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Accelerate the Development of New Productive Forces and Promote the Improvement and Upgrading of Industrial Chain

Source：Haibao News 03-05-2024 17:00:00

On March 5, the opening meeting of the second session of the 14th National People's Congress was held in Beijing and Li Qiang, Premier of the State Council of the People's Republic of China, delivered a government work report at the meeting.

The report points out that China will strive to modernize the industrial system and develop new quality productive forces at a faster pace. We should give full rein to the leading role of innovation, spur industrial innovation by making innovations in science and technology, and press ahead with new industrialization, so as to raise total factor productivity, steadily foster new growth drivers and strengths, and promote a new leap forward in the productive force.

The report calls for improving and upgrading industrial and supply chains and keeping the industrial economy running smoothly. An initiative for pursuing high-quality development of key manufacturing chains will be launched, with a focus on shoring up weak links, reinforcing strengths, and fostering new capabilities, so as to enhance the resilience and competitiveness of industrial and supply chains. China will carry out technology transformation and upgrading in the manufacturing sector, foster and build up advanced manufacturing clusters, and develop national demonstration zones for new industrialization, as part of its broader push to make traditional industries higher-end, smarter, and more eco-friendly. Modern producer services will be developed at a faster pace and efforts will made to promote the development of specialized, fined, peculiar, and new SMEs.