New quality productive forces energize emerging sectors

With the world experiencing a new technological revolution and undergoing an industrial transformation, China's industries face new challenges. The policy adjustments in developed countries and shifting of industries to and improvement of the development environment in some emerging economies pose serious challenges to China's industrial development. To make matters worse, the traditional development space is narrowing, and old development models are becoming unsustainable.

Therefore, it is imperative that China cultivate and develop new quality productive forces to seize the development opportunities and overcome the constraints in order to boost economic recovery and promote high-quality industrial development.

To foster new quality productive forces, China must leverage its industrial and market advantages to develop frontier and original technologies, and make revolutionary breakthroughs in the field of science and technology. Already a major global player in technology R&D, China was ranked 12th in the World Intellectual Property Organization's Global Innovation Index 2023 and has the largest number of top 100 science and technology clusters in the world.