New quality productive forces provide renewed impetus for China

Editor's note: Mark Greeven is a professor of innovation and strategy at the International Institute for Management Development. The article reflects the author's opinions and not necessarily the views of CGTN.

In the era of globalization and innovation, the wave of new quality productive forces is emerging as the primary driver of China's economic transformation and societal advancement. 

China has achieved significant transformation in many emerging industrial sectors. 

According to data from the Ministry of Industry and Information Technology, the added value of China's strategic emerging industries was more than 13 percent of GDP in 2022, with its contribution to GDP steadily increasing.

Consider the rapid ascent of the new energy vehicle (NEV) sector. This industry has experienced remarkable growth within China. Our research indicates that China's annual production of NEVs was nearly nine million units in 2023, accounting for approximately two out of every three NEVs produced worldwide. 

Meanwhile, independent domestic brands have gained a significant market share, demonstrating robust competitiveness. 

Behind this swift growth lies the Chinese government's emphasis on cultivating new quality productive forces, deploying strategic emerging industries and future industries.

Looking ahead, China is planning to actively engage in the development of emerging industries. 

The country seeks breakthroughs in key technologies in future manufacturing fields such as intelligent manufacturing and biotech, while expediting industrial upgrades in the research and application of cutting-edge technologies like new materials and renewable energy. 

At the same time, China is delving deeply into innovative product domains, including humanoid robots and 6G network equipment. 

New quality productive forces provide a renewed impetus for China's domestic economic transformation and upgrading.