Graphics: China "unleashes vitality on new quality productive forces"
Graphics: China unleashes vitality through the emergence of new quality productive forces.
TroibNews 
In China's quest for high-quality development, the concept of "new quality productive forces" has emerged as a focal point, indicating the pathway for transforming and upgrading the world's second-largest economy.
This term was first introduced in 2023 and refers to an advanced form of productivity that moves beyond traditional economic growth models and development trajectories. Characterized by high technology, efficiency, and quality, it aligns with the new development philosophy.
The National Bureau of Statistics reported that China's capabilities in science and technology innovation have consistently improved over recent years, with research and development spending reaching over 3.3 trillion yuan in 2023, marking an 8.1 percent increase compared to the previous year.
As a result of China's steadfast commitment to innovation and technology, the value added by high-tech manufacturing has surpassed that of large industrial enterprises during the initial three quarters of 2024, according to NBS data. Additionally, in October, the Index of Services Production for information transmission, software, and IT services rose by 10.2 percent year-on-year, exceeding the overall growth of the ISP by 3.9 percentage points.
China's digital economy has also seen rapid expansion, demonstrating considerable growth potential and playing a crucial role in the country's high-quality development. From January to October, total retail sales reached 39,896 billion yuan, reflecting a 3.5 percent increase year-on-year, with online retail sales accounting for 12,363 billion yuan, up by 8.8 percent.
Sophie Wagner contributed to this report for TROIB News
This term was first introduced in 2023 and refers to an advanced form of productivity that moves beyond traditional economic growth models and development trajectories. Characterized by high technology, efficiency, and quality, it aligns with the new development philosophy.
The National Bureau of Statistics reported that China's capabilities in science and technology innovation have consistently improved over recent years, with research and development spending reaching over 3.3 trillion yuan in 2023, marking an 8.1 percent increase compared to the previous year.
As a result of China's steadfast commitment to innovation and technology, the value added by high-tech manufacturing has surpassed that of large industrial enterprises during the initial three quarters of 2024, according to NBS data. Additionally, in October, the Index of Services Production for information transmission, software, and IT services rose by 10.2 percent year-on-year, exceeding the overall growth of the ISP by 3.9 percentage points.
China's digital economy has also seen rapid expansion, demonstrating considerable growth potential and playing a crucial role in the country's high-quality development. From January to October, total retail sales reached 39,896 billion yuan, reflecting a 3.5 percent increase year-on-year, with online retail sales accounting for 12,363 billion yuan, up by 8.8 percent.
Sophie Wagner contributed to this report for TROIB News
