Science and Technology

China's Commitment to Innovation Yields Significant Growth in Tech Transactions

BEIJING, March 5, 2024 – In a year marked by global uncertainty and challenges, China has demonstrated a commitment to innovation that resulted in a significant 28.6 percent growth in contracted technology transactions throughout 2023. This remarkable increase underscores China’s burgeoning capability in fostering innovation-driven development. Against this backdrop, in a government work report delivered to the national legislature for consideration, a blueprint to further accelerate such innovation was outlined.

Harnessing Innovation for Industrial Advancement

In the heart of Beijing, within the majestic Great Hall of the People, Chinese Premier Li Qiang set forth the government's development plans at the second session of the 14th National People's Congress. The agenda proposed lays out China’s goal to utilize innovation as a primary driver in reshaping and propelling industrial innovation through science and technology advancements, with an emphasis on advancing the process of industrialization.

The ambition is to expedite the maturation of the industrial system and bolster fresh and high-quality productive forces at an unprecedented pace.

Elevating Economic Growth through New Quality Productive Forces

The government work report illuminates the path towards establishing new quality productive forces centered around the principles of high technology, superior efficiency, and exceptional quality. These forces are seen as pivotal in bridging the gap to meet China's new development philosophy.

A series of meticulous tasks to bring this vision to fruition was outlined in the report. Notably, these tasks include enhancing the sophistication of industrial and supply chains and fostering industries of both emerging significance and future potential. Sectors such as hydrogen power, new-age materials, biomanufacturing, commercial space exploration, quantum technology, and life sciences are expected to be at the forefront of this transformative journey.

Furthermore, the government's report accentuates the intricacies of fostering innovative development within the burgeoning digital economy. Launching an Artificial Intelligence Plus initiative promises to catapult China to the forefront of industries such as intelligent connected new-energy vehicles, thereby consolidating its leadership in the sector.

In a bid to champion high-quality development, China also unabashedly aspires to target about a 5 percent economic growth for the ensuing year, 2024. To propel major national strategies and establish a robust security capacity in critical domains, the nation will annually issue ultra-long special treasury bonds over the next few years, commencing with an issuance of 1 trillion yuan worth of such bonds in the current year.

Poised to catalyze science and education, efforts are also being directed towards solidifying the underpinning of high-quality development for China. This entails accelerating the process of developing a contingent of strategically pivotal personnel, alongside nurturing leading scientists and visionary innovation teams.

Further supporting these endeavors, China intends to cultivate platforms designed to recognize basic research talent, train elite engineers, and high-caliber skilled workers. In addition, the report specifies enhancing support for young scientists and engineers, showcasing a clear intent to invest in the nation's intellectual future.

Citizen-Centric Development: A Core Philosophy

Embracing a people-centered development philosophy, China remains steadfast in its efforts to secure and amplify the well-being of its people, while concurrently pioneering refined and innovative social governance approaches.

Acting upon this development philosophy involves the delivery of tangible advantages that resonate with the people and earn their approval. Remarkable accomplishments in 2023, such as a 6.1 percent increase in per capita disposable income of Chinese residents and tax benefits for over 66 million taxpayers from heightened special additional deductions—spanning child nursing, education, and elderly care expenditures—evidences the focus on enriching the population's quality of life.

Looking ahead to 2024, the expansive ambition includes the genesis of over 12 million urban jobs and the intention to stabilize the urban unemployment rate around the 5.5 percent mark.

Ecological conservation and the promotion of green, low-carbon development stand as critical components of China's forward-looking approach. Comprehensive initiatives directed at environmental improvement and fostering a green and low-carbon economy are pivotal aspects of this strategy.

In 2023, China celebrated a milestone when its installed renewable energy capacity eclipsed that of thermal power for the first time ever, claiming over half of the newly installed renewable energy capacity on a global scale. The data released by the National Energy Administration substantiates China's escalating commitment to renewable energy sources.

