully equipped to seize the historic opportunities presented by the emergence of new industries.

Spurring the development of new models

At present, the digital economy, which is defined by a high level of innovation, strong penetration, and broad coverage, is driving rapid integration between the online and offline realms, as well as in-depth integration between services and manufactur­ing. As a result, a variety of new forms and models of business are burgeoning. These range from online shopping, mobile payments, cashierless retail, contact­less delivery, live commerce, online healthcare, remote work, and cross-border e-commerce, to personal­ized customization, shared manufacturing, and life-cycle management. They also include general integration and contracting services.

These new models will allow for more convenient, economical, and personalized products and services and facilitate the iterative and innovative development of new technologies, the matching of supply and demand, intensive use of energy resources, and increased total factor productivity. They will drive the transformation of corporate production methods and operating models and provide individuals with diversified channels and opportunities for employment and entrepreneurship.

Creating new growth drivers

Innovation across domains like science and technology, industry, business, markets, products, models, and manage­ment, coupled with the broad diffusion and application of these advances, jointly constitute the new drivers underpinning high-quality development. They serve as the collective embodiment of new quality productive forces.In short, China’s new growth drivers are expanding at a sustained pace and becoming an important source of momentum for high-quality development.

Editor: Jiang Wenyan