China’s Shift to Innovation-Driven Growth [Video]

BEIJING, Nov. 14, 2024 /PRNewswire/ — In a new episode of the Keywords to Understand China series, podcast host Jason Smith explains the concept of “new quality productive forces” and its significance in China’s shift toward an innovation-driven economy. According to Smith, this shift marks a major transition from China’s established role as a manufacturing powerhouse to a model where innovation is the core engine of economic development.

“New quality productive forces” describe advanced production processes emphasizing technology and efficiency, essential for China’s strategic growth. This transformation is geared toward strengthening adaptability and sustainable development in an increasingly dynamic global environment.

China’s commitment to innovation-led development represents a strategic response to global resource constraints and economic challenges. By advancing new quality productive forces, China seeks sustainable growth through green technology and increased resource efficiency, while minimizing environmental impact.

Smith points out that China’s emphasis on self-reliance …