Pakistan's Premier Multilingual News Agency

Top economist foresees ‘window of opportunity’ for social production force to leap forward

China News Service (CNS) co-hosted a high-level seminar from June 17-27 in
Beijing to explains top Chinese buzzword New Quality Productive Forces.

Wang Yun, deputy director of the Research Center of Xi Jinping’s Economic Thought
addressed the seminar that global technological innovation is experiencing
unprecedented intensity, with multiple technology breakthroughs in new-generation
information, advanced manufacturing, new energy, new materials and so on.

“Key technologies, collective advancements, and the emergence of disruptive
technologies have provided necessary conditions for the cultivation and development
of new quality productive forces”, Wang said.

“New quality productive forces”is a major concept put forward by Chinese President
Xi Jinping. Marked by innovation, new quality productive forces are advanced
productivity in essence, with high quality as the key and substantial increase in total
factor productivity as its core hallmark.

Wang pointed out that technological innovation profoundly reshapes the basic
elements of productivity, such as labor, means of labor, and objects of labor, driving
an upgrade towards intellectual laborers, higher-tech means of labor, and a broader
range of objects of labor, achieving optimal combinations, and giving rise to new
industries, new models, and new drivers of growth.

“For example, the widespread application of new-generation information technology
has led to the new form of digital economy, ushering us into the digital age,” Wang
According to the Global Innovation Index released by the World Intellectual Property
Organization, China ranked 12th globally in 2023, up 22 places from 2012, with the
number of top 100 global technological innovation clusters ranking first in the world
for the first time. In 2023, China expenditure exceeded 3.3 trillion yuan (about
$477.1 billion), with intensity of 2.64 percent, surpassing the average level
of EU countries.