Technology

China's Innovation Surge: A Leap Forward in Technology Transactions

BEIJING, March 5, 2024 /PRNewswire/ -- In a remarkable display of progress, China experienced a significant rise in the volume of technology transactions contracted in 2023, marking a substantial 28.6 percent increase. This substantial growth underscores China's burgeoning capability in fostering innovation and steering its economic development trajectory. The nation's resolve to embrace the pioneering spirit of innovation is set to revolutionize industrial growth through cutting-edge scientific and technological breakthroughs.

During a pivotal gathering on Tuesday, the government work report, which outlines the country's agenda for innovation and industrial evolution, was meticulously scrutinized by the national legislature. At the Great Hall of the People in Beijing, the assemblage was brought to order at the second session of the 14th National People's Congress with Chinese Premier Li Qiang at the helm, delivering the report.

The Chinese government's blueprint for progress is crystallized in the report's strategic vision to revamp the industrial framework. The goal is to cultivate emergent and potent productive forces with swiftness and agility. These nascent factors are envisaged to transcend the boundaries of traditional economic modalities, characterized by their technological sophistication, superior efficiency, and unparalleled quality.

The Path to a New Economic Paradigm

China's emphasis on fostering innovative productive forces is synonymous with breaking free from the clutches of conventional economic paradigms. Embarking on this journey, China aligns itself with the latest development ideologies, promising an economy bolstered by high-tech, high-efficiency, and high-quality outcomes. The nation is poised to set an exemplar in melding innovation with sustainable and equitable growth.

In pursuit of unfolding this ambitious plan, the government work report delineates a series of pivotal tasks, each designed to act as a catalyst in the metamorphosis of China's industrial landscape. A clarion call resounds for the augmentation and modernization of industrial and supply chains and the nurturing of industries that represent the vanguard of the future—spanning the spectrums of hydrogen energy, advanced materials, bioengineering, commercial aerospace, quantum technologies, and the life sciences.

The manifesto of innovation charts a comprehensive plan to propel the digital economy to new zeniths. With the rollout of the 'Artificial Intelligence Plus' initiative, China is set to consolidate and expand its leadership across industry sectors, notably in the realm of intelligent connected new-energy vehicles.

Furthermore, with an economic expansion target pegged at approximately 5 percent for the year 2024, China's commitment to exceptional standards of development is manifest. The issuance of ultra-long special treasury bonds is earmarked to support major national strategies and bolster security in crucial domains. This fiscal year is set to witness the issuance of 1 trillion yuan in such bonds, marking a significant investment aimed at reinforcing the nation's foundational strengths.

Stressing the importance of invigorating the nation through knowledge and learning, the report underscores the necessity of consolidating the bases for quality-driven development.

Nurturing Talent for a Knowledge-Based Future

China is on the fast track to assemble an elite workforce equipped with expertise of strategic significance. The nation aspires to spawn a new breed of top-tier scientists and innovative collectives. Pioneering platforms will be developed with the aim of discovering trailblazing researchers in fundamental sciences. There's a pronounced focus on fostering high-caliber engineers and highly-skilled labor. Moreover, the nation is set to amplify its support for the burgeoning generation of scientists and engineers.

Prioritizing People-Centric Growth and Social Governance

In a resolute effort to enhance the overall well-being of its citizens, China is focused on cultivating better, more innovative means of managing society. The government takes pride in their people-centered development philosophy, which entails delivering substantial improvements to the citizenry, thereby achieving their satisfaction and elevating quality of life.

In the year 2023, the per capita disposable income of residents soared by 6.1 percent. This fiscal upliftment was felt by over 66 million taxpayers who reaped the benefits from enhanced special additional deductions in individual income tax. These deductions were intended to alleviate the financial burden associated with child-rearing, education, and elderly care expenses.

For the imminent year of 2024, the nation's employment agenda is ambitious: 12 million new jobs are projected to be created within urban locales, while aiming to maintain the surveyed urban unemployment rate at a stable figure of roughly 5.5 percent.

In the realm of environmental stewardship, China is also taking assertive steps to entrench ecological conservation as a core value and propel a green, low-emission model of development. The plan is comprehensive, incorporating sweeping measures to enhance environmental quality and catalyze the burgeoning green and low-carbon economy.

According to statistics made public by the National Energy Administration, 2023 was a banner year for China's renewable energy sector. For the first time in recorded history, the nation's renewable energy installation capacity overtook that of thermal power. Moreover, it should be noted that more than half of the newly installed renewable energy capacity on a global scale can be attributed to China's vigorous efforts.

Marching forward, China will vigorously expedite the energy revolution, balancing proactive steps with prudent measures aimed at peaking carbon dioxide emissions and eventually attaining carbon neutrality.

For a deeper dive into the deliberations of China's top legislative session, including insights into the country's ambition to steer its development through an innovation-centered approach, the following link provides comprehensive coverage: China's top legislature starts annual session.

SOURCE CGTN

Evoking a new era of growth and development, China's innovation-driven economic model represents a dynamic shift in how nations can cultivate their competitive edge on the world stage. Premier Li Qiang's presentation to the legislative assembly unveiled a series of strategic measures that China will adopt to safeguard its position as a global powerhouse.

The bolstering of chain domain upgrades and the forward-thinking initiative to grow nascent and progressive industries signify a monumental shift. The development of green energy also signals China's commitment to a sustainable future — a priority reflected in last year's milestone when renewable energy installations exceeded traditional thermal power.

China's pledge to a sustainable future is not just about energy production; it also encompasses an economic growth target aligned with energy transition goals, including becoming a beacon in the manufacturing of intelligent and eco-friendly vehicles. The strategic execution of this vision is expected to embrace the issuance of special treasury bonds as a driving force for key national strategies and infrastructure resilience, commencing with a 1 trillion yuan issuance.

This innovation-driven development philosophy does not only concentrate on economic growth but extends to a people-centered philosophy outlined in the work report. The government acknowledges the need to better social governance and ensure that improvements in livelihood align with the increase in income, benefiting millions across the nation. China's delivery of real benefits to its citizens includes comprehensive steps to alleviate financial burdens related to child-rearing, education, and elderly care.

The forecasted creation of 12 million new jobs in urban areas in 2024, alongside the goal to maintain a steady unemployment rate, is a testament to China's commitment to providing employment opportunities despite global economic challenges. Additionally, efforts to peak carbon emissions and achieve carbon neutrality convey China’s readiness to tackle climate change with resolve and dedication.

China's ambitious plan underscores the nation's zeal to sculpt a vibrant and innovative economy driven by groundbreaking science and technology advancements. As the world watches, China continues to navigate its developmental pathway, setting a precedent for other nations aspiring to harmonize economic prosperity with sustainable, people-centric policies. The profound economic and social metamorphoses envisioned in the government work report highlight a transformative epoch not only for China but also for global economic boundaries.