Since its introduction in September 2023, the term "new quality productivity" has emerged as a buzzword in China's economic landscapeDuring the National People's Congress (NPC) meetings in 2024, it became even more prominent when it was officially included in the government work report, with accelerating the development of new quality productivity ranked as the top task for the year.

New quality productivity can be described as a form of advanced productivity characterized by high technology, efficiency, and quality, driven primarily by innovationThis concept represents a significant departure from traditional modes of economic growth and pathways of productivity development, aligning closely with the new development philosophy.

A historical examination of humanity's development reveals that each technological revolution has propelled a qualitative leap in societal and economic advancements

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Scientific and technological innovations are the bedrock for creating new industries, models, and momentum, making them integral to achieving new quality productivity.

At the recent NPC sessions, the delegates engaged in extensive discussions focused on technological innovation, offering insights and recommendations based on their respective fields on how to foster technological advancements and propel new quality productivity forward.

China's advancements in technology are exemplified by recent achievements in space explorationOn February 23, 2023, the Long March 5 Yao 7 rocket, developed by the China Academy of Launch Vehicle Technology, successfully lifted off from Wenchang and placed the communication technology experimental satellite No11 into its designated orbit, achieving this remarkable feat just 70 days after a previous launch.

One of the key figures in this endeavor, the chief designer of the new type of launch vehicle, expressed optimism about the progress made

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He reported that in 2023, the Long March series rockets have completed 175 successful launches, surpassing 500 total launchesHe stated, “In the design of new rockets, our team will continue to innovate technology in real-world applications, enhancing success rates and ensuring astronaut safety.” Moreover, the structure of the first stage of the new rockets is set to be redesigned for reusability, optimizing operational costs for the Chinese space station's operational phase.

The ambition doesn't stop at reaching outer space; it extends into the deep waters of the ocean, showcasing the breadth of China’s technological reachOn March 4, during the first press conference of the NPC’s second session, researcher Ye Cong shared insights about the “Fendouzhe” (Striver) manned submersible, which is currently operating in the Java Trench as part of Sino-Indonesian collaboration

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Over four years, the submersible has completed 230 dives, achieving depths beyond 10,000 meters 25 times and allowing 32 individuals to perform deep-sea operations, consistently breaking records for deep-sea exploration.

Such accomplishments illustrate not just technological prowess but also a focus on nurturing original research and development outcomes capable of disruptive innovationThe government’s work report for 2024 further emphasizes that the establishment of a national laboratory system accelerated efforts in key technological innovations, with significant progress observed in high-end equipment development, such as aircraft engines and next-generation nuclear power unitsFurthermore, the report noted a 28.6% increase in technology contract transaction amounts, reflecting a sustained enhancement in innovation-driven development capabilities.

The 2024 government work report stresses the importance of optimizing and upgrading industrial chains and supply chains, aiming to actively cultivate emerging industries and future-facing sectors, while deeply advancing digital economic innovation

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Several representative members voiced a consensus that emerging and future industries represent the most promising components of a modern industrial system, emphasizing the need to actively foster these sectors as new engines for growth.

The progress in China's industrial backbone signifies a concerted effort towards modernizationWith R&D investments in the manufacturing sector nearly tripling since 2012 and patent applications for manufacturing technologies growing from 176,000 in 2012 to 555,000 by 2022, the momentum is palpableThis unparalleled rise in innovation emphasizes China's commitment to leveraging its vast market size as a resource allocation mechanism for technological advancement.

In light of these developments, there is a call for companies to actively seize opportunitiesState-owned enterprises are leading the charge, with investments in strategic emerging industries soaring by 32.1% year-on-year in 2023. The aim is for these enterprises to derive 35% of their revenue from these sectors by 2025, positioning themselves at the forefront of technologies such as artificial intelligence and quantum information.

Private enterprises, too, play an indispensable role

According to the Vice Chairman of the All-China Federation of Industry and Commerce, private businesses are pivotal for applying and promoting technology while driving industrial upgradesThe government’s recent support efforts for digitalization ensure that both private and public sectors are working in tandem towards innovating and modernizing.

As the data reflects, the number of domestic AI-related companies has surged to 3.444 million, with 982,000 new registrations in 2023 alone, marking a 24.1% increase from the previous yearThe landscape for artificial intelligence is rapidly evolving, with models capable of processing complex tasks and pushing both the technology sector and tangible industries forward.

To maintain their competitive edge, advocates for technological innovation highlight the necessity of cultivating homegrown talents adept in strategic fieldsThe growth of these skilled professionals will hinge on elevating educational standards and drawing from the global pool of expertise to foster an environment conducive to learning and development in cutting-edge technology.

Moreover, the demand for high-quality labor is paramount for new quality productivity