The government work report announced by Chinese premier Li Qiang at the great hall of the People with new economic commitments leading towards the prosperity of Chinese nation has gained the global attention with the sounds of economic transformation and opening up as a top agenda of central government.
The annual major political event of China’s calendar known as Two Sessions or “Lianghui” offer a very transparent window of opportunity for the international community to get a deep insight of Chinese system in a very simplistic and comprehensive way.
The work report presented by Chinese premier during a year when China is celebrating its 75th anniversary and is in the process for the implementation of 14th five year (2021- 2025) has laid a solid foundation of country’s economic agenda for the year 2024 and beyond.
Being an observer, after listening the report, it can be mentioned with quite optimism that the economic target settled by Chinese government about 5 % is achievable and feasible following the current domestic and global economic conditions based on financial and monetary pathway.
For achieving this economic target, the current year’s government work report has proposed the modernization of industrial system and the acceleration for the development of new quality productive forces that has also emerged as a buzzword among the national political advisors, legislators and for the global economic system.
It can be predicted that the stress on new quality productive forces has become a top priority for modernization of Chinese innovation and scientific technological integration in economic system. This collective decision adopted by Chinese government is being taken as a key element to foster new growth drivers and to promote high-quality development.
Now innovation at the core of China’s development strategy with the leading role, new quality productive forces mean advanced productivity that is freed from traditional economic growth models and features high technology, high efficiency and high quality, and comes in line with the new development philosophy.
Following the needs for the quality growth of Chinese economy in coming years, the concept of new quality productive forces seems timely aligned with the upgraded technological and scientific developments that includes cutting edge technologies, big data, cloud computing, Internet of Things, artificial intelligence that will be increasing productivity with long term sustainability.
The significant stress of work report on new quality productive forces by the 2nd largest economy of the world rightly comes at a time when international economic system is also looking for great financial support from Chinese economic performance.
International financial institutions have also projected that the contributions of Chinese economic system to global economic growth will remain up t0 30 % in the coming years that shows the big responsibility lies on the shoulders of China to contribute more and more.
In this scenario, China is highly expected to transform traditional industries to more advanced forms by making them environment friendly, intelligent and efficient by improving the outcome and global competitiveness.
Keeping in mind the future prospects, these new quality productive forces are expected to inject a new momentum in emerging sectors. The integration of technologies and blockchain demonstrates that the government is willing to bolster the development in future industries such as life sciences and quantum technology.
Facing the impact of the countertide of economic globalization, as pursuing a mutually beneficial opening-up strategy, China needs to accelerate the structural reforms aimed at economic transformation, constantly enhance the internal and external linkage of development, release the huge growth of potential of economic transformation, stimulate the market vitality and stabilize the growth expectation.
The economic layout unveiled in the work report has also demonstrated that new quality productive forces will be driving the Chinese campaign of modernization and opening up for achieving the economic growth prospects in the next 5 to 10 years that is inseparable from the objective judgement from the trend and characteristics of economic transformation.
Promoting the new growth drivers in Chinese economy with the reforms and opening up transformation not only determines the future of China’s economic transformation and development but also has a significant impact on global economic growth and trade pattern of economic governance.
The economic resolve by Chinese government unveiled in the work report strengthens the determination of Chinese nation towards deepening reform and further opening-up with the achievement of country’s self-reliance in the realization of science and technology for the development of socialist modern society in 2035 with the help of new quality productive forces.
All of this technological innovation and development will be helping Chinese industrial system and supply chains to become a more competitive global player in high-end booming industries globally such as digital sector and new energy with the key breakthroughs in technological manufacturing.
The vision of new quality productive forces will be proving the vigorous element for the advancement of overall Chinese economic performance and the coordination of domestic innovation chains with the global innovation values for achieving the long term and sustainable economic potential growth.
