New quality productive forces to bolster Chinese economy

Muhammad Zamir Assadi

The much-awaited work report delivered by Chinese premier Li Qiang at the Two Sessions have laid the solid foundation of the country’s policy agenda and priorities in multiple sectors ranging from economy, military, education, society, to diplomacy and others.

The very considered economic growth target of around 5% for the year 2024 seems to be achievable considering China’s performance of the last year and the various domestic and global factors. The economic expectations are based on the Chinese economic conditions and growth potential.

As an observer, I always believed that the Two Sessions offer a deep insight for the international community to get a comprehensive overview of China’s system covering modernization, politics, governance and others affairs of national and global influence.

After listening to the government work report, it can easily be mentioned that China with its achievements and contributions in addressing global challenges will be providing stability and strength to the global development system.

2024 is considered as a very important year for the Chinese nation to implement its 14th Five-Year Plan (2021-25), which is now accelerated by a modernized “new quality productive force” and has become a significant priority for the central government.

The stress on “new quality productive forces” means that China will put all its efforts to pace up the building of a modernized industrial system at a rapid pace for injecting a new economic momentum to the domestic and the global economy as well.

The transition of focus from traditional tools towards “new quality productive forces” is a collective decision taken to address the difficulties of an aging population, shrinking property market, etc.

With the emphasis on new quality productive forces, the development of future-oriented industries and key technologies will be accelerated and thereby will be promoting modern industrial development and helping advance the world’s second-largest economy on the global value chain.

It is highly expected that this year will witness new technological innovations driven by new quality productive forces. “Big, intelligent, cloud and mobile tools will profoundly change the traditional economic form and bring profound influence on China’s economic transformation, which is a big help for global economic system as well.

China’s economic transformation is intertwined with a new round of scientific and technological revolution.  

During the period of 14^th five-year plan, China’s economic transformation and growth is an important historical juncture. The commitments by Chinese government show that next few years will have a decisive influence on both boosting domestic economic growth and participating in international competition.

China’s economic transformation has an increasing impact on world economic growth and economic pattern. The government work report shows that the contribution of China’s economic growth to the world will also remain around 30%, which will be injecting the much-needed momentum to the global economy as always.

Following the economic policy announced at Two Sessions, from the global perspective, the core is to make market more accessible under the large pattern of global allocation of resources.

From the Chinese perspective, opening-up will be a key for the central government to bolster the foreign investment that liberalize the market trends and values.

The resolve and willingness of Chinese government to attract foreign investment and further reforms and opening-up have shown the vision that the leadership that is committed to strengthen science and technology innovation by achieving self-reliance, which has emerged as an instrumental element for the nation in the development process of new quality productive forces.

(The author is a media fellow with China International Press Communication Centre)