Beijing, March 5, 2024 (ots/PRNewswire) – China recorded a 28.6 percent increase in completed technology transactions in 2023 – a performance that speaks to the country’s increased ability for innovation-driven development.
China will leverage its leadership in innovation, advance industrial innovation through advances in science and technology and promote new industrialization, said a government work report submitted to the national parliament for consideration on Tuesday.
Chinese Premier Li Qiang delivered the report at the opening session of the second session of the 14th National People’s Congress at the Great Hall of the People in Beijing.
The report said the country will strive to modernize the industrial system and develop new, high-quality productive forces at a faster pace.
Development of new high-quality productive forces
The new quality of productive forces, where innovation is at the forefront, means going beyond the traditional models of economic growth. This path features high technology, high efficiency and high quality, and is in line with China’s new development philosophy.
To develop these new high-quality productive forces, the government’s work report lists a number of measures.
It calls for improving and modernizing industrial and supply chains and promoting emerging and future-oriented industries such as hydrogen power, new materials, bioproduction, commercial space, quantum technology and life sciences.
The report also said that it will promote the innovative development of the digital economy, launch an “Artificial Intelligence Plus” initiative, and consolidate and expand the country’s leading position in industries such as intelligent connected new energy vehicles.
In addition, China has set itself the goal of economic growth of around 5 percent for 2024 and has promised high-quality development. According to the report, the government will issue ultra-long special bonds annually over the next few years to implement key national strategies and build security capacity in key areas, starting with 1 trillion yuan this year.
The report also emphasizes efforts to strengthen China through science and education and consolidate the foundations for high-quality development.
China will accelerate efforts to build a contingent of strategic talent and cultivate more world-class scientists and innovation teams.
According to the report, the country will develop platforms to identify talent in basic research, train high-performing engineers and highly skilled workers, and improve support for young scientists and engineers.
Acting according to the human-centered development philosophy
China will strive to safeguard and improve the well-being of the population and promote better and new ways of social governance, the report said.
He underlines that by implementing the people-centered development philosophy, China will bring real benefits to the people that will satisfy them.
In 2023, the per capita disposable income of China’s residents increased by 6.1 percent, and more than 66 million taxpayers benefited from an increase in additional special deductions for individual income tax, child care expenses, children’s education, and the Cover aged care, the report says.
In 2024, the country aims to create more than 12 million jobs in urban areas and keep the urban unemployment rate at around 5.5 percent.
China will also improve environmental protection and promote green and low-carbon development, including comprehensive measures to improve the environment and promote a green and low-carbon economy, the report said.
In 2023, China’s installed renewable energy capacity exceeded thermal power plant capacity for the first time in history, accounting for more than half of the world’s newly installed renewable energy capacity, according to data from the National Energy Administration.
The country will advance the energy transition and work actively and thoughtfully to ensure that carbon dioxide emissions peak and the country becomes carbon neutral, the report said.
