China’s development of new quality productive forces injects new impetus to global growth: FM

A visitor looks at a robot arm displayed at the first China International Supply Chain Expo (CISCE), which kicked off in Beijing on November 28, 2023. Among the exhibitors, 26 percent are international companies, with 36 percent of that group coming from Europe and the US. Global companies from more than 50 countries and regions are participating in the event. Photo: VCG

A visitor looks at a robot arm displayed at the first China International Supply Chain Expo (CISCE), which kicked off in Beijing on November 28, 2023. Among the exhibitors, 26 percent are international companies, with 36 percent of that group coming from Europe and the US. Global companies from more than 50 countries and regions are participating in the event. Photo: VCG

China’s development of new quality productive forces is creating new products, new technology and new business models, which will broaden the room for global economic sharing and mutual development, injecting impetus into the world’s development, Chinese Foreign Ministry spokesperson Lin Jian said on Wednesday.

High-quality development is the first and foremost task of transforming China into a modern socialist country in all respects, while developing new quality productive forces is an intrinsic requirement for promoting high-quality growth in China, Lin said.

The key for developing new quality productive forces is enhancing the country’s self-innovation capability. Driven by the strategy of innovation-driven development, China has consolidated a series of achievements in areas including aviation, quantum computing and nuclear power. Notable progress has been made in developing China into an innovation country. All of these will not only better meet China’s domestic needs but also bring benefits to other countries and peoples, Lin said.

The spokesperson gave the example of clean energy technology. China is firmly committed to promoting energy reform, with the development of clean energy listed as a priority. 

In 2023, a total of 510 gigawatts of renewable energy capacity was newly installed around the world in 2023, with China contributing over 50 percent. Meanwhile, China has produced and sold more than 60 percent of the world’s new energy vehicles, official data showed.

Chinese clean energy enterprises are actively investing in Southeast Asia, with Vietnam already been a major export destination for China’s wind power technology and Thailand an important photovoltaic product manufacturing base. China is also supporting Middle Eastern and African countries’ energy transition, Lin added.

In addition, China’s development of new quality productive forces in digital economy and artificial intelligence has played an important role in driving global growth and boosting technological reform in many countries, Lin said.

In 2023, China successfully achieved major social and economic development goals, and its contribution to global GDP growth reached over 30 percent, Lin said, noting that China will continue to promote high-level opening up in 2024 to create favorable conditions for developing new quality productive forces.

Global Times