Editorial: New Quality Productive Forces – 20240308 – English – Daily Ming Pao

In September last year, President Xi Jinping mentioned new quality productive forces for the first time during his inspection tour in Heilongjiang. Since then, he emphasised it on multiple occasions. In this government work report, not only is the development of new quality productive forces included for the first time, but it has also become the most important of the government’s top ten tasks this year, fully highlighting the importance attached by the central government.

Since Reform and Opening-up was launched on the mainland, its economy has experienced rapid economic growth for a long time. This has mainly relied on the introduction, internalisation and improvement of technologies from developed countries, which has increased productivity. For emerging countries, this is also the inevitable path to development. However, as China’s development entered a new stage, this “latecomer’s advantage” has kept diminishing in recent years. The potential for technological progress and productivity improvement has almost been exhausted. Traditional development momentum is gradually petering out. Developed countries have also begun to put up barriers on all fronts, preventing China from accessing their most advanced technologies. This means that China must rely on its innovation, explore cutting-edge technologies and industries, develop new quality productive forces and free itself from traditional ways of economic growth and productivity development, so as to reshape its development momentum.

This year’s government work report includes the concept of “artificial intelligence+” for the first time. It also emphasises the need to promote the deep integration of digital technology with the real economy and to plan the construction of digital infrastructure in advance. This reflects the central government’s determination to accelerate the industrialisation of digital technology and the digitalisation of industrial development.

As for emerging industries, commercial aerospace and low-altitude economy, the latter of which refers to the various economic activities related to the application of manned and unmanned aircraft, are examples named in the work report. Their development potential is boundless. Furthermore, although quantum technology has yet to be widely applied in people’s daily lives, it will almost certainly become an important industry in the future. It is obvious that research and development must speed up in this area.

For Hong Kong to integrate into the overall development masterplan of China, the SAR authorities must first have a deep understanding of the mainland’s thinking and promote it at the policy level. Low-altitude economy is the focus of the development of emerging industries. Late last year, the Shenzhen government launched the “Regulations on the Promotion of Low-altitude Economic Industries”. Across the country, over 20 provinces will develop the low-altitude economy and include it in their government work reports.

But in Hong Kong, at a Legislative Council session earlier, when a lawmaker asked about low-altitude economic development, the answer made by the Secretary for Transport and Logistics did not show that there was close coordination between different policy bureaux and departments, let alone coordinated development. The Secretary for Transport and Logistics just briefly mentioned some applications of small drones in Hong Kong and emphasised their “risk-based regulation”. It would be difficult to promote the development of the low-altitude economy and related industries in Hong Kong with such a mindset.

Ming Pao Editorial 2024.03.07: Hong Kong must participate in the country’s development of new productive forces to seize opportunities

The Government Work Report of the State Council introduced 10 tasks for this year, and “vigorously promote the construction of a modern industrial system and accelerate the development of new productive forces” has become the top priority. Hong Kong should seize the opportunity and actively participate in it.

In September last year, President Xi Jinping mentioned new productivity for the first time during his inspection tour in Heilongjiang, and he emphasized it many times on different occasions thereafter. In this government work report, the development of new productive forces was not only included in it for the first time, but also became the top ten tasks of the government this year, fully highlighting the central government’s attention.

The mainland’s reform and opening up and long-term rapid economic growth mainly rely on the introduction, digestion and improvement of technologies from developed countries to increase productivity. This is also the only way for emerging countries to develop. However, as the country’s development enters a new stage, this “latecomer advantage” has been lost in recent years. It is constantly weakening. The previous potential for technological progress and productivity improvement has been nearly exhausted. Traditional development momentum is gradually unsustainable. Developed countries have also begun to fully fortify themselves to prevent China from accessing their most advanced technologies. This means that China must rely on independent innovation, develop cutting-edge technologies and industries, develop new productive forces, get rid of traditional economic growth methods and productivity development methods, and reshape the country’s development momentum.

This year’s government work report included the concept of “artificial intelligence +” for the first time, and also emphasized the need to promote the deep integration of digital technology and the real economy, and to build digital infrastructure with appropriate “advance planning”, reflecting the central government’s determination to accelerate the industrialization of digital technology, and Digitalization of industrial development.

In terms of emerging industries, commercial aerospace and low-altitude economy (that is, various economic activities related to the application of manned and unmanned aircraft) are examples mentioned by name in the work report, and their development potential is unlimited. In addition, although quantum technology has not yet been widely used in daily life, it will almost certainly become an important industry in the future, and research and development work must obviously be accelerated.

For Hong Kong to integrate into the overall development of the country, the SAR authorities must first have a deep understanding of the mainland’s ideas and promote it from the policy level. Low-altitude economy is the focus of the development of emerging industries. At the end of last year, the Shenzhen authorities launched the “Regulations on the Promotion of Low-altitude Economic Industries.” More than 20 provinces across the country will develop the low-altitude economy and include it in the government work report.

In contrast, in Hong Kong, a member of the Legislative Council asked a question about low-altitude economic development earlier. Judging from the Secretary for Transport’s reply, we could not see close coordination among different policy bureaux and departments, let alone coordinated development. The Secretary simply mentioned that the current small-scale unmanned Some applications of machine learning in Hong Kong emphasize “risk-based regulation.” Such thinking is difficult to promote the development of low-level economies and related industries in Hong Kong.

■/ Glossary new words /

diminish : to become or to make something become smaller, weaker, etc

peter out : to gradually become smaller, quieter, etc. and then end

boundless : without limits; seeming to have no end