With steadfast resolve, the nation will continue to bolster the energy revolution and take assertive yet cautious strides towards reaching the peaks of carbon dioxide emissions and eventually achieve carbon neutrality.

Deepening Reform: Channeling Investment into Long-Term Development

The government’s pledge to reform is unwavering; it aims to unfurl more open doors to both domestic and foreign investments. By investing heavily and wisely, China is setting itself up for sustainable, long-term development. It's about positioning the country not just for today or tomorrow, but for decades and centuries to come.

This stance on investment is two-pronged: it involves fostering a stable and appealing business environment while concurrently refining strategies to optimize the flow of both domestic and international capital. The overarching theme is to blend these investments seamlessly into a broader strategy that prioritizes high-quality over high-speed growth.

Extending Innovation to Rural Development

The innovative spirit does not stop at the city borders. China's plans to extend this to the rural development sector are also notable. The goal is to revitalize rural areas through innovation and technology, ensuring that the fruits of this new wave of development are shared equally among all segments of society. This bridges the urban-rural divide, promoting harmony and balanced growth throughout the nation.

By adopting and integrating modern agricultural technologies, China aims to boost the rural economy, providing a compelling testament to the power of innovation in fostering inclusive growth. The strategies for rural development will not only empower farmers but will also leverage technological advancements to improve the overall quality of life in these areas.

Strategic Global Partnerships and Open Market Economy

In alignment with its developed domestic strategies, China also seeks to forge stronger global economic partnerships. Entering into mutually beneficial international trade and investment agreements remains a priority. Hand in hand with this is a dedication to upholding an open market economy that benefits all participants.

This commitment to engaging in open and cooperative international economic relations emphasizes the country’s aim to be an integral part of the global value chain. By doing so, China ensures that it can leverage international growth for its own development and, at the same time, contribute to the world economy through its expanding market and innovative prowess.

A Steady Hand: Managing Risks and Challenges

China is not naive to the myriad of risks and challenges presented by both the internal and external economic environment. Therefore, the country is meticulously charting a course that enables it to face these uncertainties with a steady hand.

Policy directions are designed to tackle issues such as financial risk management, ensuring a resilient and safe banking system, and fostering a stable currency. The government approaches these challenges with a robust risk mitigation framework, prepared to adjust policies dynamically in response to changing international economic conditions.

The Role of Technology in Society Advancement

Investment in technology serves a higher purpose than economic gain—it also augments the social fabric. The emphasis on technology and innovation is about enhancing the daily lives of citizens, creating smarter cities, and providing solutions to social challenges.

From advancing healthcare through breakthroughs in medical technology to improving public transportation systems with smarter, more efficient solutions, the footprint of innovation is evident in every corner of societal advancement. The message is clear: technology is an enabler, a force for good that propels society forward.

Sustainability: Progress with Care for the Environment

Central to China's innovative drive is the underlying responsibility toward environmental stewardship. As China accelerates toward a new era of development, attention to sustainable practices and environmental care remains at the forefront. The government's commitment to sustainable development is not just embedded in policies but is also actionable through ongoing projects and initiatives that emphasize the harmony between human progress and nature’s preservation.

Conclusion: A Future Forged by Innovation

China's robust innovation-driven growth model heralds a future where technology and human ingenuity converge, promising a landscape transformed by technological leaps that benefit not only its economy but also its people's quality of life. The government work report serves as a testament to this vision, offering a well-rounded strategy for sustainable, inclusive, and forward-thinking growth.

For those interested in reading about the beginning of this year's legislative session, additional insights can be found on CGTN's news coverage, accessible at https://news.cgtn.com/news/2024-03-05/China-s-top-legislature-starts-annual-session-1rImSPDg5EI/p.html.

As China forges ahead into the uncharted waters of tomorrow, its commitment to innovation, economic reform, and a people-centric approach lays a robust foundation for enduring success and resilience amidst a fast-evolving global landscape.