The focus of China’s sharpening on fostering new quality productive forces and strengthening technological innovation will encourage industry improvement and inject strong push into the country’s economic growth, while offering enormous business opportunities for investors both domestically and abroad, experts and executives of the company.
Because this country doubles the development strategy driven by innovation, they note that the industry and industry that emerged in the future are expected to deliver broader space for development, while calling for efforts to increase innovations in the latest technology and disturbing disturbances, to encourage driving new growth and get competitive advantages in increasingly fierce international arena.
The country will establish national venture capital guidance funds in the near future, with the aim of increasing, strengthening and expanding innovative companies, said the National Development and Reform Commission for two sessions that have just been concluded.
This initiative came because this year’s government work report states that China will try to develop new quality productive forces given the local conditions and accelerate the development of the modern industrial system.
“New quality productive power functions as a new machine to promote high quality development and advance Chinese modernization, as well as new driving force that supports world economic growth,” said Huang Hanquan, Head of the Macro Economic Research Academy.
This country must strongly take significant opportunities that arise from the new round of the Technology Revolution and Industrial Transformation, especially new technology iterations such as artificial intelligence, and apply the achievement of technological innovations in the industrial chain in a timely manner, said Huang.
He stressed the need to change and improve traditional industry, while maintaining patient capital and pouring more resources for industries that emerged and future -oriented industries, to build momentum driving new growth.
“It is very important to develop new quality productive forces based on local conditions, avoid blind investment in certain fields and fully utilize the latest digital technology, such as 5G, AI and Internet of Things to improve industry improvement,” said PAN Helin, a member of the Ministry of Industry and Information Technology Expert Committee for information and economic communication.
PAN calls for accelerated efforts to increase research and development investment in core technology in major fields such as basic materials and software, precision components, integrated circuits and upper class equipment, as well as strengthen the dominant position of the company in increasing technological innovation.
Data from the National Statistics Bureau shows that China’s R&D expenditure exceeded 3.6 trillion Yuan ($ 497.2 billion) in 2024, up 8.3 percent year-to-year, second place in the world.
Li Dongsheng, founder and chairman of the TCL Technology Group consumer electronics company, said: “Chinese companies must play a greater role in increasing technological innovation.”
Li underlined the importance of optimizing the financing environment for the Chinese high -tech manufacturing sector and increasing support for leading high -tech manufacturing companies.
Denis Depoux, Global Implementing Director of the Roland Berger Market Consultation, said that China is not only a manufacturing power plant, but also the trend of driving global innovation machines in digitalization, sustainability, and high -tech industries.
“In the last decade, we have seen a global leap of China in many industries.
Cui Jingyi, Vice President and General Manager of the Aveva China Industry Software Developer, said, “New quality productive power is the key to promoting the improvement of the Chinese industry and high quality development,” while highlighting that China is the market with the most extensive application of Global AI technology, bringing new opportunities for many companies including Aveva.
CUI said the company will continue to increase investment in China, which aims to continue to introduce global innovations to strengthen cooperation with local companies, optimize local business development models and jointly develop products and services that meet market needs.
Source: China Daily
