Upgrades in consumption foster new productive forces

Increasing productivity is essential to the goal of economic growth. Novel forces driving output are new productive forces based in developing sectors and cutting-edge technologies. The acceleration of this productivity is propelled not only by China’s internal need for economic reform and superior development, but also by external forces stemming from the rapidly shifting global economic environment. In order to cultivate a positive cycle of supply and demand, we must, therefore, connect ourselves synergistically with the changing requirements of the populace in order to unleash new productive forces. It is crucial to state that new industries, channels, and technologies are naturally integrating to form new productive forces.

 

New Technologies: The main driver of productivity growth is technical innovation, much like the revolutionary effects of earlier technological revolutions in the West. The digital and green revolutions are coming together quickly, bringing with them a profusion of general-purpose technologies that are best exemplified by cutting-edge solutions like ChatGPT. China has benefited from these revolutions already, building a strong base for new productive forces and the Fourth Industrial Revolution.

 

New Pathways: China has learned about and created cutting-edge technology since the start of reform and opening-up. The country has followed the “introduction, digestion, absorption and re-innovation” road to catch up to the established economies of the West. However, it will be challenging to overtake them by taking the same route because cutting-edge technology in Western nations are frequently inherent to their resource endowments and are not always compatible with China’s comparative advantages. In order to facilitate a significant strategic advance, it is thus imperative to incorporate China’s distinctive features and build new advantages and avenues in technical growth.

Be the first to comment

Leave a Reply

Your email address will not be published.


*